What changed between the draft committee report and the plenary report

Added:56. Welcomes the EIB’s focus on gender equality and women’s economic empowerment, resulting in a total of EUR 5.8 billion in investment in this field in 2023 (compared to EUR 5.1 billion in 2022); believes that the EIB could further increase microfinance loans to women-led businesses, which still face discrimination in access to financing;

Added:57. Highlights that the security of supply of critical raw materials is crucial for both the green and digital transitions, as well as for the defence sector and the EU industrial base in general; calls on the EIB to increase investments in the CRM sector to help diversify the supply of both primary and secondary raw materials and to develop circular economy solutions, in particular R&D for alternative materials, such as bio-based materials; welcomes, in this regard, the adoption on 21 March 2025 of a new CRM strategic initiative, with an expected EUR 2 billion in financing for CRM investment in 2025, a new CRM Task Force and a dedicated one-stop shop to build and manage a pipeline of CRM operations and advisory activities and increased technical expertise and partnerships;

The EIB’s activities outside the EU

Change 28

Changed:33.58. Underlines that in EIB Global’s second year of existence, it provided financing amounting to EUR 8.4 billion (compared to EUR 9.1 billion in 2022); notes that, as EIB Global financing is limited to 50 % of the total cost of a project, investment co-financing with development finance institutions and multilateral development banks is recurring; calls on the EIB and the Commission to invest in internal audit and independent control functions to guarantee the integrity and soundness of operations involving non-EUall partners;operations;

Change 29

Removed:34. Stresses that all EIB interventions in Ukraine must be guided by the priorities for reconstruction and be fully aligned with the priorities and methods laid out in the Ukraine Plan; notes that the EIB is further enhancing its efforts to prevent, deter and investigate fraud and corruption in relation to EIB Group projects implemented in Ukraine; reiterates its call for strict conditionality to be ensured with regard to the financial assistance provided to Ukraine, which should allow clear oversight through policy clauses including visit rights and access to information and premises;

Added:59. Recalls that EIB Global is among the key implementing actors of the European Global Gateway and, as such, is expected to apply the highest standards of transparency and accountability;

Added:60. Notes the adoption by the EIB Board of Directors of the EIB Global Strategic Roadmap and its commitment to respect and promote human rights and the rule of law in the projects it supports;

Added:61. Highlights the importance of ensuring that the EIB Group’s interventions in Ukraine are guided by the priorities for the country’s reconstruction agreed with the EU, and are consistent with the methods and frameworks laid out in the Ukraine Plan and with the provisions of the EU Treaties; notes that the EIB is further enhancing its efforts to address fraud and corruption in relation to the EIB Group projects implemented in Ukraine; calls for the continued application of appropriate conditionality on the financial assistance provided to Ukraine, with a focus on ensuring effective oversight mechanisms, such as access to information and premises, and the monitoring of visits, and calls for conditionality to be extended to all non-EU countries for which it provides financing;

Added:62. Urges the strengthening of the administrative and audit capacity of Ukrainian authorities responsible for implementing, monitoring, controlling and supervising funded actions, in particular for the prevention of fraud, corruption, conflicts of interest and irregularities; reiterates that the EIB should have clear and unrestricted oversight at all times;

63. Believes that a greater role for the EIB will bring added value for both the reconstruction of Ukraine and the enlargement process and for prospective partnerships under the EU’s Global Gateway agenda and neighbourhood policy and in support of the Sustainable Development Goals; encourages the Commission to maximise cooperation with the EIB to leverage the EU’s strategic autonomy, particularly on energy and raw materials;

Change 30

Removed:36. Stresses that, in order to support Ukraine, the EIB has built up a loan portfolio of over EUR 7 billion since the beginning of the conflict with Russia in 2014; underlines that, as at 31 December 2023, the EIB’s exposure (disbursed and not yet disbursed) amounted to EUR 5.750 billion, predominantly covered by EU guarantees under the External Lending Mandate;

Added:64. Welcomes the adoption, in 2024, of the Ukraine Facility, which follows the EIB’s EU for Ukraine (EU4U) initiative and establishes a support mechanism based on EU budget resources; encourages the Member States to ensure that solid support continues to be provided to the country, in line with its needs;

Removed:37. Takes note of the many actions carried out in Moldova to mitigate the effects of the economic downturn and the energy crisis and to support the country’s path towards EU accession, and in the Western Balkans, where EIB Global invested EUR 1.2 billion in 2023, plus an additional EUR 700 million to enhance road safety and improve railway networks; welcomes the adoption of the Reform and Growth Facility for the Western Balkans in 2024;

Added:65. Stresses that, in order to support Ukraine, the EIB has built up a loan portfolio of over EUR 7 billion since the beginning of the conflict with Russia in 2014; underlines that, as of 31 December 2023, the EIB’s exposure (disbursed and not yet disbursed) amounted to EUR 5.750 billion, predominantly covered by EU guarantees under the External Lending Mandate; notes that, in addition, the Bank also granted financial guarantees on exposures to counterparties located in Ukraine, fully covered by EU Comprehensive Guarantees, for a signed amount of EUR 388.7 million at the end of 2023 (compared to EUR 478.8 million at the end of 2022);

Added:66. Notes the growing financial engagement of the EIB in Ukraine; calls on the Bank to provide regular, detailed updates to the budgetary authority and relevant audit bodies regarding the disbursement and implementation of funds covered by EU guarantees;

Added:67. Underlines the disproportionate impact of the Russian war of aggression against Ukraine on eastern EU regions bordering Russia and Belarus; draws attention to the costs borne by these regions and Member States as a result of their shared border with hostile neighbouring countries, notably their need to increasingly redirect public funds towards security, defence and preparedness, while dealing with severely reduced resources due to a disruption in economic activities, cross-border trade and other exchanges, and in cohesion programmes; calls on the EIB to take this into account in its financing decisions;

Added:68. Welcomes the significant investments made in Moldova to support economic resilience, improving energy security, enhancing infrastructure and aiding the country’s progress towards EU integration; acknowledges that in the Western Balkans, EIB Global invested EUR 1.2 billion in 2023, plus an additional EUR 700 million to enhance road safety and improve railway networks; welcomes the adoption of the Reform and Growth Facility for the Western Balkans in 2024 and the Reform and Growth Facility for Moldova approved by the European Parliament;

Added:69. Recognises the role played by the EIB in supporting the Western Balkans on their path to Union membership, in line with the EU’s enlargement policy; observes that EIB Global invested EUR 1.2 billion in the Western Balkans in 2023, mobilising a total of over EUR 6 billion in investments; notes that the majority of the financing was allocated to sustainable connectivity, followed by credit lines for SMEs, infrastructure projects in the healthcare, education and skills sectors, and water supply and sanitation;

Added:70. Asks the EIB to collaborate with other bilateral and multilateral institutions to develop and apply common methodologies for development impact analysis, with a view to ensuring added value and long-term, positive impacts;

EIB accountability architecture

Change 31

Changed:38.71. Recalls that internal oversight at the EIB is headed by the Inspectorate General (IG), which comprises three accountability-related divisions – operations evaluation, the complaints mechanism,mechanism and fraud investigation – that hold complementary roles, contributing to the consistent handling of allegations and complaints;

72. Observes that the EIB Complaints Mechanism (EIB-CM) handled a total of 104 cases in 2023 (97 in 2022); notes that 60 new complaints were received in 2023 (54 in 2022), of which 44 were considered admissible and 29 were related to EIB-financed projects, of which 27 were located outside Europe;

73. Notes that the EIB Procurement Complaints Committee is the independent EIB committee handling complaints about project procurement procedures relating to EIB-financed projects outside the EU;

Change 32

Changed:41.74. Welcomes the efforts of the Investigative Division (IG/IN) to cooperate and coordinate efforts with the other components of the EU’s anti-fraud architecture, in particular the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office,Office (EPPO), which received 37 % of the referrals made for investigations in 2023 (27 cases out of 74); encourages the IG/IN to strengthen its cooperation with all components of the EU’s anti-fraud architecture;

Change 33

Changed:42.75. Notes that the IG/IN carries out proactive fraud detection activities using the Fraud and Integrity Risk Scoring Tool and the Corruption Risk In Procurement robot and that, in 2023, 24 reviews identified targets for three full and in-depth proactive integrity reviews; invites the Bank to assess how these digital tools could be further enhanced to support transparency and financial accountability;

Change 34

Changed:43.76. Regrets the fact that, despite repeated calls by Parliament, the IG/IN annual report does not provide adequate information about the financial magnitude of the cases it handles, the funds or mandates affected, the kinds of projects concerned, the mitigating measures adopted, the role of the EIB services and of the intermediaries or partners in the cases, or even the Member States concerned; invites the representatives of the IG/IN to increase the level of engagement, interactions and transparency with Parliament, especially regarding the control of the financial activities; reiterates its call to the IG/IN to go beyond providing a mere narrative description of a few case studies instudies, orderand to provideperiodically report valuable insights into the extent to which financial interests are safeguarded; suggests that the IG/IN adopt a reporting model similar to those used by other investigative bodies, such as EPPO and OLAF, where a proper balance between transparency and duty of confidentiality or of professional secrecy is pursued;

Change 35

Changed:44.77. Is aware that the EIB Exclusion Policy provides for an autonomous exclusion process that is not fully equivalent to the Commission’s Early Detection and Exclusion System in terms of decision-making standards, results and remedies; reiterates its call on the EIB Group and the Commission to identifycooperate in identifying the potential gaps and to proposeproposing remedies, including an expedited procedure to enforce EIB exclusion decisions via the Early Detection and Exclusion System; observes that in 2023, exclusion proceedings based on IG/IN findings excluded five companies from participating in any EIB-financed activity for a period of five years;

Change 36

Changed:45.78. Welcomes the approval, in 2023, of the EIB Group’s Internal Control Framework Policy; encouragesacknowledges the Bankresults toof actthe ongroup alignment process between the EIB and the EIF insofar as they reflect the different business models and governance structures of the two entities; refers, in particular, to the Audit Committee’s remarks that both internal audit and the internal control framework should evolve to become group functions;

79. Notes that the EIB’s independent external auditor is the third line of defence; points out that the regular rotation of auditors and assignments allows fresh perspectives, and therefore observes that the EIB external auditor should be rotated periodically, yet its mandate was extended until 2027 and it has been the auditor of the EIB Group since 2009;

80. Appreciates that the EIB Group Risk Management Framework and EIB Group’s semi-annual Risk Management Disclosure Reports are effective and are aligned with the requirements and technical standards of the European Banking Authority;

Change 37

Added:81. Stresses that, in 2023, despite difficult market conditions, the EIB’s portfolio continued to exhibit very low levels of non-performing exposures (NPEs); takes the view that even if a significant portion of the Bank’s loan portfolio benefits from credit enhancements or from EU Member State guarantees, the high quality of the EIB’s portfolio results from the diligent implementation of very effective EIB lending policies;

Added:82. Highlights that the EIB does not fall within the scope of application of the EU’s legislation applicable to credit institutions, in particular the Capital Requirements Regulation and Directive (CRR, CRD), thus the Bank is entitled to determine its capital and liquidity requirements in a manner that is adequate and appropriate to its activities, its mission and the market conditions; points out that the EIB Group is committed to conform to the best banking and market practices and can determine their applicability in line with the proportionality principle; stresses that the implementation of these norms should not create unwarranted burden; welcomes the fact that the EIB Group voluntarily performed the Review and Evaluation Process; points out that this should be in line with the EIB’s governance structure and mission;

83. Understands that, in line with the EU’s evolving needs, the EU institutions approved, in 2024, the change in statute proposed by the EIB Board of Governors by amending the statutory limit on its gearing ratio and raising it from 250 % to 290 %, to enable the EIB to invest more without increasing its equity base;

Change 38

Changed:49. Takes the84. viewNotes that the amended gearing ratio paves the way for increased risk-taking; acknowledges that investments in renewable energy andenergy, sustainable infrastructure and investments in innovative technologies are essentialcrucial for the EU’s competitiveness, but often involvecarry greater risk because of the uncertainty of returns; points out that increased risk-taking may increase the volatility of the EIB’s returns, but observes that the EIB hasmaintains capital buffers (reserves of over EUR 56 billion in 2023, compared to EUR 36 billion in 2014) that would allow it to expand itssupport ownexpanded risk activities;

Change 39

Changed:50.85. Is concernedalarmed by the situation of Northvolt AB, a battery maker whose activities had beenmanufacturer considered keypivotal in the green transition process;transition; notesstresses that Northvolt benefitshas benefited from a significantsubstantial EIB lending package of slightly over EUR 942.6 million as part of the debt financing raised to expand a gigafactory site; notes that Northvolt filed for bankruptcy in March 2025; calls on the EIB to provide details about the evaluation and decision-making process to fund Northvolt AB and the causes that led to the failure of the project;

Change 40

Changed:51.86. Stresses that the expansion of the gigafactory site was expected to increase the annual output capacity for battery production and was of strategic importance for global competitiveness; believes that EIB’s intervention in this operation was in line with its missioncompetitiveness and was consistent with the EU’s strategies in the sector;

Change 41

Changed:52.87. Calls on the Commission and the EIB Board of Directors to launch an in-depth internal review without undue delay to verify the financial damage, the reasons for and the background to the failure of this flagship project and to learn from this experience in order to prevent the recurrence of a similar situation or enable the early detection thereof;

Change 42

Changed:53.88. Maintains that the greatest added value of EU support lies in fostering higher-risk investments in innovative companies,projects, scaling up EU strategic companiesgoals and enabling long-term transition projects that cannot get funding from the private sector; believes that to effectively pursue its targets in innovation and competitiveness, the InvestEU programme should focus on financing higher-risk and more scale-up investment and that the EIB Group should take on more and larger high-risk projects, which should involve primarily and preferentially European investors, combining a more risk-absorption-oriented deployment of InvestEU resources with an equivalent orientation in the use of the EIB Group’s own financial resources; urges the EIB to introduce stricter conditions to prevent EU public financing from being used to subsidise companies relocating production outside Europe, ensuring that all EIB-funded projects contribute to long-term European industrial resilience;

89. Is aware that members of the EIB’s Management Committee are often civil servants in their countries of origin before beginning their terms at the EIB, which typically last for two to six years, and that they are therefore entitled to pursue professional development opportunities subject to certain conditions during the cooling-off period (which has been extended to a period of 24 months after the end of their term at the EIB); notes that Management Committee members are asked to inform the Ethics and Compliance Committee and seek approval as soon as possible for any negotiations regarding prospective employment;

Change 43

Changed:55.90. RecallsStrongly echoes Parliament’s repeated calls to beef upstrengthen the mechanism to prevent conflicts of interest within the EIB and to improve howthe suchhandling casesof aresuch handled,cases, and to provide a better definition ofdefine the terms under which EIB vice-presidents can take partparticipate in decisions about operations in their countries of origin, and insists that these matters be addressed in a future revision of the Management Committee code of conduct;

Change 44

Changed:56. Points out that, with91. theHighlights decisionthat ofon 31 October 2023 on Case 611/2022/KR,2023, the European Ombudsman foundruled in Case 611/2022/KR that a former vice-president had participated in approving financing agreements between the EIB and a national promotional bank in his country of origin in thejust weeks before his appointmentbecoming asthe Chief Executive Officer of that national promotional bank, despite the advice of the EIB’s Chief Compliance Officer to avoid any businessadvising withagainst thatsuch bankactions whileduring histhe appointment procedure was under way;process; understands that this case dates back to a time beforepredates the entry into force of the current Management Committee code of conduct, which now includes specific provisions onregarding the prospective employment of Management Committeeits members; notes that, in the future review of the rules applicable to its Ethics and Compliance Committee, the EIB has committed to consider the European Ombudsman recommendation to make public the Committee’s decisions;

92. Observes that mitigating measures, such as ring-fencing and cooling-off periods, are the most common precautionary clauses to be used when handling a revolving-doors case and understands that such measures are implemented and are complied with by the members of the Management Committee, including those recently reported on in the media;

Change 45

Added:93. Shares the view of the European Ombudsman that the role of the EIB Ethics and Compliance Committee should be strengthened when it comes to overseeing the intended new jobs of Management Committee members and that it should be able to impose and enforce risk-mitigating measures; understands that the role of the Ethics and Compliance Committee has become more prominent in recent years and that internal discussions are ongoing on how to enhance its efficiency;

Added:94. Invites the Bank to boost the participation of European companies in procurement processes launched for projects financed by the EIB; encourages the Bank to advise borrowers to prioritise eligibility for European companies in order to strengthen European competitiveness;

Added:95. Reiterates its call on the EIB to ensure proper geographical representation, including at middle and senior management levels, and calls on it to publish an annual breakdown of the gender and nationality for middle and senior management positions;

Scrutiny, transparency and oversight

Change 46

Changed:58.96. RegretsStrongly regrets the fact that the European Court of Auditors (ECA) is still prevented from havinglacks full access to all the data relating to EIB operations; maintainsacknowledges that not all the ECAactivities shouldof bethe entitledEIB are directly financed by the EU and, therefore, not all activities are automatically accessible to the ECA; insists that the ECA should have access to all the informationnecessary neededinformation to comprehensively and exhaustively assess all EIB operations thatinvolving areEU designedfunds, andincluding carriedthose outconducted through financial intermediaries, designed to implement any EU policy;policies; calls on the ECA to fully scrutinise, to the best of its capacities,abilities, all operations that involveinvolving the EU budget to any degree;

97. Observes that the main relevant audit tasks are entrusted to the EIB Audit Committee, which is a fully independent body; believes that the participation of qualified external representatives in specific Audit Committee tasks could enhance the objectivity of the Audit Committee’s analyses;

Change 47

Changed:60.98. Notes that the EIB’s Transparency Policy strikes a compromise between the principle of openness and the need to safeguard sensitive information; observes that the policy indicates what information should be published proactively and when – stipulating, for instance, that project summaries should be published at least three weeks before the project’s financing is considered for approval by the EIB Board of Directors – and sets out the relevant derogations; calls for these summaries to provide meaningful information to stakeholders;

99. Notes that in 2023, 449 projects were approved by the EIB Board of Directors and that almost all (94 %) of the project summaries were published, in the majority (57 %) of cases before approval; observes that all EIB operations conducted through financial intermediaries are published on the EIB’s website and that the EIB provides details on request;

Change 48

Changed:62.100. Recalls that all EIB documents are accessible to anyonethe public in line with the presumption in favour of disclosure; emphasises that all applicants should be informed in advance about public access to documents, and any refusals should be based solely on specified exceptions; stresses that the publicEIB willshould beconsider grantedpublishing, in a timely manner, information regarding the widestrationale possibleand accesscontext tofor documents,projects and thatthe anyexplanation reasonsof fortheir refusalalignment shouldwith beand basedcontribution solelyto EU policy goals; calls on the exceptions;EIB to systematically publish audit results of its largest financial operations, ensuring independent scrutiny of its risk management and impact assessments; expects the EIB to limit non-disclosure to the applicable exceptions listed in Regulation (EC) No 1049/2001 and Regulation (EC) No 1367/2006; calls for the full implementation of the Ombudsman’s recommendations issued following its inquiries into EIB disclosure policy and related requests for access to documents;

Change 49

Added:101. Recalls that all recipients of EU funding have a general obligation to acknowledge its origin and ensure the visibility of any EU funding received; calls on the EIB Group to ensure that final recipients comply with the visibility criteria of the EU’s financial support;

Added:102. Highlights that the Bank is working to reduce the time needed to bring a product from conception to market availability (time to market) by fully digitising its project cycles; calls for the Bank to intensify its efforts in the digitalisation of its operations;

Added:103 Reiterates its call on the EIB to strengthen and fully implement its policy on tax fraud, evasion and avoidance, including by refraining from funding beneficiaries or financial intermediaries which have been found to be, or are at high risk of being, involved in such practices;

104. Reiterates that more structured dialogue between Parliament and the EIB would be enhanced by the adoption of a memorandum of cooperation; praises, in this connection, the EIB’s unprecedented cooperation with Parliament for the preparation of this resolution, noting that it is a tangible expression of openness and transparency;

Follow-up on Parliament’s recommendations

Change 50

Changed:64. Calls105. onUrges the EIB to continue reporting on the status of the previous recommendations issued by Parliament, especially with regardparticularly toregarding the resultsoutcomes achieved and the impact of the actionactions taken to implement its priorities and the EU’s policies, and to the measures adopted to enhance the countering of conflicts of interest, fraud, corruption and other potential formsespecially ofas misconduct;regards:

Change 51

Added:(a) impact (economic, environmental and social) of its investment strategy and results achieved in contributing to the balanced and steady development of the internal market in the interests of the Union;

Added:(b) actions adopted to enhance the prevention and countering of conflicts of interest, fraud, corruption and other potential forms of misconduct;

Added:(c) new measures to strengthen transparency;