The EIB’s commitment to transparent lending
The role of transparency in aid effectiveness
A clear link has been established between the transparency of aid and development finance and its potential for a lasting impact. The benefits of transparency in the aid and development finance process are manifold. Governments of partner countries can better plan and manage the assistance they receive, citizens and civil society in both donor and developing countries can more easily hold their governments to account, and development institutions can better coordinate their efforts in order to respond to actual needs in developing countries.
The International Aid Transparency Initiative (IATI)
In this context, the International Aid Transparency Initiative (IATI) has developed a common standard for aid and development finance flows with the aim of increasing effectiveness in tackling global poverty. The initiative is voluntary and open to a wide range of stakeholders, including donor and developing countries, civil society organisations and aid and development experts. Since its establishment in 2011, IATI has attracted over 150 signatories. Together, these signatories account for an impressive 75% of all global public official development assistance.
The EIB and IATI
In 2012, the EIB was responsible for more than EUR 7bn of public and private sector investment outside the EU. The EIB may not provide grants, unlike the majority of IATI signatories, but the Bank does play a key role in supporting EU development policies outside the EU and can be considered to be the leading development financier in many regions.
Our investments support private sector growth, the shift towards a positive climate path, and the development of strategic infrastructure. These all contribute to poverty alleviation and economic revitalisation.
In October 2013 the EIB announced that we had signed up to IATI – proof of our efforts to ensure openness in our operations and of our continued commitment to support the aid effectiveness agenda. Signing up to IATI means that the Bank agrees to report data according to the IATI standard on investments outside the EU on a monthly basis. We were working with the IATI Secretariat to put in place specific IATI guidelines for DFIs/IFIs and started to publish in accordance with the IATI standards in September 2014. The process was facilitated by the fact that the Bank has already published certain data sets through its project lists on the EIB website.
Which new data is the EIB publishing?
Two types of data sets are published in accordance with the IATI standards:
- The Organisation standard: data related to the EIB as an organisation, such as key strategy documents and its forward-looking aggregate lending information, and planned future lending volumes in the form of its annual Corporate Operational Plan (COP).
- The Activity standard: the financial data and activity status of each signed contract in countries outside Europe, including specific information such as the location, sector and loan amount.
Download the EIB files from the IATI webpage
The EU aid explorer provides easy access to clear and accurate data on development assistance and finance around the world. It also helps to visualize in a user friendly way the EIB’s financing operations which are reported via IATI.
Future steps towards greater aid effectiveness
Joining IATI is a logical step in the Bank’s road to building a robust sustainability and accountability framework to support responsible business. It is one in a series of measures we have taken in recent years to underscore our belief that sustainability and accountability are not only good for people and the planet but also make business sense. Our Transparency Policy commits us to the highest standards in our daily work and in 2014 we launched a public register of EIB documents.
The Bank has joined a long list of its development peers as IATI members, and synergies between signatories are expected to develop, bringing further value to the quality of our investments. That said, we realise that the effect of IATI on results will not be immediate.We know that development finance is not a sprint. It is a marathon, which must produce results with an impressive impact. Results that we as a bank can be proud of.
- 14-07-2014 : European Investment Bank implementation schedule EN