OREANDA-NEWS. April 20, 2015. The European Investment Bank, Europe’s long-term lending institution, opened its first permanent presence in North America earlier today. The new EIB representation in Washington, D.C., will strengthen cooperation between the European Investment Bank and Washington-based international financial institutions and stakeholders.

Jeroen Dijsselbloem, Dutch Finance Minister, President of the Eurogroup, and Chairman of the Board of Governors of the European Investment Bank, and Werner Hoyer, President of the EIB Group with headquarters in Luxembourg, hosted the opening ceremony. Representatives from a broad range of stakeholders including international organisations, the development and financial community and European member states attended the opening.

“From the start the EIB, being the world's largest multilateral bank, has been an important player in enhancing investment in Europe and by doing that an important partner for commercial investors in European projects also from the US. Being physically present in Washington gives the EIB an opportunity to work more closely with other international financial institutions that are based in the US capital. And it can give an impetus towards the cooperation between the EIB and US investors.” said Jeroen Dijsselbloem, Finance Minister of the Netherlands and current Chairman of the Board of Governors of the European Investment Bank.

“Having a permanent presence in Washington will strengthen the European Investment Bank’s valuable collaboration with D.C.-based peer institutions. Sharing experience and reinforcing cooperation on development, climate finance, and support for economic growth is essential. This new office will help to ensure that the EIB makes a more effective contribution to the best practice standards shared by international financial institutions that help us deliver an impact that improves lives and prosperity around the world”, said Werner Hoyer, European Investment Bank President.

The European Investment Bank is the world’s largest multilateral lender. It is owned directly by the 28 EU Member States. The EIB works closely with the multilateral development banks and the national promotional banks, both in supporting projects around the world, and in discussing policy on key topics such as climate finance and sustainable development goals. The new office will also coordinate EIB engagement with United States Government institutions and the private sector.

Last year the EIB provided USD 80 billion for long-term infrastructure and business investment and in recent years the EIB has supported investment in 178 countries around the world. The Bank borrows money on the capital markets to be on-lent to projects and has a strong investor base in North America.

The new office will be headed by Thomas C. Barrett, the European Investment Bank’s new Permanent Representative in Washington.