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European Investment Bank to borrow up to €50 bln in 2007

The European Investment Bank plans borrow up to € 50 billion ($65 billion) this year, EIB President Philippe Maystadt said.

The Luxembourg-based bank, the European Union's lending arm, borrowed €48 billion last year, with 36% of that in euros, 30% in US dollars and 17% in British pounds. The bank didn't specify what proportion it expects to be in each currency this year. „The proportion may vary from one year to the other,” Maystadt told a press conference in Brussels today.

„Sometimes we need to borrow in local currencies to be able to lend in local currencies.” The bank lends for projects such as road, environmental and energy projects in Europe, as well as war-rebuilding efforts in neighboring Balkan countries and development projects in poor regions. (Bloomberg)