BREAKING NEWS

EU bank calls for more Egypt, Tunisia funds

By ASSOCIATED PRESS

FEBRUARY 22, 2011 12:54

BRUSSELS — The European Investment Bank on Tuesday called on the European Union to allow it to give more money to support a transition to democracy in Tunisia, Egypt and other countries in the region.

EIB President Philippe Maystadt said that because of the crisis the bank used up the €8.7 billion ($11.9 billion) it was allocated to lend to the region between 2008 and 2013 faster than expected.

Maystadt said "we are ready to do more." He said the EIB needs a joint decision by EU member states and the European Parliament to increase lending.

He said the priority for new projects must be the creation of jobs, especially for young people.

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