The Structural Funds of the European Union
Edited by Massimo Florio
Chapter 3: Assessing Projects and Programmes for Cohesion Policy at the EIB
Gianni Carbonaro1 INTRODUCTION My aim in this chapter is to provide a bird’s eye view of themes and practices in investment assessment at the European Investment Bank (EIB). There will be a signiﬁcant and inevitable degree of personal and institutional bias in this presentation. Therefore, in addition to reﬂecting my personal views after several years’ experience in practical project analysis, my observations will be inﬂuenced by how investment assessment practices at the EIB have been aﬀected by the development of the Bank’s operational environment. In my contribution, I will brieﬂy discuss how the assessment of programmes and projects is approached within the Bank, how some of the tools of cost–beneﬁt analysis are employed in its day-to-day operation, and how this approach may further evolve during the forthcoming programming period of the Structural Instruments. It may be useful to remind readers that the EIB is often referred to as the ‘house bank’ of the European Union (EU). Its shareholders are the member countries of the EU, the Bank has been in operation since 1958 as a non-proﬁt ﬁnancial institution and its lending volume in 2005 has exceeded €45 billion. The EIB operates not only in the member countries, but also in a number of countries linked to the EU by co-operation or development agreements. Given its dual nature of European institution and ﬁnancial organization, the Bank’s operations must be ﬁnancially viable and conform to the policy priorities of the EU – support to the...
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