FF MEP Eoin Ryan calls on EIB to increase Third World investment

Fianna Fáil MEP Eoin Ryan said today that EU governments should put more pressure on the European Investment Bank (EIB) to support projects in the Third World.

At present, the bank lends €3bn per year, or approximately 7% of its budget, to developing countries.

But Mr Ryan said that this must be increased to help countries empower themselves.

“What I’m calling for,” he said, “is a mandate in which they can increase the level of investment into Third World countries. We also need to develop businesses in these countries.”