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EU voices concern at businesses' status in troubled Mideast.

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EIB President Werner Hoyer *****

LUXEMBOURG, Sept 18 (KUNA) -- The European Investment Bank (EIB), the EU's bank, has expressed concern over the current unstable situation in the Middle East and its effect on the business sector in Europe.

"The turmoil in the Middle East is extremely important for everybody in Europe and it affects our business. It is quite obvious that our businesses in Egypt or Palestine or Israel are affected. Our business in Syria is stalled for ten years now. We have big problems in getting the feet on the ground in Libya," EIB President Werner Hoyer told a group of visiting journalists from Brussels here, late on Wednesday.

"We have a success story in Tunisia which is doing extremely well. I think it is going pretty well in Morocco. So the picture is differentiated," he noted.

He said that the EIB has stopped all activities in Russia due to EU sanctions, but is looking forward to finance projects in Ukraine.

The EIB raised 72 billion euro on the global bond markets and invested 90 percent of its lending within the EU. Only 10 percent or about 7-8 billion euro is invested outside the EU, he clarified.

Hoyer said that the 50 percent of the EIB funds are coming from outside the EU, notably from Japan.

Some Gulf states are also giving loans to the EIB but he did not specify which countries and in what volume.

The Luxembourg-based EIB is owned by the 28 EU member states. It is the largest multilateral lender and borrower in the world and has a staff of 2,300.

The EIB has invited a group of Brussels-based journalist to visit the EU institutions in Luxembourg. (end) nk.rk

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Publication:Kuwait News Agency (KUNA)
Geographic Code:70MID
Date:Sep 18, 2014
Words:298
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