The European Commission is currently discussing with the management of the European Investment Bank (EIB) the option of transforming it into the European Climate Bank, Aurel Ciobanu Dordea, head of the European Commission’s Directorate-General for the Environment, said on Wednesday at a conference on the circular economy in the Black Sea region, organized by the Chamber of Commerce and Industry of Romania (CCIR), according to Agerpres.

The representative of the European Commission recommended to those interested in the development of the circular economy in the Black Sea region to resort both to the EU cohesion funds and to the loans of the European Investment Bank.

“Cohesion policies are mainly aimed at EU Member States. However, cohesion policy includes an instrument dedicated to cross-border cooperation between EU Member States at the Union’s border and states outside the EU. I think that this tool can be used by countries in the immediate vicinity of Romania, Bulgaria, Greece. So there are plenty of opportunities here. However, I suggest that stakeholders not focus only on cohesion policy instruments, as the Structural Funds and the Funds for Cross-Border Projects will respect the same priorities, meaning that the circular economy will be a relevant criterion for the funds available for cross-border cooperation. But you should also look for other financial instruments. Try it at the European Investment Bank, because these days we are discussing with the Board of Directors of the European Investment Bank how to cooperate to transform this bank into the European Climate Bank. But the European Climate Bank is not just about investing in technology that will transform the economy to protect the climate, we are talking about investing in protecting the entire future of the EU and the beneficiaries of the projects. So we are talking about investing in the circular economy and biodiversity. And the European Investment Bank is accessible to non-EU countries, the bank finances a large portfolio in these countries, but of course these are loans, not grants, the money has to be returned, but the EIB is world famous for low interest rates, an issue that makes them attractive for countries in the EU’s neighborhood,” said Aurel Ciobanu Dordea, according to financialintelligence.ro.