Among the issues raised on the office of Nicolas Sarkozy, the creation of a bank co-development of the countries of southern and eastern Mediterranean has a special place. Even during reentry, the creation of a facility designed to finance development projects around the big blue remains a concern.
This Wednesday, Charles Milhaud gave the President the report by an international commission as a basis to work on creating this new financial institution, at the Summit of Heads of State and Government of the Union Mediterranean (UPM), held in Barcelona in November.
Three scenarios were selected. The first, and probably one of the most probable, is to create a bank of the Mediterranean from the spin-off activities of the FEMIP (Facility for Euro-Mediterranean Investment and Partnership).This includes all the instruments of intervention of the European Investment Bank (EIB) for development and economic development of partner countries. The Bank would become a shareholder with a stake between 35% and 50%. The second possibility, perhaps the most delicate, lies in the creation of a specific bank can easily imagine that it would require a significant capital raise.
Public-Private Partnerships
The third hypothesis advocates the establishment of an institution size smaller funds from deposits and consignments of countries concerned.
If the current subsidies reach 20 billion euros per year (including 5 billion from the EIB), the report reveals a shortfall of funding in some sectors.The major regional projects such as solar plan, water, urban development difficulties that could be resolved through public-private partnerships. The SMEs crucial to the development of this region of the world also face this problem.
The stakes are high. "We must realize the potential development of Mediterranean countries, like Germany has to do with the countries of Central and East," said Charles Milhaud. With a hope: that the institution's capital is also home to the southern states of the Mediterranean, but also the Gulf.
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