(Source: European Investment Bank)
- Team Europe will support the government of Timor-Leste in building a pipeline of projects that are key for climate action and for the nation’s safe and blue sustainable economic growth.
- The projects will offer solutions for modern water, sewerage, wastewater and forestry management to improve living and business standards.
- The European Union and the EIB will finance a number of projects identified through the Project Preparation and Implementation Programme for Timor-Leste.
The European Union Delegation to Timor-Leste and the European Investment Bank (EIB), the bank of the European Union, will support the government of Timor-Leste in the development of bankable water, wastewater and forestry projects designed to raise living and business standards in the country.
The projects developed under this partnership will improve long-term resilience and help Timor-Leste adapt to climate change and natural disasters such as COVID-19, as well as modernise utility services nationwide, including water, sewerage, drainage and waste management.
The projects will be prepared under the Project Preparation and Implementation Programme for Timor-Leste established by Team Europe and the government of Timor-Leste. The programme enables partners to create a pipeline of projects, identify their potential co-financiers, and fast-track implementation with the aid of funds and grants from both the European Union and the EIB.
Ambroise Fayolle, Vice President of the EIB, said: “The EIB is very proud of our contribution to improvement of living and business environment in Timor-Leste. The pipeline of projects we will build and eventually co-finance with our European partners will tackle a number of key issues for Timor-Leste and its people and contribute to sustainable, long-term development of the country. Our unique mix of technical assistance in project preparation, EU grants and EIB`s more accessible finances will support Timor-Leste in accelerating adaptation to climate change, a key for safe and sustainable future of the country and its economy.”
Andrew Jacobs, EU Ambassador to Timor-Leste, said: “The European Union is keen to promote economic development and prosperity in Timor-Leste through green and blue sustainable economic growth. Diversification and development of the economy represent opportunities not only for Timor-Leste but also for the European private sector and for investors and investment banks. Opportunities exist particularly in value chain development in agroforestry (niche markets/certification), carbon certification, renewable energy, sustainable fisheries, aquaculture and biodiversity conservation.”
José Maria dos Reis, Vice Prime Minister and Minister of Planning and Territory, said: “The government of Timor-Leste is impressed with the progress of the Project Preparation and Implementation Programme and the investment opportunities it has identified. Strengthening human resources and institutions, ensuring private sector involvement, and sharing project preparation knowledge with national staff, particularly the country’s younger generation, is a priority for the government and I am glad we have the support of the European Union for this important task.”
The Project Preparation and Implementation Programme operates on a €5 million budget, with €4.75 million contributed by the EIB as technical assistance, and €250 000 from the Cotonou Partnership Agreement subsidy. The programme aims to present between two to four projects for EIB financing.
About the EIB in Asia:
For 25 years, the EIB has supported economic development in Asia and the Pacific region through projects ranging from a new metro line to cut travel times for people in Bangalore, India, to providing cheaper, cleaner energy to western Nepal and safe drinking water for people in Cambodia’s capital Phnom Penh.
In Asia, the EIB’s lending focus is on climate action across all sectors. Through our financing, we act as a catalyst to attract the funding needed to meet the UN Sustainable Development Goals for 2030. We also work to include gender equality in our projects, ensuring that women, men, girls and boys can benefit from projects equally and equitably.
For more information about investments in Asia, please follow this link.