European Investment Bank, nonprofit bank created in 1958 by the six founding countries of the European Economic Community (now part of the European Union [EU]). The bank makes or guarantees loans to EU members, principally for projects that will contribute to regional development within the union. Some loans are also made to nonmembers, including countries of the Mediterranean region and central and E Europe and, under the Lomé Convention and Cotonou Agreement, developing countries in Africa, the Caribbean, and the Pacific.
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