He said, "We all welcome the focus on investment, jobs and growth across our regions.  What is worrying however is that the EFSI does not have a geographical quota and when I raised this with the President of the European Investment Bank it was clear that the Bank's main objective was to have a return in investments.  This lack of quota will mean that most finance will go to rich regions rather than poorer regions where investment is needed."

Mr Szwabski added that there is also a danger that the EFSI will replace Cohesion funding rather than complementing it and I mentioned previously.  Smaller cities and poorer regions could not have the administrative capacity or finance if they had no Cohesion funding and only the Investment fund loans.

 

Vice President of the European Commission Mr Timmermans said that the EFSI and Cohesion are meant to work hand in hand but he would bring the issues raised back to the Commission