For the first time in history, a country that is not a member of the European Union (EU) or the European Economic Area will be able to access the financing programs of the European Investment Bank (EIB). The agreement reached by the Andorran Government with the EU banking entity grants the principality the category of eligible country, which will entitle it to access financing for specific projects.
Pending the signing of the final agreement that will regulate the relationship between the EIB and Andorra, the operating system of this new status quo will allow the Executive to present the appropriate projects and their details to obtain the expected financing, as long as the bank gives the green light to the request. When it receives the required financing, with advantageous conditions that will be negotiated project by project, the EIB will also complement its service with the technical assistance of experts from the bank itself to develop and implement the chosen project.
To achieve the condition of eligible country, Andorra has had to go through an exhaustive process of international approval. The result of this work is the one that has achieved the recognition that the legal frameworks that regulate Andorra are comparable to those of the European Union.