The European Long Term Investors association (ELTI) launches its 2014 Action Plan
The ELTI association, newly created by the long term investors of the European Union, held its first General Assembly in Brussels on 14 November 2014. After electing its Board, the Members endorsed the 2014 Action Plan strongly focused on enhancing long term investment in Europe as a key to economic recovery.
Launched on 5 July 2013 in Paris by 16 European financial institutions, the European Long Term Investors association (ELTI), held its first General Assembly in Brussels on 14 November.
The General Assembly appointed the Management Board, with Dr Werner Hoyer, EIB President, as president, MM Anton Kovacev, HBOR Chairman of the board, and Franco Bassanini, President of Cassa Depositi e Prestiti (CDP) as Vice-Presidents, and M Dominique de Crayencour as Secretary-General of the ELTI.
The General Assembly also endorsed the action plan for 2014 with the priority to develop all favorable conditions to long-term investment and to cooperate actively among Members in support of the real economy. The goal is to help foster sustainable, resource efficient, socially inclusive and innovative growth and employment.
The priority of ELTI in its first mandate will be to work on the suppression of obstacles and the development of incentives to long term investment financing. This includes market failures, regulatory environment, reporting rules and appropriate financial instruments. It will also explore opportunities amongst them for common long term investments, in particular in the innovative financial instruments within the next Multiannual Financial Framework (2014-2020), notably for infrastructure, innovation, resource efficiency and SMEs. Today, ELTI brings together 17 Members, including the four founding institutions of the Long-Term Investors Club (LTIC), whose total assets amount to EUR € 2 trillion.
Werner Hoyer taking up as ELTI President said: "The ELTI association is a genuine European project. Following the EIB capital increase, it is yet another way to multiply our mutual leverage effect in federating the financial strength of our institutions for growth and employment through long term investment". He added: "I am honored and happy to be able to make the link between the work of the EU Bank and all the national Members of ELTI who are pursuing the same objective of supporting EU policy".