A project appraisal is carried out by the EIB's teams of engineers, economists and financial analysts, in close cooperation with the promoter.
Criteria are typically tailored to each specific project. A report then goes from the Management Committee to the Board of Directors for a final decision. Once they approve, the loan can be drawn down in one or more instalments according to borrower requirements.
An EIB appraisal procedure can take anywhere between six weeks and 18 months depending on the project scope, the degree of complication of the operation, and the efficiency of the appraisal process on the part of both the EIB itself and the project promoter.