The European Investment Bank (EIB) Monday officially opened a Caribbean office in the French-speaking island of Martinique, the European Commission's Guyana office has announced.

The new Caribbean operation is the fourth EIB regional representative office in the African Caribbean and Pacific (ACP) grouping.

The intent, said the EC, is to increase the effectiveness of EIB activities, particularly with the private sector but also with regional governments, the Caribbean Development Bank and other donor agencies, and to reinforce its identity and visibility throughout the region.

"The EIB Caribbean regional representation is to play a key role in the EIB's commitment to build closer ties with its customers and expand operations in the Caribbean region, within the framework of the ACP-EU Cotonou Partnership Agreement, and the Investment Facility," the statement said.

The investment facility refers to the EIB-managed risk-bearing instrument for ACP and Other Countries and Territories funded by the European Union member states through the European Development Fund.

The Martinique office "will add value in terms of operations and flexibility by offering a single point of contact and advice on EIB financing of projects, for potential investors from the Bahamas in the north through to Trinidad in the south as well as the British, Dutch and French overseas countries and territories," the statement said.

The EIB was established in 1958 by the Treaty of Rome and finances capital investment projects that further the EU policy objectives.

The CDB has announced a strengthening of cooperation with the EIB, particularly on poverty programmes.

Bank officials said Tuesday that arising from a meeting with the EIB, headed by President Philippe Maystadt, it was agreed that theLuxembourg-based lender would also provide the Compton-Bourned-led CDB with technical assistance in areas such as financial risk management.