the European Union's financial institution. Its shareholders are the Member States of the European Union. The bank is supervised by the Board of Governors, which comprises the Member State's Finance Ministers. It has legal personality and is financially independent. It provides long-term financing for practical projects, the economic, technical, environmental and financial viability of which is guaranteed. It grants loans. Outside the European Union the EIB supports the pre-accession strategies of the candidate countries. It manages the financial dimension of the agreements concluded under European development aid and cooperation policies.