Evaluation of the European Fund for Strategic Investments
The European Fund for Strategic Investments (EFSI) combines a portfolio guarantee provided to the European Investment Bank (EIB) Group from the European Union (EU) budget and a capital contribution from the EIB, aimed to stimulate investment and boost sustainable economic growth in the EU.
The Operations Evaluation Division (EV) of the EIB carried out the evaluation of EFSI, as required by the EFSI Regulation. This evaluation assesses the rationale and design of EFSI; results achieved with emphasis on additionality; complementarity and coordination of EFSI with other EU programmes and adequacy of the inputs mobilised for the implementation of EFSI.
- EFSI is relevant to address structural investment gaps in key sectors of the EU economy, less relevant to tackle cyclical issues.
- EFSI is expected to reach the target of mobilising EUR 315 billion of total investment by July 2018 in terms of approved operations and around EUR 256 billion in terms of signatures.
- EFSI operations provided additionality in accordance with the EFSI Regulation. The vast majority of EFSI operations addressed market failures. The EIB Group could not have financed the portfolio of EFSI operations in absence of the EU Guarantee without a potential negative impact on its overall lending capacity and risk profile.
- The results in terms of complementarity and coordination of EFSI with other EU instruments are mixed.
- EFSI induced a considerable change to the EIB Group, which had to tailor its inputs to EFSI needs.
EV reports to the EIB Board of Directors and works under the responsibility of the Inspector General.