EIB and European Commission reach out to Investment Plan for Europe Stakeholders
1 October 2015
EIB Vice President Ambroise Fayolle has spoken at a workshop in Brussels for investors, EU Member States and project promoters about the Investment Plan for Europe and the EIB’s role as manager of the European Fund for Strategic Investments (EFSI).
During the event, Vice President Fayolle underscored the importance of the initiative for catalysing private investment in support of projects which are key to Europe’s growth perspectives, such as innovation, infrastructure, energy efficiency and projects promoted by small businesses. He also took the opportunity to welcome the participation of EU Member States and National Promotional Banks that are contributing to the Investment Plan’s effort to revive investment in strategic projects around Europe. “We are working with the NPBs to develop concrete products to help reach the target of unlocking additional investment of at least EUR 315bn over the next three years. This is particularly important when we consider the need to identify and prioritise projects to ensure that money reaches the real economy.”
A key message from the conference which at which both Vice President Fayolle and European Commissioner, Jyrki Katainen delivered keynote speeches, was the need for real collaboration between the European Commission and Member States to implement pro-business and pro-investment measures, restoring investors’ confidence in the future, and enabling EFSI to find a strong pipeline of bankable projects. “EFSI is demand-driven; the EIB Group makes risk-absorbing financing available but we are not project promoters so we cannot make the projects happen.” The EIB Vice President reminded participants that of the wide scope of the Investment Plan and called on entities from both the public and private sector and of all sizes to apply for EFSI financing.
The European Commission and the EIB Group have delivered on their pledge to mobilise €500 billion in investment under the Investment Plan for Europe. Some 1,400 operations have been approved under the European Fund for Strategic Investments (EFSI), using a budget guarantee from the European Union and own resources from the EIB Group. They are expected to trigger close to €514 billion in additional investment across EU countries and to benefit some 1.4 million small and mid-sized companies. In 2017, when the Council and the Parliament agreed to broaden the EFSI’s scope and size, the goal was to mobilise €500 billion by the end of 2020. The money was intended to address the investment gap left as a result of the 2007/8 financial and economic crisis.
The European Commission and the EIB Group have delivered on their pledge to mobilise EUR 315 billion in additional investment under the Investment Plan for Europe, the Juncker Plan. Backed by a budget guarantee from the European Union and own resources from the EIB Group, 898 operations have been approved, which are expected to trigger EUR 335 billion in investment across the 28 EU Member States.
Today Members of the European Parliament voted to adopt the Regulation to extend and enhance the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe. This successful final step follows the agreement in principle reached by the European Parliament and Member States on 13 September.