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    To many, it sounded like a fairy tale: you take a bit of money, invest it wisely and within three years it will have multiplied 15 times over. Yet this is exactly what the European Investment Bank Group and the European Commission set out to do as part of their plan for economic recovery after the economic and financial crisis. With the Investment Plan for Europe, they promised to trigger €315 billion of additional investment in the EU by mid-2018. The key to fulfilling this promise was a €21 billion guarantee programme, the European Fund for Strategic Investments (EFSI).

    This guarantee was the first of three pillars of the Investment Plan, the two others focussing on investment advisory and an improved investor environment. EFSI grew larger in 2017, and with it came the new target of supporting €500 billion in investment, notably by mobilising capital from private sources. EFSI managed to over-deliver, while mitigating the impact of COVID-19 on Europe’s economy.

    December 2020 saw the last approvals of projects by the EFSI Investment Committee. In 2022 InvestEU took over as the new long-term financing programme of the European Union, building on the success of EFSI.

    Key figures

    €540.3 billion

    total investment related to EFSI approvals

    €102.1 billion

    of financing approved

    Some 1,500,000

    small and medium businesses expected to benefit

    Helping where it is most needed

    The Investment Plan for Europe continues to mobilise investment to boost the European economy in a sustainable way.

    Furthering jobs and sustainable growth

    Economic estimates suggest that by 2022 investment under EFSI will increase GDP by 1.9% and add 1.8 million jobs compared to the baseline scenario.

    Best practice

    Since its launch, hundreds of projects have benefitted from EFSI and all of them contribute to making our continent more social, green, innovative or competitive. The examples below give a glimpse of the many things that EFSI helps flourish.


    EFSI had its own specific governance structure, composed of a Steering Board, an Investment Committee and a Managing Director supported by a Deputy Managing Director.

    The EFSI Steering Board governed the implementation of EFSI to ensure the appropriate use of the Guarantee from 2015 until 2020. It determined the strategic orientation of EFSI, including its risk profile, the operating policies and procedures necessary for its functioning and operations with investment platforms, national promotional banks or institutions. The Steering Board comprised five members, three appointed by the EC, one appointed by the EIB and one expert appointed as a non-voting member by the European Parliament

    Steering Board meetings – Minutes

    In accordance with Article 7 of the EFSI Regulation, the minutes of the Steering Board meetings were published as soon as they were approved by the Steering Board.

    The EFSI Investment Committee was responsible for approving the use of the EU guarantee for EIB operations supporting strategic investments under the Infrastructure and Innovation Window, in line with EFSI investment policies and the requirements of EU Regulation 2017/2396 between 2016 and 2020.

    The Investment Committee was comprised of the Managing Director, his deputy and eight independent experts, appointed by the Steering Board.

    Decisions and Rationales of the Investment Committee

    Investment Committee decisions approving the use of the EU guarantee for EIB operations, including the rationales of the Investment Committee for these decisions, are publicly available. Projects for which the EIB and the client agreed on confidentiality until contract signature are listed in reports published once the projects were signed.


    Documents related to EFSI

    In accordance with Article 7 of the EFSI Regulation, documents related to the European Fund for Strategic Investments (EFSI) are made publicly available.