The European Investment Bank welcomes the agreement by representatives of the European Parliament, the Council, and the European Commission, on a Regulation establishing the European Fund for Strategic Investments (EFSI). The tight timetable with which the three institutions have conducted the negotiation has been impressive and critically important. In launching the Investment Plan for Europe, speed is of the essence. Since the beginning of this year, the European Investment Bank Group has already expanded its financing for sectors and project types which will be targeted by EFSI, in anticipation of its creation and with the intention of proposing that the EU budget guarantee behind it should support projects earmarked in this way.
The EIB will host and manage the initiative intended to support EUR 315 billion of new public and private investment essential for Europe’s recovery and competitiveness. As the world’s largest multilateral borrower, it is essential that the EIB maintains the confidence of global investors. EFSI will build upon the EIB’s strong track record of supporting crucial public and private investment across Europe. EFSI operations will complement existing EIB Group lending (which in 2014 amounted to over EUR 80 billion) and allow the EU Bank substantially to expand its current lending to projects with higher than average risk profile. Whilst it was not part of the informal “trilogue” process, the EU Bank will now work with the other institutions to ensure that the operational agreement outlining the EIB’s engagement allows it to deliver on the Regulation’s objectives.