The European Commission disbursed today €300 million in emergency Macro-Financial Assistance (MFA) to Ukraine. The disbursement of funds has been fast-tracked to help enhance Ukraine’s macroeconomic stability in the context of Russia’s unprovoked and unjustified invasion.
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The European Commission, the European Investment Bank (EIB) and the European Investment Fund (EIF) signed the Guarantee Agreement on a European Union budget guarantee of €19.65 billion to support investment projects across Europe
Investments under the InvestEU programme will focus on four policy areas: sustainable infrastructure; research, innovation and digitisation; small and medium-sized businesses; and social investment and skills
The European Commission and the EIB also signed the InvestEU Advisory Hub agreement which will provide up to €270 million for market development, developing skills and project level advisory services in the same policy areas
The agreements pave the way for new investments and related advisory assistance in support of Europe’s post-pandemic recovery and green and digital transitions
Today, the European Union reached a major milestone in the implementation of the InvestEU programme with the signature of the Guarantee and Advisory Hub Agreements between the European Commission, the European Investment Bank (EIB) and the European Investment Fund (EIF). The InvestEU programme is a key pillar of the European Union’s largest ever stimulus package to recover from the COVID-19 pandemic and help build a greener, more digital, and more resilient European economy. It can also support the European economy in addressing new challenges arising from major uncertainties linked to the global and security outlook.
InvestEU consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. By providing a €26.2 billion EU budgetary guarantee to support finance and investment operations, the InvestEU programme will attract public and private financing aiming to mobilise at least €372 billion in additional investment by 2027, benefitting people and businesses across Europe. Beyond securing significant investment volumes, it will focus on enabling the financing of investments that provide the highest impact for the target policy objectives.
The EIB Group (comprised of the EIB and EIF) will implement 75% of the EU budget guarantee (€19.65 billion) and the same share of the advisory budget under the InvestEU Advisory Hub. Further to the EIB and EIF, who are the main implementing partners, international financial institutions active in Europe and national promotional banks will be able to use a share of the guarantee (25% in total) to support investment and projects schemes.
The first InvestEU projects are expected to receive an InvestEU Guarantee as soon as April, after having been presented to the Investment Committee.
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The InvestEU Fund, building on the success of the European Fund for Strategic Investments (EFSI)
The InvestEU Fund will provide the EU with crucial long-term funding, crowding in private investments. The Guarantee Agreement signed today determines the rules for granting the EU budget guarantee as well as for its implementation by the EIB and the EIF. The operations benefitting from the EU budgetary guarantee will finance investments in four policy areas to support the EU’s goals in sustainability, scientific excellence and social inclusion: sustainable infrastructure; research, innovation and digitisation; small and medium-sized enterprises (SMEs) and small mid-caps; and social investment and skills. At least 30% of all the investments will be made in areas directly supporting Europe’s green transition.
The InvestEU programme builds on the successful model of the Investment Plan for Europe and its European Fund for Strategic Investments (EFSI). It combines 13 EU financial instruments available under the previous Multiannual Financial Framework (MFF) in one integrated instrument and covers a broader scope of policy areas than EFSI. The impact of the EFSI loans has been significant. EFSI over-delivered and so far has mobilised €546.5 billion in investments, benefitting over 1.4 million SMEs. It has become a success in co-financing projects that otherwise might not have been carried through.
Commissioner for the Economy, Paolo Gentiloni, said: “The investment needs we must address in the coming years are truly immense. And I’m very confident that InvestEU will prove to be an invaluable tool to help us face that challenge. Today we open a new chapter in the story of the European Commission’s successful partnership with the EIB Group: to build sustainable infrastructure, drive innovation, develop future-oriented skills and nurture the growth of SMEs.”
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