The European Commission (EC) has nearly reached the implementation stage of its investment programme for the real economy. On the 22nd of July, the Commission agreed on a set of measures created to ensure that the European Fund for Strategic Investment (EFSI) is put into effect by early autumn of this year.
The EFSI is part of the Investment Plan for Europe. EC President Jean-Claude Juncker set ambitious projections for the implementation of the Investment Plan. The Commission has also recently published a Communication on the role of National Promotional Banks (NPBs). This document explains the important role of these banks in boosting investment throughout the European region by taking part in EFSI investments.
In addition, the document provides practical advice on how to set up a new NPB and explains the statistical treatment of NPB co-investments in relation to government deficit and debt under the Stability and Growth Pact as well as EU state aid treatment of national project co-financing. It also explains how NPBs from different EU member states are able to join forces and work with the European Investment Bank (EIB) in order to set up investment platforms.
The Communication also acts as a point of reference for companies across Europe from where to obtain guidance about gaining access to financing through the EFSI, being the cornerstone of the € 315 billion Investment Plan for Europe.
The College of Commissioners have also reached agreement and taken other decisions, including:
- Final arrangements to launch the European Investment Advisory Hub to support the development and financing of investment projects,
- Decision on the management and main elements of the European Investment Project Portal (EIPP). The EIPP is a public and secure web portal where project promoters based within the EU can seek funding from external investors,
- A Scoreboard of indicators which the Investment Committee, as an independent entity, will be able to use to assess whether a project proposal qualifies to be backed by the EFSI.
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