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22 July 2015

European Commission: Investment Plan for Europe - EFSI ready for take-off in autumn

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The Commission published a Communication on the role of National Promotional Banks in supporting the Investment Plan for Europe.

The Communication explains the important role that National Promotional Banks (NPBs) can play in getting Europe investing again by participating in EFSI investments. It provides clarity and practical guidance on how to set up a new NPB, the statistical treatment of NPB co-investments as regards government deficit and debt under the Stability and Growth Pact, the EU state aid treatment of national project co-financing and how NPBs from different Member States can join forces and work with the European Investment Bank (EIB) to set up investment platforms. This crucial guidance will help companies across Europe gain access to financing through EFSI, the cornerstone of the €315 billion Investment Plan.

Further decisions taken by the College of Commissioners today include:

  • Agreement on the working methods between the Commission and the EIB, as foreseen in the Regulation for a European Fund for Strategic Investments. Commission President Jean-Claude Juncker, Vice-President Jyrki Katainen and EIB President Werner Hoyer signed the EFSI agreement in Brusselsearlier today. 
  • Confirmation of the projects pre-financed or ”warehoused” by the EIB which will receive the backing of the EFSI guarantee. In line with the European Council conclusions of December 2014, which invited the EIB to "start activities by using its own funds as of January 2015", the latter announced several projects to be pre-financed in the context of the Investment Plan for Europe while the adoption of the EFSI Regulation was pending. 
  • The appointment, together with the European Investment Bank (EIB), of the four members of EFSI’s Steering Board: Ambroise Fayolle, Vice-President responsible for Innovation, EIB; Maarten Verwey, "Structural Reform Support Service" in the Secretariat General, European Commission; Gerassimos Thomas, DG Energy, European Commission; Irmfried Schwimann, DG Competition, European Commission. The Commission alternate members are Benjamin Angel, DG Economic and Financial Affairs; Nicholas Martyn, DG Regional Policy; Robert-Jan Smits, DG Research and Innovation.
  • Final arrangements to launch the European Investment Advisory Hub (EIAH). The EIAH will support the development and financing of investment projects in the EU by offering a single point of contact for guidance and advice, providing a platform to exchange know-how, and coordinating existing technical assistance.
  • Decision on the management and main elements of the European Investment Project Portal (EIPP). The EIPP will be a publicly available, secure web portal where EU based project promoters seeking external financing are given the opportunity to promote their projects to potential investors.
  • The delegated act for a Scoreboard of indicators which the independent Investment Committee will use when deciding whether a project proposal fits the criteria to receive backing of the EU guarantee (EFSI).

Full press release

© European Commission

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