23 October 2023
InvestEU Inter-service Steering Group (ISG) - CDC Presentation
Scope of the interim report: the InvestEU programme, in particular:
- the use and allocation of the EU guarantee
- the inclusion of the Ips and advisory partners
- the partnership between EIB Group and the EC
- the implementation of the InvestEU Advisory Hub and of the InvestEU portal.
An external consultant contracted by the EC will conduct an independent evaluation that will inform the Staff Working Document prepared by the Commission services.
To guide both the external evaluation and the Commission’s report, an Inter-service Steering Group (ISG) is being set up.
26 January 2023
The InvestEU state of play for Implementing Partners (IPs) can be found here:
InvestEU IPs Quarterly Review (Q2)
Last Update: 8 May 2023
4 May 2022
The InvestEU Advisory Board held it’s third meeting on 28 April 2022. The European Commission, the EIB and the EIF provided the following presentation:
InvestEU Advisory Board Meeting Presentation - 28 April 2022
24 March 2022
From NGEU to a Green Capital Markets Union
Karel Lannoo and Apostolos Thomadakis
Now that the EU’s post-pandemic recovery programme is on course, the priority should be to increase private sector investments. The two main pillars of the Recovery and Resilience Facility (RRF), a key component of the Next Generation EU (NGEU) programme, are green and digital. Although the EU is taking the global lead on the green transition and is putting a solid policy framework in place, it is lagging in the digital transformation, with significant gaps remaining across Member States. For the EU to deliver the twin transition to a green and digital economy, and mobilise the necessary resources to get there, market financing – which is much less developed compared to international peers – should be developed further. This will advance the green transition, cement Europe’s Green lead, and advance digitalisation.
14 September 2021
Presentation Background
Following news of the upcoming call of the European Commission for the Technical Support instrument 2022, representatives from DG REFORM: Ariane de Dominicis (Head of Sector for Sustainability) and Caroline Robert (European Commission DG SRSS) presented the Commissions' supporting methods to NPBIs when implementing Pillar 2 of the Just Transition Mechanism. This presentation was held for both ELTI and NEFI members and was followed up by a Q&A session.
13 July 2021
Agenda Presentations
Several ELTI members presented their experience with the European Investment Advisory Hub (EIAH) during a dedicated ELTI Workshop on 13 July 2021.
10 June 2021
Agenda, Background & Presentations
The European Commission and the “Breakthrough Energy Catalyst Foundation” (Bill Gates) entered into a cooperation which aims to commercialize emerging low carbon technologies at scale to drive reductions in the green premium, reduce greenhouse gas emissions, and displace fossil-based technologies. A call for a Blending facility under a relevant InvestEU product consisting of repayable & non repayable finance will be launched for these kind of projects. The European Commission held a brief information session with the slides attached. The initiative aims to finance bigger light-tower projects.
26 March 2021
Final version of InvestEU legal base
The final version of the InvestEU legal base (REGULATION (EU) 2021/523) was published in the Official Journal of the EU on 26 March 2021.
10 February 2020
ELTI & NEFI Unanswered Questions
In addition to the seminar hosted by the European Commission on 29 January, DG ECFIN sent answers to the questions you had raised in advance and which were not answered during the seminar. Please find the document which we received on 9 February 2021 here.
3 December 2020
Proposal for a Regulation Presidency Steering Note 4 Column-table
The Financial Counsellors' working group discussed the InvestEU draft legal base against the background of an agreement about the 2021 – 2027 MFF at the end of November. Besides the allocation of the budget available there seems to be an agreement between the European Commission, the European Council and the European Parliament that InvestEU will comprise 4 windows as it was in the beginning of the discussions. The idea of strategic investments is spread to all 4 windows. Following the veto of 2 Member States, all agreements for Invest EU are subject to an overall agreement.
1 December 2020
Crisis Recovery Measures Tracker
The latest overview of the Crisis recovery measures, as of 1 December 2020.
27 November 2020
Agenda and List of Questions
Due to the ongoing discussions on the future implementation of the InvestEU IPSAS Reporting Standards, ELTI and the European Investment co-Bankorganised a dedicated workshop on Friday, 27 November 2020.
During this workshop, Susanne Quest (EIB) and Michaël Lavallee (EIF) answered a list of dedicated questions put forward by ELTI and NEFI members prior to the meeting as well as going over any other outstanding issues during the discussion itself.
25 November 2020
InvestEU Programme figures and assumptions – Post-MFF agreement
The European Commission tabled a non-paper on 25 November 2020 which aims to explain the post-MFF agreement figures for the InvestEU programme and clarifying some of the underlying assumptions behind them
InvestEU: Climate and Environmental tracking Documents
The European Commission recently sent several documents on the environmental and climate tracking mechanisms under InvestEU which reflects the current state of discussion (mid-November 2020).
16 November 2020
InvestEU - Commission replies to Member States questions on the Investment Guidelines
The European Commission provided clarifications and answers to questions from Member States, on the topic of InvestEU, via a note dated 16 November 2020.
The answers cover the following topics:
1. Merger of legacy portfolio
2. Sustainable investment
2.1. Climate tracking and sustainability proofing
2.2. JTS
2.3. Link to Taxonomy
2.4. Other questions
3. Financial structuring and risk
4. Policy Windows
5. Strategic Investment
6. COVID-19
29 October 2020
EP Press Release - InvestEU Fund: boost for sustainable, innovative and social investment
The European Parliament Committees on the EU Budget and Economy voted on the InvestEU proposal on Wednesday, 28 October 2020. The final vote is foreseen for the November plenary meeting. On this basis, the Council, Parliament and the European Commission will start their trilogue.
InvestEU aims to be a fund that provides support to EU investors by integrating and simplifying the financing, offered under a single budgetary guarantee scheme.
On Wednesday evening, MEPs from the Budgetary and Economic and Monetary Affairs committees adopted with 71 votes to 17 and 7 abstentions the renewed EU programme to support investments and guarantee access to finance. It will address market failures, sub-optimal investments and the investment gap in targeted sectors, for the period 2021-27.
Six policy objectives mirroring key EU priorites
The EU guarantee of around €91.8 billion (current prices) is expected to mobilise more than €1 200 billion in additional investment across the European Union and should be allotted to the following policy objectives:
- Solvency support: MEPs reintroduced this, as not all companies have the same level of access to market financing and certain member states may not have sufficient budgetary means available to provide adequate support to companies hit by the COVID-19 crisis. It will help recovering companies, safeguard employment levels, and counter-balance the expected distortions in the single market (up to around €11 billion);
- Sustainable infrastructure: investment in the areas of sustainable transport and road safety, rail and road infrastructure, renewable energy, energy efficiency renovation projects, digital connectivity, environmental and climate resilience research (up to around €20 billion);
- Innovation and digitisation (up to around €11 billion);
- Access to finance primarily for SMEs, including for innovative SMEs and SMEs operating in the cultural and creative sectors, as well as small mid-cap companies (up to €5 billion);
- Social investment and skills (up to around €6 billion);
- Strategic European investment: future-oriented investment, including in critical healthcare, manufacturing of medicinal products and critical infrastructure, whether physical, analogue or digital (up to around €31 billion);
Background
Despite numerous initiatives to address the situation, there is still a significant investment gap in the EU. The InvestEU programme (part of the MFF 2021-2027 package “EU budget for the future”) aims to deal with this problem.
InvestEU would bring together the various EU financial instruments currently available, including: the European Fund for Strategic Investments (EFSI); the Connecting Europe Facility instruments; specific facilities under the Competitiveness Of Small and Medium-Sized Enterprises (COSME) programme; as well as specific guarantees and facilities under the Employment and Social Innovation programme (EaSI). Together, these will benefit from economies of scale, and expand the Juncker Plan’s model (i.e. using guarantees from the EU budget to bring in other investors).
InvestEU will consist of the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal.
Next steps
Parliament will vote on its mandate to start negotiating with EU governments during the session in November.
30 September 2020
InvestEU Non-Paper on Draft Investment Guidelines InvestEU Commission Replies to MS Questions
The European Council continues to discuss InvestEU. New draft investment Guidelines and Commission answers to questions of Member States were presented by the European Commission yesterday, 29 September 2020.
18 September 2020
The 3 Pillars of Next Generation EU - Factsheet
The European Commission published figures for the different pillars of Next Generation EU* which can be found under the following link and in this document.
*The information concerning the three pillars of the Next Generation EU contained is based on the European Commission proposal from May 2020. The page has meanwhile been updated with the table about the Recovery and Resilience Facility (grants allocation), which reflects the conclusions of the European Council from July 2020.
15 August 2020
Published in August 2020, a guidance report on the social sustainability proofing of investment and financing operations under InvestEU was prepared following the request of the European Commission and DG Employment. The consultants had had several discussions with ELTI members.
5 August 2020
Non-paper on consequences of the MFF agreement in Council on InvestEU
The Council conclusions adopted on 21.07.2020 specify that the budget for InvestEU is to be of € 8.4 bn., with € 2.8 bn. stemming from the MFF and € 5.6 bn. from NextGenerationEU. These figures refer to constant prices. In current prices they would represent some € 9.142 bn. In addition the conclusions state that this budget will be “complemented by reflows stemming from the instruments prior to 2021”. These reflows are however not further specified and, given the current economic crisis, uncertain to some extend. Estimations before the crisis amounted to € 1 bn. over the life span of the next MFF. Given the uncertain nature of reflows as well as the aspect of timing, the sum of € 9.1 bn. is taken as a basis for the following calculations, since the initial Commission proposal also referred to current prices and did not include reflows.
In the overall context of the negotiations it soon becomes clear that this sum cannot be taken as representing the paid in guarantee. For once, the InvestEU programme also contains a technical assistance (TA) facility (grants) as well as a project portal (PP). If the ratio between the guarantee and the additional components of the programme is to be retained, then 3.45% of the total sum would have to be used for TA & PP. This would represent some € 265 m. However, a larger amount, in the range of € 300 m. to € 350 m. is not excluded either.
Furthermore the European Commission had included in its updated InvestEU proposal a provision that would allow it to participate in an expected capital increase of the EIF. It currently looks like the EC share to this capital increase will also have to be funded at least partially via the InvestEU budget, in the worst case it would need to be funded fully from the InvestEU budget. With an expected capital increase totalling € 1.25 bn. and a share of 29.7% for the EU, an additional € 371 m. would need to be deducted from the InvestEU budget in a worst case scenario. With the reduced size of InvestEU and the abandoning of the SSI the initially foreseen second capital increase may no longer be needed.
Overall the initial € 9.142 bn. would thus shrink by some € 636 m., leaving only € 8.506 bn. that could be used for the InvestEU guarantee. Once again, leaving aside possible reflows. Since the principle of partial provisioning has not been questioned, what does this mean for the total InvestEU guarantee?
InvestEU Excel Stats Overview
21 July 2020
Non-paper Council Conclusions
Special meeting of the European Council (17, 18, 19, 20 and 21 July 2020)
As Europe mourns the loss of lives from the COVID-19 pandemic, the European Council extends its deepest sympathy to the victims and their families. As Europeans continue to face extraordinary challenges and uncertainty in their daily lives, all our efforts will remain focused on protecting citizens and overcoming the crisis.
The COVID-19 crisis presents Europe with a challenge of historic proportions. The EU and its Member States have had to adopt emergency measures to preserve the health of the citizens and prevent a collapse of the economy. We are slowly exiting the acute health crisis. While utmost vigilance is still required on the sanitary situation, the emphasis is now shifting to mitigating the socio-economic damage. This requires an unprecedented effort and an innovative approach, fostering convergence, resilience and transformation in the European Union. At the request of the Heads of State or Government, the Commission presented at the end of May a very wide-ranging package combining the future Multiannual Financial Framework (MFF) and a specific Recovery effort under Next Generation EU (NGEU).
On the basis of the extensive consultations held at the level of the President of the European Council and the work done in the Council, the conclusions present a balanced solution catering for the interests and positions of all Member States. It is an ambitious and comprehensive package combining the classical MFF with an extraordinary Recovery effort destined to tackle the effects of an unprecedented crisis in the best interest of the EU.
NGEU and MFF go together. We need the Recovery effort as a quick and effective answer to a temporary challenge, but this will only yield the desired result and be sustainable if it is linked to and in harmony with the traditional MFF that has shaped our budgetary policies since 1988 and offers a long-term perspective.
The first part of these conclusions deal with the Recovery effort, which is significant, focused and limited in time. Significant because the effects of the crisis are far-reaching. Focused because it must target the regions and sectors that are most hit by the crisis. Limited in time because the MFF and the rules governing it remain the basic frame for the Union's budgetary planning and implementation. The additional funds generated by the EU's borrowing will be disbursed as grants and loans via the instruments and programmes of the MFF. This ensures consistency and coherence. Both NGEU and MFF will help transform the EU through its major policies, particularly the European Green Deal, the digital revolution and resilience. The second part looks at the 2021-2027 MFF. The approach is based on the February proposal, which has been adapted to respond to the COVID-19 crisis and in the light of the measures taken under NGEU.
10 June 2020
The bulk of the proposed recovery measures will be powered by a new temporary recovery instrument Next Generation EU with financial firepower of €750 billion. It is built on three pillars:
- instruments to support Member State efforts to recover, repair and emerge stronger from the crisis
measures to boost private investment and support ailing companies; - the reinforcement of key EU programmes to draw the lessons of the crisis and make the single market stronger and more resilient and accelerate the twin green and digital transitions;
- The distribution of funds between the different elements is detailed here
Pillar 1: Supporting Member States to recover
Next Generation EU / TOTAL (including possible EU budget financing)
Recovery and Resilience Facility 560.0 / 560.0
- of which GRANTS 310.0 / 310.0
- of which LOANS** 250.0 / 250.0
- REACT-EU** 50.0 / 55.0*
Rural development** 15.0 / 90.0
Just Transition Fund 30.0 / 40.0
Total Pillar 1: 405 grants, 250 loans
Pillar 2: Kick-starting the economy and helping private investment
Next Generation EU / TOTAL (including possible EU budget financing)
Solvency Support Instrument 26.0 / 31.0*
InvestEU*** 15.3 / 16.6
Strategic Investment Facility 15.0 / 15.0
Total Pillar 2: (according to the needs) 56.3 provisioning for guarantees
Pillar 3: Learning the lessons from the crisis
Next Generation EU / TOTAL (including possible EU budget financing)
Health programme 7.7 / 9.4
rescEU 2.0 / 3.1
Horizon Europe 13.5 / 94.4
Neighbourhood, Development and Int. Coop 10.5 / 86.0
Humanitarian Aid 5.0 / 14.8
Total Pillar 3: (according to the needs) 38.7 grants of which 10.5 provisioning for guarantees
Grants 500
(of which provisioning for guarantees) 66.8
Loans 250.0
TOTAL 750
* €5 billion out of total of €55 billion for REACT-EU and €5 billion out of €31 billion for the Solvency Support Instrument are under MFF 2014-2020
** The national allocations are not currently available.
*** For the four policy windows already agreed by the co-legislators; Including 1.5 billion for the capital increase of the European Investment Fund
All amounts in EUR billion
Next Generation EU will be composed of grants, including provisioning for guarantees, and loans. The tables attached describe the grant component per country for the Recovery and Resilience Facility as well as for the Just Transition Fund as financed under Next Generation EU.