Econostrum | Economic News in the Mediterranean

19.65bn of guarantees for investments across Europe

Written by Eric Apim on Tuesday, March 8th 2022 à 16:20 | Read 301 times

EC, EIB and EIF provide €19.65bn guarantee for investment projects across Europe (photo: InvestEU Programme)
EC, EIB and EIF provide €19.65bn guarantee for investment projects across Europe (photo: InvestEU Programme)
EU. A €19.65bn guarantee agreement was signed on Monday 7 March 2022 between the European Commission, the European Investment Bank (EIB) and the European Investment Fund (EIF) to support investment projects across Europe. They will be carried out under the InvestEU programme, "a key pillar of the European Union's biggest ever recovery plan from the Covid-19 pandemic", according to the joint statement, and in just four areas of action: sustainable infrastructure; research, innovation and digitalisation; small and medium-sized enterprises; and social investment and skills. "InvestEU brings together a multitude of EU financial instruments under one roof, with a strong thematic focus, pursuing a green, digital and inclusive transition as Europe recovers from the crisis," recalls Alain Godard, director general of the European Investment Fund.

The objective of this programme is to create a greener, more digital and more resilient European economy.

"This agreement comes at the right time, as we emerge from the pandemic and face increasing geopolitical uncertainty. InvestEU will stimulate large-scale private sector investment, which is essential to build and sustain the businesses and jobs of tomorrow," commented Valdis Dombrovskis. "This will better equip us to deal with the inevitable economic and social consequences of the war in Ukraine. Today's stepping stone agreement will help us achieve our medium-term economic and wider policy objectives," continued the European Commission's executive vice-president for a people-centred economy.

Mobilising at least €372bn of additional investment

In parallel, the European Commission and the EIB have initialled an agreement on the InvestEU advisory cluster. It provides for up to €270m to support market and skills development, as well as advisory services for projects in the same policy areas.

By providing an EU budgetary guarantee of €26.2bn to support financing and investment operations, the InvestEU programme will attract public and private finance to mobilise at least €372bn of additional investment by 2027, benefiting people and businesses across Europe.

The EIB Group (consisting of the EIB and the EIF) will implement 75% of the EU budget guarantee (€19.65bn) and the same share of the advisory budget under the InvestEU Advisory Cluster. Alongside the EIB and EIF, the main implementing partners of InvestEU, are the international financial institutions active in Europe and national development banks. They will be able to use part of the guarantee (25% in total) to support investment programmes and projects.

"By combining public funds with our expertise and risk-taking capacity, we can successfully mobilise large-scale public and private investments that will support Europe in its recovery from the Covid-19 crisis and in its transition to a green and sustainable economy," says Teresa Czerwińska, Vice-President of the European Investment Bank.

"The investment needs we have to address in the coming years are truly immense. And I am convinced that InvestEU will prove to be an invaluable tool to help us meet this challenge. Today we are opening a new chapter in the history of the successful partnership between the European Commission and the EIB Group: building sustainable infrastructure, stimulating innovation, developing forward-looking skills and fostering the growth of SMEs," said Paolo Gentiloni, European Commissioner for Economic Affairs.

After their presentation to the investment committee, the first projects will be able to benefit from this InvestEU guarantee from April 2022.

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