The InvestEU Fund - European Commission
Transcript of The InvestEU Fund - European Commission
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The InvestEU FundGiorgio CHIARION CASONIActing Director
DG Economic and Financial Affairs (DG ECFIN)InvestEU and financial institutions (ECFIN.L)
© Giorgio Chiarion Casoni, 2021. All rights reserved.
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Single programme: a single Regulation and agreement with implementing and advisory partners
Direct access to the EU guarantee open to multiple implementing partners
Policy driven approach: four thematic policy windows
Budgetary guarantee: no funded instruments
Member State compartment: synergies with structural funds and with RRF
Blending: harmonised rules
Main principles
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InvestEU Fund:• Single fund bringing together
the many different EU-level financial instruments
• EUR 26 bn EU budgetary guarantee
• Mobilise EUR >372 bn in additional investment across Europe, of which 30% to contribute to climate objectives
• Strategic investmentsincorporated under all otherinvestment windows
InvestEU Programme: an overview
STRATEGIC EUROPEAN INVESTMENT
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InvestEU Fund: general scheme
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Budgetary division between 4 windows under InvestEU
Link to Recovery and Resilience Facility: Funds from RRF may be contributed by MS for provisioning the InvestEU guarantee
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• The EU guarantee has to:– Address market failures or sub-optimal investment
situations
– Provide support only to final recipients that are deemed economically viable according to internationally accepted standards
– Achieve additionality by preventing the replacement of potential support and investment from other sources
– Not distort competition in the internal market and be consistent with State aid rules
– Achieve a leverage and a multiplier effect, by mobilising a global investment exceeding the size of the guarantee including the maximisation of private investment
EU guarantee: conditions
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EU guarantee: general principles
The EU guarantee may be used to cover different tranches of riskunder different financial products or portfolios of financing andinvestment operations under financial products.
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• Shared management funds under the Common Provisions Regulation (CPR) and the CAP Strategic Plans Regulation
• Contribution under the Recovery and Resilience Facility Regulation
• Contribution provided by the MS in cash
What are possible sources for contributions to set-up a MS Compartment under InvestEU?
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Member State compartment: functioning
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• Negotiations ongoing on guarantee and advisory agreements
• Set up of the Partnership with the EIB Group in progress
• Overall agreement on the portfolio of financial products to be implemented:
– EIB: General Debt Products, Thematic Products
– EIF: Guarantee products, Equity products
State of play with the EIB Group
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• Around 30 NPBIs and IFIs have requested (update of) pillar assessment
• Detailed discussions with 10+ potential implementing partners
• Call for expression of interest expected to be launched in April 2021. First cut off date in June 2021 and second cut off date in September 2021
State of play with NPBIs and IFIs
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Timeline and next steps
Agreement on InvestEUregulation
07/12/2020
March 2021
Expected adoption of Regulation
Investment Guidelines adoption
April 2021
April 2021
Call for expression of
interest (Advisory and Guarantee)
End call for expression of
interest (Advisory and Guarantee)
1st cut-off date
June 2021
September 2021
End call for expression of
interest (Advisory and Guarantee)
2nd cut-off date
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Thank you!More information:europa.eu/InvestEU