Investment Plan for Europe: European Fund for Strategic Investments ready for take-off in autumn

Today the European Commission has put the final building blocks in place to kick-start investment in the real economy. A package of measures agreed today will ensure that the European Fund for Strategic Investments (EFSI) is up and running by early autumn 2015, keeping the ambitious timetable set by President Jean-Claude Juncker to implement the Investment Plan for Europe. The package includes a Communication on the role of National Promotional Banks (NPBs) in supporting the Investment Plan for Europe. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “National Promotional Banks have a very important role to play in making the Investment Plan a success. Already nine Member States have come forward with contributions to the Investment Plan via their promotional banks, which have invaluable local expertise and knowledge. The European Investment Bank is already working closely with those NPBs, and we hope many more will be inspired to step up their efforts.” Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs, said: ”The synergy between European and national tools will be essential to start rapidly closing the investment gap that our economies face. In order to make this happen, we’re convinced that a well-structured network of national promotional banks can play a key role and complement the European Investment Bank.” Commission President Jean-Claude Juncker and Vice-President Jyrki Katainen and EIB President Werner Hoyer signed the EFSI agreement setting out the working methods between the Commission and the EIB. Further decisions taken today include the confirmation of the projects pre-financed by the EIB which will receive the backing of the EFSI guarantee; appointment of the members of EFSI’s Steering Board; and final arrangements to launch the European Investment Advisory Hub (EIAH), the European Investment Project Portal (EIPP) and the Scoreboard of indicators for the evaluation of projects. A press release in EN, FR, DE is available online and an EbS recording of today’s press point and signing ceremony will be made available here.