### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , culture , employment , health and social services . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health and social services sector , social housing , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , social infrastructure , sustainable and social finance , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises and social solidarity institutions , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , energy , digital connectivity , supply and processing of raw materials , space , oceans and water , waste , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , or meet the environmental or social sustainability standards of the union ; ### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , energy , digital connectivity , education , culture , supply and processing of raw materials , space , oceans and water , waste , nature and other environment infrastructure , the cultural heritage , sport , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , or meet the environmental or social sustainability standards of the union ;


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investment in the european infrastructure , including interconnections and energy efficiency , is fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investment in transport , including the maintenance or upgrade of existing infrastructure assets with particular focus on safety and security assets , energy , including energy efficiency , energy interconnection and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats and risk prevention , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### with 1 . 8% of eu gdp , down from 2 . 2% in 2009 , infrastructure investment activities in the union in 2016 were about 20% below investment rates before the global financial crisis . thus , while a recovery in investment - to - gdp ratios in the union can be observed , it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment . more importantly , the current investment levels and forecasts do not cover the union ' s structural investment needs in the face of technological change and global competitiveness , including for innovation , skills , infrastructure , small and medium - sized enterprises and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is necessary to address market failures and sub - optimal investment situations to reduce the investment gap in targeted sectors to achieve the union ' s policy objectives . ### 8% of eu gdp , down from 2 . 2% in 2009 , infrastructure investment activities in the union in 2016 were about 20% below investment rates before the global financial crisis . thus , while a recovery in investment - to - gdp ratios in the union can be observed , it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment and growth remains unevenly distributed among member states . more importantly , the current investment levels and forecasts do not cover the union ' s structural investment needs for sustaining a long - term growth rate in the face of technological change and global competitiveness , including for innovation , research , skills , infrastructure , small and medium - sized enterprises , start - ups , and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is necessary to address market failures and suboptimal investment situations to reduce the investment gap in targeted sectors to achieve the union ' s policy objectives . in this regard it is important that the investeu programme continues to support otherwise difficult to fund projects that provide european citizens with long - term economic , environmental and societal benefits .


### reflecting the importance of tackling climate change in line with the union ' s commitments to implement the paris agreement and the united nations sustainable development goals , the investeu programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute 30 % of the overall financial envelope of the investeu programme to climate objectives . relevant actions will be identified during the investeu programme ' s preparation and implementation and reassessed in the context of the relevant evaluations and review processes . ### reflecting the importance of tackling climate change in line with the union ' s commitments to implement the paris agreement and the united nations sustainable development goals , the investeu programme will contribute to mainstream climate actions and to the achievement of an overall target of 30 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute 30 % of the overall financial envelope of the investeu programme to climate objectives . relevant actions will be identified during the investeu programme ' s preparation and implementation and reassessed in the context of the relevant evaluations and review processes .


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support the dual value of cultural and creative sectors , projects that are technically , economically and socially viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by financial contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union .


### an investment committee composed of independent experts should conclude on the granting of the support from the eu guarantee to financing and investment operations fulfilling the eligibility criteria , thereby providing external expertise in investment assessments in relation to projects . the investment committee should have different configurations to best cover different policy areas and sectors . ### an investment committee composed of independent experts should conclude on the granting of the support from the eu guarantee to financing and investment operations fulfilling the eligibility criteria , thereby providing external expertise in investment assessments in relation to projects . the investment committee should have different configurations to best cover different policy areas and sectors , and should always include at least two experts with experience in climate action , environmental protection and management .


### alternative fuels infrastructure , including electric charging infrastructure . ### alternative fuels infrastructure in line with the provisions set out in article 25 of [ renewable energy directive 2009 / 28 / ec ] , including deployment of electric charging infrastructure .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and its contribution as defined in point 2 a of paragraph 1 of article 2 of this regulation , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment and the commission should closely cooperate with the eib group , and where appropriate coordinate with the other implementing partners , in the management of the investeu advisory hub in order to ensure efficiency , synergies and an effective geographic support coverage across the union while taking due account of existing structures and work in this regard , such as the european investment advisory hub . in addition to the eib group , national , regional and local promotional banks or institutions , where they are implementing partners , should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . the rules on the participation of national , regional or local promotional banks or institutions in the program should take into account the principle of proportionality with regard to complexity , size and risk of the implementing partners concerned to ensure a level - playing field for smaller and younger promotional banks or institutions . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure , notably with regard to interconnection and energy efficiency and to creating a single european transport area , are fundamental to meet the union ' s sustainability targets , including the eu’s commitments towards the sdgs , and the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure , supporting e . g . development and deployment of intelligent transport systems . investeu should prioritise areas that are under - invested , and in which additional investment is required , including sustainable mobility energy efficiency , and actions that contribute to the achievement of the 2030 and long - term climate and energy targets . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and maximising synergies across relevant union programmes in the areas i . a . of transport , energy and digital . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### small and medium - sized enterprises play a crucial role in the union . however , they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral . additional challenges arise from smes ' need to stay competitive by engaging in digitisation , internationalisation and innovation activities and skilling up their workforce . moreover , compared to larger enterprises , they have access to a more limited set of financing sources : they typically do not issue bonds , have only limited access to stock exchanges or large institutional investors . the challenge in accessing finance is even greater for those smes whose activities focus on intangible assets . smes in the union rely heavily on banks and debt financing in the form of bank overdrafts , bank loans or leasing . supporting smes that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of smes to finance their creation , growth and development , withstand economic downturns , and for making the economy and the financial system more resilient during economic downturn or shocks . this is also complementary to the initiatives already undertaken in the context of the capital markets union . the investeu fund should provide an opportunity to focus on specific , more targeted financial products . ### small and medium - sized enterprises represent over 99% of businesses in the union and their economic value is significant and crucial . however , they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral . gender disparities also need to be addressed , as female creativity and entrepreneurial potential are an under - exploited source of growth and jobs that should be further developed . additional challenges arise from smes ' need to stay competitive by engaging in digitisation , internationalisation and innovation activities and skilling up their workforce . moreover , compared to larger enterprises , they have access to a more limited set of financing sources : they typically do not issue bonds , have only limited access to stock exchanges or large institutional investors . the lack of access to capital for smes is exacerbated by the comparatively small european private equity industry , and the challenge in accessing finance is even greater for those smes whose activities focus on intangible assets . smes in the union rely heavily on banks and debt financing in the form of bank overdrafts , bank loans or leasing . supporting smes that face the above challenges by simplifying their access to finance and providing more diversified sources of funding is necessary for increasing the ability of smes to finance their creation , growth , innovation and sustainable development , ensure their competitiveness , withstand economic downturns , and for making the economy and the financial system more resilient during economic downturn or shocks . this is also complementary to the initiatives already undertaken in the context of the capital markets union . programmes such as cosme have been important for smes in the they have facilitated access to finance in all phases of their lifecycle , and this was added to by efsi for which there was a quick sme uptake . the investeu fund should therefore build on these successes and provide an opportunity to focus on specific , more targeted financial products .


### each configuration of the investment committee shall be composed of six remunerated external experts . the experts shall be selected in accordance with [ article 237 ] of the [ financial regulation ] and be appointed by the commission for a fixed term of up to four years . their term shall be renewable but shall not exceed seven years in total . the commission may decide to renew the term of office of an incumbent member of the investment committee without availing itself of the procedure laid down in this paragraph . ### each configuration of the investment committee shall be composed of six remunerated external experts . the experts shall be selected in accordance with [ article 237 ] of the [ financial regulation ] and be appointed by the commission for a fixed term of up to four years . their term shall be renewable but shall not exceed seven years in total . the steering board may decide to renew the term of office of an incumbent member of the investment committee without availing itself of the procedure laid down in this paragraph .


### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , energy , digital connectivity , supply and processing of raw materials , space , oceans and water , waste , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , or meet the environmental or social sustainability standards of the union ; ### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , including multimodal transport , road safety , tourism , energy , in particular the increased deployment of renewable energy , energy efficiency in line with the 2030 and 2050 energy frameworks , improving interconnection levels , digital connectivity and access including in rural areas , supply and processing of raw materials , space , oceans , inland water , waste avoidance and the circular economy , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , and meet the environmental or social sustainability standards of the union ;


### to increase the access to and the availability of finance for smes and , in duly justified cases , for small mid - cap companies ; ### to increase and simplify the access to and the availability of finance for , and to enhance the global competitiveness of , innovative start - ups , smes including micro - enterprises and , in duly justified cases , for small mid - cap companies ;


### 2investment supporting climate objectives ### 2investment supporting energy and climate objectives , and , where applicable , detailed per policy window and category , as well as share of climate relevance


### contribute to the union policy objectives and fall under the scope of the areas eligible for financing and investment operations under the appropriate window in accordance with annex ii to this regulation ; and ### contribute to , complement and are consistent with union policy objectives , particularly those related to union climate and environmental objectives , and fall under the scope of the areas eligible for financing and investment operations under the appropriate window in accordance with annex ii to this regulation ; and


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , scientific excellence , the sustainability of the union ' s economic growth , advancing technologies and innovations combatting climate change , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union including providing strategic , long - term economic , societal and environmental benefits in key areas with a strong focus on greatly enhancing access to finance for smes .


### in the last years , the union has adopted ambitious strategies to complete the single market and to stimulate sustainable growth and jobs , such as the capital markets union , the digital single market strategy , the clean energy for all europeans package , the union action plan for the circular economy , the low - emission mobility strategy , the defence and the space strategy for europe . the investeu fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing . ### in the last years , the union has adopted ambitious strategies to complete the single market and to stimulate sustainable and inclusive growth and jobs , such as the europe 2020 strategy , the capital markets union , the digital single market strategy , the european agenda for culture , the clean energy for all europeans package , the union action plan for the circular economy , the low - emission mobility strategy , the defence and the space strategy for europe and the european pillar of social rights . the investeu fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing .


### provide advice to the commission about market failures and sub - optimal investment situations and market conditions ; ### provide advice to the steering committee about market failures and sub - optimal investment situations and market conditions ;


### four members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least one of the permanent members shall have expertise in sustainable investment . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members . ### five members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least two of the permanent members shall have expertise in investment in the fields of climate action , environmental protection and management . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members .


### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on guidance to be developed by the commission . projects below a certain size defined in the guidance shall be excluded from the proofing . ### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on investment guidelines to be developed by the commission . projects below a certain size defined in the investment guidelines shall be excluded from the proofing .


### a significant effort is urgently needed to invest in digital transformation and to distribute the benefits of it to all union citizens and businesses . the strong policy framework of the digital single market strategy should now be matched by investment of a similar ambition , including in artificial intelligence . ### a significant effort is urgently needed to invest in and boost the digital transformation and to distribute the benefits of it to all union citizens and businesses , in urban and rural areas . the strong policy framework of the digital single market strategy should now be matched by investment of a similar ambition , including in artificial intelligence in line with the digital europe programme , particularly with regard to ethics , machine learning , internet of things , biotechnology and fintech , which can increase efficiencies in mobilising capital for entrepreneurial ventures .


### conclusions of the investment committee approving the support of the eu guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval . the publication shall not contain commercially sensitive information . ### conclusions of the investment committee approving the support of the eu guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval . they shall also refer to the global assessment stemming from the scoreboard of indicators referred to in article 18 . where applicable , the investment committee shall include in the list of conclusions approving the support of the eu guarantee information on the operations , in particular their description , the identity of the promoters or financial intermediaries , and the objectives of the project . the publication shall not contain commercially sensitive information . in the case of commercially sensitive decisions , the investment committee shall make public such decisions and information concerning promoters or financial intermediaries at the date of closing of the relevant financing or any earlier date when commercial sensitivity ends .


### carbon - capture and - storage infrastructure . ### infrastructure for carbon - capture , and for carbon storage in industrial processes , bio - energy plants and manufacturing facilities towards the energy transition .


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , culture , employment , health and social services . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health and social services sector , social housing , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , social infrastructure , sustainable and social finance , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises and social solidarity institutions , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### the contribution of the investeu fund to the achievement of the climate target will be tracked through an eu climate tracking system developed by the commission in cooperation with implementing partners and using in an appropriate way the criteria established by [ regulation on the establishment of a framework to facilitate sustainable investment14 ] for determining whether an economic activity is environmentally sustainable . __________________ 14 com353 . ### the contribution of the investeu fund to the achievement of the climate target and sectorial targets included in the 2030 climate and energy framework will be tracked through an eu climate tracking system developed by the commission in cooperation with implementing partners and using in an appropriate way the criteria established by [ regulation on the establishment of a framework to facilitate sustainable investment 14 ] for determining whether an economic activity is environmentally sustainable . the investeu programme will should also contribute to the implementation of other dimensions of the sustainable development goals . __________________ 14 com353 .


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets , including cultural heritage , to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution and economic , social and territorial cohesion in the union . intervention through the investeu fund should complement union support delivered through grants .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations , and ensure economic , social and territorial cohesion . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the eib group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national , regional and local promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### comply with the conditions set out in [ points to of article 209 ] of [ the financial regulation ] , in particular with the additionality requirement set out in [ point of article 209 ] of [ the financial regulation ] and , where appropriate , maximising private investment in accordance with [ point of article 209 ] of the [ financial regulation ] ; ### comply with the conditions set out in [ points to of article 209 ] of [ the financial regulation ] , in particular by realising additionality as set out in article [ 8a ] , achieving a leverage and multiplier effect by mobilising a global investment exceeding the size of the union guarantee , and where appropriate , maximising private investment in accordance with [ point of article 209 ] of the [ financial regulation ] ;


### projects supporting development of the ten - t infrastructure , including its urban nodes , maritime and inland ports , multimodal terminals and their connection to the main networks ; ### projects supporting the sustainable development of the ten - t infrastructure , including its urban nodes , maritime and inland ports , airports , multimodal terminals and their connection to the main networks ;


### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than smes as well as digitisation of union industry ; ### research , innovation and digitisation policy window : comprises research , product development and innovation activities , transfer of technologies and research results to the market , supporting market enablers and cooperation between enterprises , demonstration and deployment of innovative solutions and support to scaling up of innovative companies including start - ups and smes as well as digitisation of union industry , based on the experiences gained , in particular with the innovfin ;


### collaboration projects between academia and industry ; ### collaborative research and innovation collaboration projects between academia , research and innovation organisations and industry ; public - private partnerships and civil society organisations ;


### the eu guarantee for the purposes of the eu compartment referred to in point of article 8 shall be eur 38 000 000 000 . it shall be provisioned at the rate of 40 % . ### the eu guarantee for the purposes of the eu compartment referred to in point of article 8 shall be eur 38 000 000 000 , of which at least eur 28 500 000 000 shall be allocated to the eib group . it shall be provisioned at the rate of 35 % . the eib shall : - as an implementing partner grant access to its allocation of the eu guarantee for national and regional promotional banks ; - establish a structural dialogue with national and regional promotional banks for the development and implementation of financial instruments and projects ; - report annually to the european parliament on the functioning of the guarantee , the contribution to the objectives set out in article 3 , and its cooperation with national and regional actors . the commission shall assess the share given to the eib group at a midterm review no later than december 2024 and propose a change of up to 10 % , if necessary .


### projects and enterprises that implement circular economy by integrating resource efficiency aspects in the production and product life - cycle , including the sustainable supply of primary and secondary raw materials ; ### projects and enterprises that implement circular economy by integrating energy and resource efficiency aspects in the production and product life - cycle , including the sustainable supply and recycling of primary and secondary raw materials ;


### twice a year , the conclusions of the investment committee rejecting the use of the eu guarantee shall be transmitted to the european parliament and to the council , subject to strict confidentiality requirements . ### twice a year , the investment committee shall submit to the european parliament and to the council a list of all the conclusions as well as the scoreboards relating to all those decisions . that submission shall be subject to strict confidentiality requirements .


### development of digital connectivity infrastructure , in particular through projects supporting deployment of very high capacity digital networks . ### development of digital connectivity infrastructure , in particular through projects supporting deployment of very high capacity digital networks , 5g connectivity and improving digital connectivity and access , particularly to rural areas and peripheral regions .


### the overall amount of the part of the eu guarantee under the member state compartment pertaining to the member state , its provisioning rate , the amount of the contribution from funds under shared management , the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back - to - back guarantee provided by the member state concerned ; ### the overall amount of the part of the eu guarantee under the member state compartment pertaining to the member state , its provisioning rate , the amount of the contribution from funds under shared management , the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back - to - back guarantee provided by the member state concerned and / or by the implementing partners or private investors ;


### the union endorsed the objectives set out in the united nations agenda 2030 and its sustainable development goals and the paris agreement in 2015 as well as the sendai framework for disaster risk reduction 2015 - 2030 . to achieve the agreed objectives , including those embedded in the environmental policies of the union , action pursuing sustainable development is to be stepped up significantly . therefore , the principles of sustainable development should feature prominently in the design of the investeu fund . ### the union endorsed the objectives set out in the united nations agenda 2030 and its sustainable development goals and the paris agreement in 2015 as well as the sendai framework for disaster risk reduction 2015 - 2030 . to achieve the agreed objectives , including those embedded in the environmental policies of the union , action pursuing sustainable development is to be stepped up significantly . therefore , the principles of sustainable development and safety should be the basis of the design of the investeu fund , and fossil - fuel related investments should not be supported unless duly justified on the basis that the investment contributes to the objectives of the energy union .


### production and supply of synthetic fuels from renewable / carbon - neutral sources ; alternative fuels ; ### production and supply of sustainable synthetic fuels from renewable / carbon - neutral sources , and alternative fuels , in line with the provisions set out in [ renewable energy directive 2009 / 28 / ec ] ;


### in addition , each implementing partner shall submit every six months a report to the commission on the financing and investment operations covered by this regulation , broken down by the eu compartment and the member state compartment by member state , as appropriate . the report shall include an assessment of compliance with the requirements on the use of the eu guarantee and with the key performance indicators laid down in annex iii to this regulation . the report shall also include operational , statistical , financial and accounting data on each financing and investment operation and at the compartment , policy window and the investeu fund level . one of those reports shall contain the information the implementing partners shall provide in accordance with [ article 155 ] of the [ financial regulation ] . ### in addition , each implementing partner shall submit every six months a report to the commission and the european parliament on the financing and investment operations covered by this regulation , broken down by the eu compartment and the member state compartment by member state , as appropriate . the report shall include an assessment of compliance with the requirements on the use of the eu guarantee and with the key performance indicators laid down in annex iii to this regulation . the report shall also include operational , statistical , financial and accounting data , to the largest extent possible while protecting the confidentiality of private and commercially sensitive information , on each financing and investment operation and at the compartment , policy window and the investeu fund level . one of those reports shall contain the information the implementing partners shall provide in accordance with [ article 155 ] of the [ financial regulation ] .


### with 1 . 8% of eu gdp , down from 2 . 2% in 2009 , infrastructure investment activities in the union in 2016 were about 20% below investment rates before the global financial crisis . thus , while a recovery in investment - to - gdp ratios in the union can be observed , it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment . more importantly , the current investment levels and forecasts do not cover the union ' s structural investment needs in the face of technological change and global competitiveness , including for innovation , skills , infrastructure , small and medium - sized enterprises and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is necessary to address market failures and sub - optimal investment situations to reduce the investment gap in targeted sectors to achieve the union ' s policy objectives . ### 8% of eu gdp , down from 2 . 2% in 2009 , infrastructure investment activities in the union in 2016 were about 20% below investment rates before the global financial crisis . thus , while a recovery in investment - to - gdp ratios in the union can be observed , it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment and growth remains unevenly distributed among member states . more importantly , the current investment levels and forecasts do not cover the union ' s structural investment needs for sustaining a long - term growth rate in the face of technological change and global competitiveness , including for innovation , research , skills , infrastructure , small and medium - sized enterprises , start - ups , and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is necessary to address market failures and suboptimal investment situations to reduce the investment gap in targeted sectors to achieve the union ' s policy objectives . in this regard it is important that the investeu programme continues to support otherwise difficult to fund projects that provide european citizens with long - term economic , environmental and societal benefits .


### the commission should assess the compatibility of investment and financing operations submitted by the implementing partners with union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner . ### as steering committee with an executive role to make decisions in accordance with article 17 , consisting of appointees by the european commission , the european investment bank , the implementing partners , and a non - voting expert appointed by the european parliament , should be established in order to ensure the governance of the investeu programme has the correct balance between policy and banking expertise . the steering committee should assess the compatibility of investment and financing operations submitted by the implementing partners with union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner .


### in addition , each implementing partner shall submit every six months a report to the commission on the financing and investment operations covered by this regulation , broken down by the eu compartment and the member state compartment by member state , as appropriate . the report shall include an assessment of compliance with the requirements on the use of the eu guarantee and with the key performance indicators laid down in annex iii to this regulation . the report shall also include operational , statistical , financial and accounting data on each financing and investment operation and at the compartment , policy window and the investeu fund level . one of those reports shall contain the information the implementing partners shall provide in accordance with [ article 155 ] of the [ financial regulation ] . ### in addition , each implementing partner shall submit every six months a report to the european parliament and the commission on the financing and investment operations covered by this regulation , broken down by the eu compartment and the member state compartment by member state , as appropriate . the report shall include an assessment of compliance with the requirements on the use of the eu guarantee and with the key performance indicators laid down in annex iii to this regulation . the report shall also include operational , statistical , financial and accounting data on each financing and investment operation and at the compartment , policy window and the investeu fund level . one of those reports shall contain the information the implementing partners shall provide in accordance with [ article 155 ] of the [ financial regulation ] .


### alternative fuels infrastructure , including electric charging infrastructure . ### alternative propulsion infrastructure , including electric charging infrastructure ;


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investment in the european infrastructure , including interconnections and energy efficiency , is fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investment in transport , including the maintenance or upgrade of existing infrastructure assets with particular focus on safety and security assets , energy , including energy efficiency , energy interconnection and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats and risk prevention , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### development of sustainable transport infrastructures , and equipment and innovative technologies in accordance with union transport priorities and the commitments taken under the paris agreement , in particular through : ### development of sustainable and safe transport infrastructures and mobility solutions , and equipment and innovative technologies in accordance with union transport priorities and the commitments taken under the paris agreement , in particular through :


### financial support to entities employing up to 3 000 employees , with a particular focus on smes and small mid - cap companies , in particular through : ### financial support to entities employing up to 3 000 employees . the sme window shall only focus on smes and small mid - cap companies , in particular through :


### if the level of provisions for that part of the eu guarantee under the member state compartment reaches 10 % of the initial provisioning , the member state concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the commission . ### if the level of provisions for that part of the eu guarantee under the member state compartment reaches 10 % of the initial provisioning , the member state or region concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the commission .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investment in transport , including the maintenance or upgrade of existing infrastructures with focusing in particular on safety features , energy infrastructures , including energy efficiency , energy interconnection and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] shall be used for the provisioning of the part of the eu guarantee under the member state compartment covering financing and investment operations in the member state concerned . ### in line with article 21 of regulation xx [ . . . common provisions regulation ] , member states or regions , as applicable and on a voluntary basis , may request the transfer of parts of their financial allocations to investeu . transferred resources shall be implemented in accordance with the rules of investeu . amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] shall be used for the provisioning of the part of the eu guarantee under the member state compartment covering financing and investment operations in the member state concerned .


### the eu guarantee under the member state compartment should be allocated to any implementing partner eligible according to [ article 62 ] of the [ financial regulation ] , including national or regional promotional banks or institutions , the eib , the european investment fund and other multilateral development banks . when selecting implementing partners under the member state compartment , the commission should take into account the proposals made by each member state . in accordance with [ article 154 ] of the [ financial regulation ] , the commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the union equivalent to the one provided by the commission . ### the eu guarantee under the member state compartment should be allocated to any implementing partner eligible according to [ article 62 ] of the [ financial regulation ] , including national or regional promotional banks or institutions , the eib , the european investment fund and other multilateral development banks . where the deployment of the member state compartment is to target policy actions already addressed by the eu through similar financing and investment operations , the member state compartment and the eu compartment should have the same implementing partners . when selecting implementing partners under the member state compartment , the commission should take into account the proposals made by each member state . in accordance with [ article 154 ] of the [ financial regulation ] , the commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the union equivalent to the one provided by the commission . the evaluation should ensure limited bureaucratic barriers and costs that do not affect return on investment and influence rates .


### smes policy window : access to and availability of finance for smes and , in duly justified cases , for small mid - cap companies ; ### smes policy window : access to and availability of finance for smes and , in duly justified cases , for mid - cap companies ;


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure , notably with regard to interconnection and energy efficiency and to creating a single european transport area , are fundamental to meet the union ' s sustainability targets , including the eu’s commitments towards the sdgs , and the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure , supporting e . g . development and deployment of intelligent transport systems . investeu should prioritise areas that are under - invested , and in which additional investment is required , including sustainable mobility energy efficiency , and actions that contribute to the achievement of the 2030 and long - term climate and energy targets . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and maximising synergies across relevant union programmes in the areas i . a . of transport , energy and digital . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### microfinance , social enterprise finance and social economy ; ### microfinance , social enterprise finance , female entrepreneurship , promotion of gender equality and social economy ;


### the overall amount of the part of the eu guarantee under the member state compartment pertaining to the member state , its provisioning rate , the amount of the contribution from funds under shared management , the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back - to - back guarantee provided by the member state concerned ; ### the overall amount of the part of the eu guarantee under the member state compartment pertaining to the member state or region , its provisioning rate , the amount of the contribution from funds under shared management , the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back - to - back guarantee provided by the member state concerned ;


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation , move to circular economy and digitisation , scientific excellence , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be well publicised and demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union .


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . __________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 , the european pillar of social rights17 and the eu framework on the eu convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . given the significant need for investment into social infrastructure , the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to gender equality , equal opportunities , intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . __________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### the investeu advisory hub shall have local presence , where necessary . it shall be established in particular in member states or regions that face difficulties in developing projects under the investeu fund . the investeu advisory hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1 . ### the investeu advisory hub shall have a presence , in each member state , with a particular focus on ensuring a presence in regions that face difficulties in developing projects under the investeu fund in order to support the exchange of good practices and information and to increase knowledge of investment opportunities in the regions as well . the hub shall establish a direct dialogue between businesses , intermediaries and community institutions . the investeu advisory hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1 .


### research , including research infrastructure and support to academia , and innovation projects contributing to the objectives of [ horizon europe ] ; ### support to research infrastructure and research and innovation projects in all thematic areas and defined in , and contributing to the objectives of , horizon europe ;


### supporting the renewal and retrofitting of transport mobile assets with the view of deploying low - emission mobility solutions ; ### supporting the renewal and retrofitting of transport mobile assets with the view of deploying zero and low - emission mobility solutions ;


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations , and ensure economic , social and territorial cohesion . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the eib group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national , regional and local promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , culture , employment , health and social services . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health and social services sector , social housing , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , social infrastructure , sustainable and social finance , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises and social solidarity institutions , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### the commission should assess the compatibility of investment and financing operations submitted by the implementing partners with union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner . ### the steering board should set the strategic orientations of the investeu fund and the rules necessary for its functioning , and should set out the rules applicable to the operations with investment platforms .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and its contribution as defined in point 2 a of paragraph 1 of article 2 of this regulation , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment and the commission should closely cooperate with the eib group , and where appropriate coordinate with the other implementing partners , in the management of the investeu advisory hub in order to ensure efficiency , synergies and an effective geographic support coverage across the union while taking due account of existing structures and work in this regard , such as the european investment advisory hub . in addition to the eib group , national , regional and local promotional banks or institutions , where they are implementing partners , should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . the rules on the participation of national , regional or local promotional banks or institutions in the program should take into account the principle of proportionality with regard to complexity , size and risk of the implementing partners concerned to ensure a level - playing field for smaller and younger promotional banks or institutions . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than smes as well as digitisation of union industry ; ### research , innovation and digitisation policy window : comprises research , product development and innovation activities , transfer of technologies and research results to the market , supporting market enablers and cooperation between enterprises , demonstration and deployment of innovative solutions and support to scaling up of innovative companies including start - ups and smes as well as digitisation of union industry , based on the experiences gained , in particular with the innovfin ;


### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , energy , digital connectivity , supply and processing of raw materials , space , oceans and water , waste , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , or meet the environmental or social sustainability standards of the union ; ### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , including multimodal transport , road safety , tourism , energy , in particular the increased deployment of renewable energy , energy efficiency in line with the 2030 and 2050 energy frameworks , improving interconnection levels , digital connectivity and access including in rural areas , supply and processing of raw materials , space , oceans , inland water , waste avoidance and the circular economy , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , and meet the environmental or social sustainability standards of the union ;


### projects supporting development of the ten - t infrastructure , including its urban nodes , maritime and inland ports , multimodal terminals and their connection to the main networks ; ### projects supporting development of the ten - t infrastructure , including its urban nodes , maritime and inland ports , airports , multimodal terminals and their connection to the main networks , and the telematic applications laid down in regulation eu 1315 / 2013 ;


### the eu guarantee for the purposes of the eu compartment referred to in point of article 8 shall be eur 38 000 000 000 . it shall be provisioned at the rate of 40 % . ### the eu guarantee for the purposes of the eu compartment referred to in point of article 8 shall be eur 38 000 000 000 , of which at least eur 28 500 000 000 shall be allocated to the eib group . it shall be provisioned at the rate of 35 % . the eib shall : - as an implementing partner grant access to its allocation of the eu guarantee for national and regional promotional banks ; - establish a structural dialogue with national and regional promotional banks for the development and implementation of financial instruments and projects ; - report annually to the european parliament on the functioning of the guarantee , the contribution to the objectives set out in article 3 , and its cooperation with national and regional actors . the commission shall assess the share given to the eib group at a midterm review no later than december 2024 and propose a change of up to 10 % , if necessary .


### in order to ensure a wide geographic outreach of the advisory services across the union and to successfully leverage local knowledge about the investeu fund , a local presence of the investeu advisory hub should be ensured , where needed , taking into account existing support schemes , with a view to provide tangible , proactive , tailor - made assistance on the ground . ### in order to ensure a wide geographic outreach of the advisory services across the union and to successfully leverage local knowledge about the investeu fund , a presence of the investeu advisory hub should be ensured in every member state , with a particular focus on ensuring a presence in regions that face difficulties in developing projects under the investeu fund , taking into account existing support schemes , with a view to provide tangible , proactive , tailormade assistance on the ground . the expertise of national promotional banks in generating , bundling and financing projects should be pooled into advisory hubs and their role as implementing partners should continue to be valued .