### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market - failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future in terms of high and sustainable levels of quality human capital , the creation of good quality jobs , growth and competitiveness with strengthened additionality , as well in terms of increasing social cohesion , social inclusion , and hence enhancing the well - being of citizens of the union . it should also include investments in the areas of energy , environment and climate action , and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , tourism , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference and the union 2050 commitment to reduce greenhouse gas emissions by 80 - 95% should be reinforced . electricity interconnection priority projects , energy efficiency and circular economy projects , especially when they improve union energy security , enabling private individuals and local communities and cooperatives to become actively involved , should also be increasingly targeted , along with the adaptation of energy grids and renewable energy generation storage and distribution as well as alternative energy resources for vehicles and the building sector . findings so far show that the broad support provided by the efsi to energy , energy efficiency and renewable energy projects has been accompanied by a corresponding reduction in ordinary eib investments in those sectors , thereby nullifying the notion of additionality . efsi - financed loans should be granted in addition to ordinary eib investment operations . similarly , in the digital sector , and within the scope of the ambitious union policy on the digital economy , new digital infrastructure targets should be set in order to ensure the bridging of the digital divide and that the union will be a global pioneer in the new age of the , so - called , internet of things , blockchain technology , and cyber - and network - security . moreover , a criterion for the success of the efsi should be the assistance provided to policy areas that suffered from cuts in investments in order to fund the efsi , such as research grants , especially for low technology readiness levels . efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . efsi support for fossil fuel projects , especially infrastructure and nuclear installations , should be avoided .


### decisions approving the use of the eu guarantee shall be public and accessible , and include the rationale for the decision , with particular focus on compliance with the additionality criterion . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . ### decisions approving the use of the eu guarantee shall be made public and accessible together with detailed minutes , and shall include the rationale for the decision , with particular focus on compliance with the additionality criterion . in its proposal , the investment committee shall give employment and sustainability more weight . publications shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . each project approved under the efsi should be accompanied by a substantiated and verifiable justification by the steering committee concerning additionality . the assessment of additionality of individual projects shall be detailed , especially in relation to the market failures which the efsi seeks to address . the scoreboard shall function as a priority - setting tool for each efsi project and shall also be publicly available after the evaluation of projects applying for the use of the eu guarantee . furthermore , the scoreboard of indicators shall be used by the investment committee to ensure an independent and transparent assessment of the potential and actual use of the eu guarantee , and to prioritise the use of the eu guarantee for operations that display higher scores and additionality .


### the eib shall target that at least 40 % of efsi financing under the infrastructure and innovation window supports projects with components that contribute to climate action , in line with the cop21 commitments . the steering board shall provide detailed guidance to that end ; ### the efsi steering board and the investment committee shall make sure that each supported project is in line with the criteria set out in this regulation and that each helps to reach the union’s climate goals and boost its transition to sustainability . at least 40% of efsi financing under the infrastructure and innovation window shall be earmarked for projects directly accomplishing the cop21 commitments , as well as the eu2050 commitments to reduce greenhouse gas emission by 80 - 95% . moreover , at least 20% of efsi financing shall support energy efficiency projects , prioritising small - scale innovative projects in the building sector , with special attention given to projects eliminating social inequalities and fighting energy poverty . efsi financing for smes and mid - cap companies shall not be included in that computation .


### the projects supported by the efsi that consist of physical infrastructure linking two or more member states or of the extension of physical infrastructure or services linked to physical infrastructure from one member state to one or more member states , shall also be considered to provide additionality . ; ### the projects supported by the efsi that consist of physical , non - physical or intangible infrastructure linking two or more member states or of the extension of physical , non - physical or intangible infrastructure or services linked to physical , non - physical or intangible infrastructure from one member state to one or more member states , shall also be considered to provide additionality . ;


### the efsi , implemented and co - sponsored by the eib group , is firmly on track to deliver the objective of mobilising at least eur 315 billion in additional investments in the real economy by mid - 2018 . the market absorption has been particularly quick under the sme window where the efsi is delivering well beyond expectations . in july 2016 the sme window was thus scaled - up by eur 500 million within the existing parameters of regulation no 2015 / 1017 . a larger share of financing to be geared towards smes given the exceptional market demand for sme financing under the efsi : 40% of the increased risk bearing capacity of the efsi should be geared towards increasing access to financing for smes . ### in the first period of its implementation , the efsi delivered significant and encouraging results . it is still too early to evaluate the full impact of the efsi on closing the investment gaps , reducing the high levels of unemployment and improving the anaemic growth rates in the union following the recent financial crisis . nevertheless , current data indicate that there is room for improvement in different areas , including complementarity with the other pillars of the investment plan , better distribution across member states , additionality , governance and in attracting sustainable investments that promote climate action . there are also indications that the efsi might be lagging behind in terms of signed operations as well as disbursements according to the eib’s operation evaluation of its function up to 30 june 2016 . moreover , the sme window has had a quicker market absorption as compared to the iiw but that might be due to the different nature of the projects .


### providing advice on the combination of other sources of union funding with the efsi . ; ### providing advice on the combination of efsi with other sources of union funding such as the esifs , horizon 2020 and the cef , thus facilitating the optimal blending of various union resources . that shall be done in a manner that does not disincentivise crowding - in or the mobilisation of fresh money or idle capital ;


### the efsi was established for an initial period of three years and with the aim of mobilising at least eur 315 billion in investments . given its success , the commission is committed to the doubling of the efsi , both in terms of duration and financial capacity . the legal extension covers the period of the current multiannual financial framework and should provide a total of at least half a trillion euro investments by 2020 . in order to enhance the firepower of the efsi even further and reach the aim of doubling the investment target , member states should also contribute as a matter of priority . ### given the positive indicators , the commission is committed to the doubling of the efsi , both in terms of duration and financial capacity . the legal extension covers the period of the current multiannual financial framework and should provide a total of at least half a trillion euro investments by 2020 . in order to enhance the firepower of the efsi even further and reach the aim of doubling the investment target , member states should also contribute as a matter of priority .


### in order to partly finance the contribution from the general budget of the union to the eu guarantee fund for the additional investments to be made , a transfer should be made from the available envelope of the connecting europe facility , provided for in regulation no 1316 / 2013 of the european parliament and of the council4 . moreover , eur 1 145 797 000 of appropriations should be transferred from the cef financial instruments to the grant part of the cef with a view to facilitating blending with the efsi or to other relevant instruments , in particular those dedicated to energy efficiency . __________________ 4 regulation no 1316 / 2013 of the european parliament and of the council of 11 december 2013 establishing the connecting europe facility , amending regulation no 913 / 2010 and repealing regulations no 680 / 2007 and no 67 / 2010 , oj l 348 , 12 . 2013 , p . 129 . ### in order to partly finance the contribution from the general budget of the union to the eu guarantee fund for additional investments to be made , an appropriate adjustment to the target rate of the eu guarantee fund should allow the necessary increase in funding without any further reduction in the scarce resources of the available envelope of the connecting europe facility and horizon 2020 , provided for in regulations no 1316 / 20134 and no 1291 / 20135 of the european parliament and of the council as presented in the evaluation carried out by the commission . moreover , eur 1 145 797 000 of appropriations should be transferred from the cef financial instruments to the grant part of the cef with a view to facilitating blending with the efsi or to other relevant instruments , in particular those dedicated to energy efficiency . __________________ 4 regulation no 1316 / 2013 of the european parliament and of the council of 11 december 2013 establishing the connecting europe facility , amending regulation no 913 / 2010 and repealing regulations no 680 / 2007 and no 67 / 2010 , oj l 348 , 12 . 2013 , p . 129 . 4a regulation no 1291 / 2013 of the european parliament and of the council of 11 december 2013 establishing horizon 2020 - the framework programme for research and innovation and repealing decision no 1982 / 2006 / ec text with eea relevance .


### in order to partly finance the contribution from the general budget of the union to the eu guarantee fund for the additional investments to be made , a transfer should be made from the available envelope of the connecting europe facility , provided for in regulation no 1316 / 2013 of the european parliament and of the council4 moreover , eur 1 145 797 000 of appropriations should be transferred from the cef financial instruments to the grant part of the cef with a view to facilitating blending with the efsi or to other relevant instruments , in particular those dedicated to energy efficiency . __________________ 4 regulation no 1316 / 2013 of the european parliament and of the council of 11 december 2013 establishing the connecting europe facility , amending regulation no 913 / 2010 and repealing regulations no 680 / 2007 and no 67 / 2010 , oj l 348 , 12 . 2013 , p . 129 . ### in order to partly finance the contribution from the general budget of the union to the eu guarantee fund for the additional investments to be made , an amount of eur 650 000 000 from the unallocated margins under the 2014 - 2020 multiannual financial framework ceilings should be earmarked for that purpose , to be authorised by the european parliament and the council through the annual budgetary procedure . moreover , eur 1 645 797 000 of appropriations should be transferred from the cef financial instruments to the grant part of the cef with a view to facilitating blending with the efsi or to other relevant instruments , in particular those dedicated to energy efficiency .


### in order to reinforce the take - up of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged . ### the european investment bank’s report on ‘ evaluation of the functioning of the european fund for strategic investments’ released on 6 october 2016 highlights the need to address the geographical imbalance of efsi support by measures such as enlarging the scope of the general objectives and the projects eligible for efsi support , and strengthening the role of the european investment advisory hub . therefore , with a view to achieving union cohesion goals and reinforcing the take - up of the efsi , particularly in less developed and transition regions , measures should be taken to enhance and protect the sectorial and geographical diversification of the efsi .


### the eib and eif shall inform or shall oblige financial intermediaries to inform the final beneficiaries , including smes , of the existence of efsi support . ; ### the eib and eif shall inform , or shall oblige financial intermediaries to inform , the final beneficiaries , including smes , of the existence of efsi support and shall make that information prominently visible , particularly in the case of smes , in the financing agreement and on every contract that includes efsi support , thereby increasing public awareness and improving visibility ;


### additionality , a key feature of the efsi , should be strengthened in the selection of projects . in particular , operations should only be eligible for efsi support if they address clearly identified market failures or sub - optimal investment situations . operations in infrastructure under the infrastructure and innovation window linking two or more member states , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union . ### additionality , a key feature of the efsi , should be systematically assessed , documented and reported in each project . the eib should publish analytical data for each funded project , giving ex ante and ex post assessments of each project together with a detailed explanation of the selection and assessment indicators and criteria used . in particular , operations should only be eligible for efsi support if they address clearly identified market failures or sub - optimal investment situations . additionality should also be augmented by geographical factors such as the origin of the beneficiary or the geographical destination of the project . operations in infrastructure under the infrastructure and innovation window linking two or more member states , especially if at least one member - state is a cohesion country , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union . moreover , projects supported by the efsi should also be considered as providing additionality when generating long - term social and environmental benefits . an activity report on how and to what extent social and environmental factors were taken into consideration should be drawn up .


### due to their potential to increase the efficiency of the efsi intervention , blending operations combining non - reimbursable forms of support and / or financial instruments from the union budget , such as those available under the connecting europe facility , and financing from eib group , including eib financing under the efsi , as well as other investors should be encouraged . blending aims to enhance the value added of union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viable . ### in order to achieve a wider geographic coverage and to increase the efficiency of the efsi intervention , blending operations combining non - reimbursable forms of support and / or financial instruments from the union budget , such as the european structural and investment funds or those available under the connecting europe facility , and financing from eib group , including eib financing under the efsi , as well as other investors should be encouraged . blending aims to enhance the value added of union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viable .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced and its activities should address any shortcomings in the implementation of the efsi . it should play an instrumental role in empowering project promoters to initiate and develop viable , sustainable and quality projects . it should pay particular attention to supporting the preparation of projects involving two or more member states or regions , and projects that contribute to achieving the objectives of cop21 . the eiah should also contribute actively to achieving the objective of sectorial and geographical diversification of the efsi and proactively supporting the eib and other actors involved in originating projects and launching operations , as well as in initiating demand , where needed . it should also actively contribute to the establishment of investment platforms and provide advice on combining other sources of eu funding with the efsi . it is considered necessary for the eiah to establish a strong local presence , where needed , to leverage local knowledge about the efsi and give better consideration to local needs . the eiah should aim to conclude agreements with national development banks or institutions in each member state . to achieve those objectives , the staff capacity of the eiah should be commensurate to the tasks that it is called upon to undertake .


### decisions approving the use of the eu guarantee shall be public and accessible , and include the rationale for the decision , with particular focus on compliance with the additionality criterion . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . ; ### decisions approving the use of the eu guarantee shall be public and accessible . they shall include the rationale for the decision , with particular focus on compliance with the additionality criterion and an explanation on how the scoreboard was used to justify the use of the eu guarantee . the scoreboard shall also be public . in case of commercially sensitive decisions , the eib shall forward to the european parliament 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 . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib .


### in order to reinforce the take - up of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged . ### in order to reinforce the take - up of the efsi in all regions , including in less - developed , remote outermost and transition regions , and to tackle the geographical and sectorial imbalance of efsi support , the scope of the general objectives and the conditions making them eligible for efsi support should be enlarged with an increased use of the european advisory hub in order to provide technical assistance for project generation at regional and local levels across the union , as well as to ensure better communication and visibility .


### in order to reinforce the take - up of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged . ### in order to reinforce the uptake of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged to ensure a balanced distribution of projects across the union , so that all member states have access to finance . with a view to contributing to the union objective of economic , social and territorial cohesion , reduction of regional disparities , increase in good quality jobs and the broadening of the productive base of member states , especially for the member states most affected by the financial crisis or regions that are not within the union average in terms of gdp growth , the geographical balance of efsi support needs to be enhanced , in line with the geographical diversification and concentration guidelines and by strengthening the role of the eiah . that should be done whilst preserving the market - driven nature of the efsi .


### the eib and the eif should ensure that the final beneficiaries , including smes , are informed of the existence of efsi support , so as to enhance the visibility of the eu guarantee granted under regulation 2015 / 1017 . ### the eib and the eif should ensure that the final beneficiaries , including start - ups and smes , are informed of the existence of efsi support , so as to enhance the visibility of the eu guarantee granted under regulation 2015 / 1017 . the efsi logo should be prominently placed in the financing agreement , particularly in the case of smes , so as to increase the visibility of the efsi as a union initiative .


### the eib and the eif should ensure that the final beneficiaries , including smes , are informed of the existence of efsi support , so as to enhance the visibility of the eu guarantee granted under regulation 2015 / 1017 . ### the eib and the eif should ensure that all the final beneficiaries are duly informed of the existence of efsi support , so as to enhance the visibility of the eu guarantee granted under regulation 2015 / 1017 and encourage the preparation of investment projects offering broad sectorial and geographical coverage .


### providing pro - active support on the establishment of investment platforms ; ### providing pro - active support on the establishment of investment platforms , whenever needed . investment platforms are an essential tool to deal with market failures , especially in the financing of multiple , regional , or thematic projects , including energy efficiency projects , and cross - border projects . since the creation of investment platforms in the union is not commensurate with the actual needs of the market , further attention shall be given to widening the scope and the use of investment platforms so as to enable the efficient aggregation of small projects ;


### additionality , a key feature of the efsi , should be strengthened in the selection of projects . in particular , operations should only be eligible for efsi support if they address clearly identified market failures or sub - optimal investment situations . operations in infrastructure under the infrastructure and innovation window linking two or more member states , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union . ### additionality , a key feature of the efsi , should be strengthened in the selection of projects . in particular , operations should be eligible for efsi support if they address market failures , sub - optimal investment situations or delays in the mobilisation of private capital . operations in infrastructure under the infrastructure and innovation window linking two or more member states , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union .


### to better address market failures or sub - optimal investment situations , eib special activities supported by the efsi shall typically have features such as subordination , participation in risk - sharing instruments , cross - border characteristics , exposure to specific risks or other identifiable aspects as further described in annex ii . eib projects carrying a risk lower than the minimum risk under eib special activities may also be supported by the efsi if the use of the eu guarantee is required to ensure additionality as defined in the first subparagraph of this paragraph . the projects supported by the efsi that consist of physical infrastructure linking two or more member states or of the extension of physical infrastructure or services linked to physical infrastructure from one member state to one or more member states , shall also be considered to provide additionality . ; ### the eib’s special activities supported by the efsi shall better address economic and financial inefficiencies , market failures and sub - optimal investment situations , including discrepancies in the investment capacity of member states and their diverse risk premia , leveraging frictions , weak investment multipliers , complicated multi - national and cross - border projects and aversion to risk investment , especially in research , innovation , new technologies , as well as existing and new infrastructures . to that end , these special activities shall typically have features such as subordination , participation in risk - sharing instruments , first - loss guarantee schemes in the event that the efsi is combined with union and / or national budgetary resources , cross - border characteristics , and exposure to specific risks or other identifiable aspects as further described in annex ii . the efsi shall maximise the number of projects and the number of final beneficiaries and the potential leverage effect . eib projects carrying a risk lower than the minimum risk under eib special activities shall not be supported by the efsi unless the use of the eu guarantee is necessary to ensure additionality as defined in the first subparagraph of this paragraph and provided that those projects cannot be funded under better terms through other sources of financing . the efsi may support projects that consist of physical infrastructure linking two or more member states or of the extension of physical infrastructure or services linked to physical infrastructure from one member state to one or more member states , as long as those projects provide additionality . additionality shall also be linked to the innovative nature and long - term societal and environmental benefits of the projects and their potentially longer - term and higher - risk financing needs . moreover , in order to better reach sectors where the demand for financing cannot be sufficiently met by the private market and where the nature and size of operations and loan requirements mean it is not possible to access funding through classic eib activities , the efsi should also support sector - specific financial mechanisms , in particular for cultural and creative industries , provided for under union framework programmes such as the guarantee facility within the creative europe programme through the provision of guarantees for topping - up and front - loading of those mechanisms . moreover , when the efsi is combined with other funds , such as cef , horizon 2020 and esifs , the additionality criteria shall apply and the highest risk tranche shall be covered by the efsi . however , financing through the efsi shall not replace grants under union funding such as esif , cef and horizon 2020 .


### to better address market failures or sub - optimal investment situations , eib special activities supported by the efsi shall typically have features such as subordination , participation in risk - sharing instruments , cross - border characteristics , exposure to specific risks or other identifiable aspects as further described in annex ii . ### to better address economic and financial inefficiencies , including market failures or sub - optimal investment situations , discrepancies in the investment capacity of the member states as reflected in diverse risk premiums , leveraging frictions or weak investment multipliers , and including also complicated multinational and cross border projects , and lack of risk - taking , especially in research , innovation , new technologies as well as in new and traditional infrastructures , eib ' s special activities supported by the efsi shall typically have features such as subordination , participation in risk - sharing instruments , as well as first - loss guarantee schemes only when combined with eu and / or national budgetary resources , cross - border characteristics , exposure to specific risks or other identifiable aspects as further described in annex ii .


### the efsi , implemented and co - sponsored by the eib group , is firmly on track to deliver the objective of mobilising at least eur 315 billion in additional investments in the real economy by mid - 2018 . the market absorption has been particularly quick under the sme window where the efsi is delivering well beyond expectations . in july 2016 the sme window was thus scaled - up by eur 500 million within the existing parameters of regulation no 2015 / 1017 . a larger share of financing to be geared towards smes given the exceptional market demand for sme financing under the efsi : 40% of the increased risk bearing capacity of the efsi should be geared towards increasing access to financing for smes . ### in the first period of its implementation , the efsi delivered significant and encouraging results . it is still too early to evaluate the full impact of the efsi on closing the investment gaps , reducing the high levels of unemployment and improving the anaemic growth rates in the union following the recent financial crisis . nevertheless , current data indicate that there is room for improvement in different areas , including complementarity with the other pillars of the investment plan , better distribution across member states , additionality , governance and in attracting sustainable investments that promote climate action . there are also indications that the efsi might be lagging behind in terms of signed operations as well as disbursements according to the eib’s operation evaluation of its function up to 30 june 2016 . moreover , the sme window has had a quicker market absorption as compared to the iiw but that might be due to the different nature of the projects .


### ‘ leveraging local knowledge to facilitate efsi support across the union and contributing where possible to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib to originate operations ; ’ ### ‘ leveraging regional and local knowledge to facilitate efsi support across the union and contributing to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib and project promoters to originate operations ; ’


### leveraging local knowledge to facilitate efsi support across the union and contributing where possible to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib to originate operations ; ### leveraging local and regional knowledge to facilitate efsi support across the union and contributing to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib as well as the project developers to originate and aggregate operations ;


### due to their potential to increase the efficiency of the efsi intervention , blending operations combining non - reimbursable forms of support and / or financial instruments from the union budget , such as those available under the connecting europe facility , and financing from eib group , including eib financing under the efsi , as well as other investors should be encouraged . blending aims to enhance the value added of union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viable . ### due to their potential to increase the efficiency of the efsi intervention , blending operations combining non - reimbursable forms of support and / or financial instruments from the union budget , such as those available under the connecting europe facility , and financing from eib group , including eib financing under the efsi , as well as other investors should be encouraged . blending aims to enhance the value added of union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viable . in view of the inherent complexity of those instruments , the eiah should also give guidance on the optimal choice of funding instruments and blending . moreover the eiah , being a market - driven instrument providing advice on investment on various market sectors , should , where appropriate , also provide access to expertise to other advisory entities with relevant specialised knowledge of specific market sectors . encouragement of further collaboration between the eiah and other advisory entities is critical for the success of the efsi , especially in market areas and niches where higher specialisation and deeper know - how is needed .


### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market - failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future in terms of high and sustainable levels of quality human capital , the creation of good quality jobs , growth and competitiveness with strengthened additionality , as well in terms of increasing social cohesion , social inclusion , and hence enhancing the well - being of citizens of the union . it should also include investments in the areas of energy , environment and climate action , and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , tourism , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference and the union 2050 commitment to reduce greenhouse gas emissions by 80 - 95% should be reinforced . electricity interconnection priority projects , energy efficiency and circular economy projects , especially when they improve union energy security , enabling private individuals and local communities and cooperatives to become actively involved , should also be increasingly targeted , along with the adaptation of energy grids and renewable energy generation storage and distribution as well as alternative energy resources for vehicles and the building sector . findings so far show that the broad support provided by the efsi to energy , energy efficiency and renewable energy projects has been accompanied by a corresponding reduction in ordinary eib investments in those sectors , thereby nullifying the notion of additionality . efsi - financed loans should be granted in addition to ordinary eib investment operations . similarly , in the digital sector , and within the scope of the ambitious union policy on the digital economy , new digital infrastructure targets should be set in order to ensure the bridging of the digital divide and that the union will be a global pioneer in the new age of the , so - called , internet of things , blockchain technology , and cyber - and network - security . moreover , a criterion for the success of the efsi should be the assistance provided to policy areas that suffered from cuts in investments in order to fund the efsi , such as research grants , especially for low technology readiness levels . efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . efsi support for fossil fuel projects , especially infrastructure and nuclear installations , should be avoided .


### due to their potential to increase the efficiency of the efsi intervention , blending operations combining non - reimbursable forms of support and / or financial instruments from the union budget , such as those available under the connecting europe facility , and financing from eib group , including eib financing under the efsi , as well as other investors should be encouraged . blending aims to enhance the value added of union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viable . ### with a view to ensuring a wider geographical coverage of efsi and to increasing the efficiency of the efsi intervention , blending operations combining non - reimbursable forms of support and / or financial instruments from the union budget and financing from eib group , including eib financing under the efsi , as well as other investors such as national promotional banks and institutions , should be encouraged . blending aims to enhance the value added of union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viable . further action to ensure that eu funds and efsi support can be easily combined is necessary . the commission has already published a concrete guidance on this matter , however the approach on the issue of combining the efsi with the eu funds should be further developed .


### leveraging local knowledge to facilitate efsi support across the union and contributing where possible to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib to originate operations ; ' ; ### leveraging regional and local knowledge , as well as supporting capacity building to facilitate efsi support across the union at all levels and contributing where possible to the objectives of economic , social and territorial cohesion , as well as of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib to originate operations , also in coordination with national and regional promotional banks ; ' ;


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced and its activities should address any shortcomings in the implementation of the efsi . it should play an instrumental role in empowering project promoters to initiate and develop viable , sustainable and quality projects . it should pay particular attention to supporting the preparation of projects involving two or more member states or regions . the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and proactively support the eib in originating projects and launching operations , as well as in initiating demand , where needed . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . it is considered necessary for the eiah to establish a strong local presence , where needed , to leverage local knowledge about the efsi and better consider local needs . the eiah should aim to conclude agreements with national promotional banks or institutions in each member state . to achieve those objectives , the staff capacity of the eiah should be commensurate to the tasks that it is called upon to undertake .


### the eib shall target that at least 40 % of efsi financing under the infrastructure and innovation window supports projects with components that contribute to climate action , in line with the cop21 commitments . the steering board shall provide detailed guidance to that end ; ### the efsi steering board and the investment committee shall make sure that each supported project is in line with the criteria set out in this regulation and that each helps to reach the union’s climate goals and boost its transition to sustainability . at least 40% of efsi financing under the infrastructure and innovation window shall be earmarked for projects directly accomplishing the cop21 commitments , as well as the eu2050 commitments to reduce greenhouse gas emission by 80 - 95% . moreover , at least 20% of efsi financing shall support energy efficiency projects , prioritising small - scale innovative projects in the building sector , with special attention given to projects eliminating social inequalities and fighting energy poverty . efsi financing for smes and mid - cap companies shall not be included in that computation .


### decisions approving the use of the eu guarantee shall be public and accessible , and include the rationale for the decision , with particular focus on compliance with the additionality criterion . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . ### decisions approving the use of the eu guarantee shall be public and accessible , and shall include the rationale for the decision , with particular focus on compliance with the additionality criterion and union policy objectives . such decisions shall also include information on the fulfilment of the eligibility criteria referred to in article 6 and on the use of the scoreboard of indicators referred to in paragraph 14 of this article . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib .


### decisions approving the use of the eu guarantee shall be public and accessible , and include the rationale for the decision , with particular focus on compliance with the additionality criterion . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . ### decisions approving the use of the eu guarantee shall be made public and accessible together with detailed minutes , and shall include the rationale for the decision , with particular focus on compliance with the additionality criterion . in its proposal , the investment committee shall give employment and sustainability more weight . publications shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . each project approved under the efsi should be accompanied by a substantiated and verifiable justification by the steering committee concerning additionality . the assessment of additionality of individual projects shall be detailed , especially in relation to the market failures which the efsi seeks to address . the scoreboard shall function as a priority - setting tool for each efsi project and shall also be publicly available after the evaluation of projects applying for the use of the eu guarantee . furthermore , the scoreboard of indicators shall be used by the investment committee to ensure an independent and transparent assessment of the potential and actual use of the eu guarantee , and to prioritise the use of the eu guarantee for operations that display higher scores and additionality .


### decisions approving the use of the eu guarantee shall be public and accessible , and include the rationale for the decision , with particular focus on compliance with the additionality criterion . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . ; ### decisions approving the use of the eu guarantee shall be public and accessible . they shall include the rationale for the decision , with particular focus on compliance with the additionality criterion and an explanation on how the scoreboard was used to justify the use of the eu guarantee . the scoreboard shall also be public . in case of commercially sensitive decisions , the eib shall forward to the european parliament 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 . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced and its activities should address any shortcomings in the implementation of the efsi . it should play an instrumental role in empowering project promoters to initiate and develop viable , sustainable and quality projects . it should pay particular attention to supporting the preparation of projects involving two or more member states or regions , and projects that contribute to achieving the objectives of cop21 . the eiah should also contribute actively to achieving the objective of sectorial and geographical diversification of the efsi and proactively supporting the eib and other actors involved in originating projects and launching operations , as well as in initiating demand , where needed . it should also actively contribute to the establishment of investment platforms and provide advice on combining other sources of eu funding with the efsi . it is considered necessary for the eiah to establish a strong local presence , where needed , to leverage local knowledge about the efsi and give better consideration to local needs . the eiah should aim to conclude agreements with national development banks or institutions in each member state . to achieve those objectives , the staff capacity of the eiah should be commensurate to the tasks that it is called upon to undertake .


### regulation no 1316 / 2013 and regulation no 2015 / 1017 should therefore be amended accordingly , ### regulation 2015 / 1017 should therefore be amended accordingly ,


### in order to reinforce the take - up of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged . ### in order to reinforce the uptake of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged to ensure a balanced distribution of projects across the union , so that all member states have access to finance . with a view to contributing to the union objective of economic , social and territorial cohesion , reduction of regional disparities , increase in good quality jobs and the broadening of the productive base of member states , especially for the member states most affected by the financial crisis or regions that are not within the union average in terms of gdp growth , the geographical balance of efsi support needs to be enhanced , in line with the geographical diversification and concentration guidelines and by strengthening the role of the eiah . that should be done whilst preserving the market - driven nature of the efsi .


### additionality , a key feature of the efsi , should be strengthened in the selection of projects . in particular , operations should only be eligible for efsi support if they address clearly identified market failures or sub - optimal investment situations . operations in infrastructure under the infrastructure and innovation window linking two or more member states , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union . ### additionality , a key feature of the efsi , should be systematically assessed , documented and reported in each project . the eib should publish analytical data for each funded project , giving ex ante and ex post assessments of each project together with a detailed explanation of the selection and assessment indicators and criteria used . in particular , operations should only be eligible for efsi support if they address clearly identified market failures or sub - optimal investment situations . additionality should also be augmented by geographical factors such as the origin of the beneficiary or the geographical destination of the project . operations in infrastructure under the infrastructure and innovation window linking two or more member states , especially if at least one member - state is a cohesion country , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union . moreover , projects supported by the efsi should also be considered as providing additionality when generating long - term social and environmental benefits . an activity report on how and to what extent social and environmental factors were taken into consideration should be drawn up .


### in order to reinforce the take - up of the efsi in less - developed and transition regions , the scope of the general objectives eligible for efsi support should be enlarged . ### in order to reinforce the take - up of the efsi in all deprived regions in the eu , the scope of the general objectives eligible for efsi support should be enlarged and the communication efforts around efsi should be considerably strengthened .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced through increased accessibility and transparency , and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects providing genuine additionality , involving two or more member states or projects in on - border regions and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating and aggregating projects by strengthening its local presence in member states with limited capacity but high investment potential . increased funding is necessary to enable the eiah to create offices that act as decentralised regional clusters of technical assistance and to ensure that information material is available in all the languages of the member states . it should also take into account the specificities of member states , such as maturity of financial markets , the limited experience in the use of complex financial instruments , as well as specific obstacles related to the development and implementation of projects . it should also actively collaborate with established national promotional banks or institutions , work with the commission in order to facilitate member states in the establishment of npbs to the establishment of sectorial , thematic or regional investment platforms and provide advice on the combination of other sources of union funding with the efsi , as well as providing information about the respective eligibility criteria to be respected by those funds .


### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe ' s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in line with the eu ' s commitment to the global fight against climate change , operations supported by the efsi should contribute , as much as possible , to achieving the objectives of cop21 . in order to reinforce the climate action element under the efsi , the eib should build on its experience as one of the largest providers of climate finance worldwide and use its internationally agreed methodology to credibly identify climate action components or cost shares . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , forestry , fishery and aquaculture and other elements of a wider bioeconomy come within the general objectives eligible for efsi support .


### on 28 june 2016 , the european council concluded that ' the investment plan for europe , in particular the european fund for strategic investments , has already delivered concrete results and is a major step to help mobilise private investment while making smart use of scarce budgetary resources . the commission intends to soon put forward proposals on the future of the efsi , which should be examined as a matter of urgency by the european parliament and the council . ' ### on 28 june 2016 the european council concluded that the investment plan for europe , in particular the efsi , has delivered concrete results . however , inefficiencies and imbalances in terms of geographic and sectorial diversification remain . in geographic terms , until 30 june 2016 , 63% of the projects signed under the iiw were concentrated in the united kingdom , italy and spain , and 91% were concentrated in the eu15 member states . respectively , 54% of signed projects under the smew were concentrated in italy , france and germany , and 93% were concentrated in eu15 member states . special focus should be given to financially weak eastern european member states , helping them to overcome current investment difficulties and strengthen their competitiveness . taking into consideration those imbalances , as well as existing financial frictions , structural impediments , regulatory frameworks , and the risk - aversion of investors , the commission should undertake ambitious initiatives to help mobilize private investment and proceed with the introduction of the necessary regulatory transformations in order to allow financial institutions to take more infrastructure projects into their portfolios , including further financing of smes , while making smart use of scarce budgetary resources . consideration should also be given to the fact that existing structural inefficiencies in certain member states do not favour other member states when it comes to the use of the efsi . for that reason , no member state should be entitled to use more than 10% of the efsi facility .


### “7 . the union shall contribute up to a maximum of eur 20 000 000 per annum towards covering the costs of eiah operations until 31 december 2020 for the services provided by the eiah under paragraph 2 which are in addition to those already available under other union programmes , insofar as those costs are not covered by the remaining amount from fees referred to in paragraph 4 . ” ### paragraph 7 is replaced by the following : ‘ 7 . the union shall contribute the amount necessary , with a minimum of eur 20 000 000 per annum towards covering the costs of eiah operations until 31 december 2020 for it to fulfil its enhanced responsibilities and intensify the services provided by the eiah under paragraph 2 which are in addition to those already available under other union programmes , insofar as those costs are not covered by the remaining amount from fees referred to in paragraph 4 . ’ .


### the efsi , implemented and co - sponsored by the eib group , is firmly on track to deliver the objective of mobilising at least eur 315 billion in additional investments in the real economy by mid - 2018 . the market absorption has been particularly quick under the sme window where the efsi is delivering well beyond expectations . in july 2016 the sme window was thus scaled - up by eur 500 million within the existing parameters of regulation no 2015 / 1017 . a larger share of financing to be geared towards smes given the exceptional market demand for sme financing under the efsi : 40% of the increased risk bearing capacity of the efsi should be geared towards increasing access to financing for smes . ### in the first period of its implementation , the efsi delivered significant and encouraging results . it is still too early to evaluate the full impact of the efsi on closing the investment gaps , reducing the high levels of unemployment and improving the anaemic growth rates in the union following the recent financial crisis . nevertheless , current data indicate that there is room for improvement in different areas , including complementarity with the other pillars of the investment plan , better distribution across member states , additionality , governance and in attracting sustainable investments that promote climate action . there are also indications that the efsi might be lagging behind in terms of signed operations as well as disbursements according to the eib’s operation evaluation of its function up to 30 june 2016 . moreover , the sme window has had a quicker market absorption as compared to the iiw but that might be due to the different nature of the projects .


### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market - failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future in terms of high and sustainable levels of quality human capital , the creation of good quality jobs , growth and competitiveness with strengthened additionality , as well in terms of increasing social cohesion , social inclusion , and hence enhancing the well - being of citizens of the union . it should also include investments in the areas of energy , environment and climate action , and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , tourism , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference and the union 2050 commitment to reduce greenhouse gas emissions by 80 - 95% should be reinforced . electricity interconnection priority projects , energy efficiency and circular economy projects , especially when they improve union energy security , enabling private individuals and local communities and cooperatives to become actively involved , should also be increasingly targeted , along with the adaptation of energy grids and renewable energy generation storage and distribution as well as alternative energy resources for vehicles and the building sector . findings so far show that the broad support provided by the efsi to energy , energy efficiency and renewable energy projects has been accompanied by a corresponding reduction in ordinary eib investments in those sectors , thereby nullifying the notion of additionality . efsi - financed loans should be granted in addition to ordinary eib investment operations . similarly , in the digital sector , and within the scope of the ambitious union policy on the digital economy , new digital infrastructure targets should be set in order to ensure the bridging of the digital divide and that the union will be a global pioneer in the new age of the , so - called , internet of things , blockchain technology , and cyber - and network - security . moreover , a criterion for the success of the efsi should be the assistance provided to policy areas that suffered from cuts in investments in order to fund the efsi , such as research grants , especially for low technology readiness levels . efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . efsi support for fossil fuel projects , especially infrastructure and nuclear installations , should be avoided .


### the projects supported by the efsi that consist of physical infrastructure linking two or more member states or of the extension of physical infrastructure or services linked to physical infrastructure from one member state to one or more member states , shall also be considered to provide additionality . ; ### the cross - border projects supported by the efsi that consist of physical and non - physical infrastructure or intangible infrastructure linking two or more member states , such as digital infrastructure , it and research network , or of the extension of such forms of infrastructure or services linked to infrastructure from one member state to one or more member states , shall also be considered to provide additionality . ;


### providing pro - active support on the establishment of investment platforms ; ### providing proactive support on the establishment of investment platforms , with the aim of improving access for projects involving different member states , also in coordination with regional and national promotional banks ;


### the eib shall target that at least 40 % of efsi financing under the infrastructure and innovation window supports projects with components that contribute to climate action , in line with the cop21 commitments . the steering board shall provide detailed guidance to that end . ; ### the eib shall aim to achieve that at least 40 % of efsi financing in the combined objectives under the infrastructure and innovation window support projects with components that contribute to climate action , in line with the cop21 commitments . efsi financing for smes and mid - cap companies shall not be included in that computation . the steering board shall provide detailed guidance to that end .


### additionality , a key feature of the efsi , should be strengthened in the selection of projects . in particular , operations should only be eligible for efsi support if they address clearly identified market failures or sub - optimal investment situations . operations in infrastructure under the infrastructure and innovation window linking two or more member states , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union . ### additionality , a key feature of the efsi , should be strengthened in the selection of projects . in particular , operations should be eligible for efsi support if they address market failures , sub - optimal investment situations or delays in the mobilisation of private capital . operations in infrastructure under the infrastructure and innovation window linking two or more member states , including e - infrastructure , should be considered additional given their inherent difficulty and their high added value for the union .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced and its activities should address any shortcomings in the implementation of the efsi . it should play an instrumental role in empowering project promoters to initiate and develop viable , sustainable and quality projects . it should pay particular attention to supporting the preparation of projects involving two or more member states or regions . the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and proactively support the eib in originating projects and launching operations , as well as in initiating demand , where needed . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . it is considered necessary for the eiah to establish a strong local presence , where needed , to leverage local knowledge about the efsi and better consider local needs . the eiah should aim to conclude agreements with national promotional banks or institutions in each member state . to achieve those objectives , the staff capacity of the eiah should be commensurate to the tasks that it is called upon to undertake .


### leveraging local knowledge to facilitate efsi support across the union and contributing where possible to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib to originate operations ; ### leveraging local and regional knowledge to facilitate efsi support across the union and contributing to the objective of sectorial and geographical diversification of the efsi referred to in section 8 of annex ii by supporting the eib as well as the project developers to originate and aggregate operations ;


### to better address market failures or sub - optimal investment situations , eib special activities supported by the efsi shall typically have features such as subordination , participation in risk - sharing instruments , cross - border characteristics , exposure to specific risks or other identifiable aspects as further described in annex ii . eib projects carrying a risk lower than the minimum risk under eib special activities may also be supported by the efsi if the use of the eu guarantee is required to ensure additionality as defined in the first subparagraph of this paragraph . the projects supported by the efsi that consist of physical infrastructure linking two or more member states or of the extension of physical infrastructure or services linked to physical infrastructure from one member state to one or more member states , shall also be considered to provide additionality . ; ### the eib’s special activities supported by the efsi shall better address economic and financial inefficiencies , market failures and sub - optimal investment situations , including discrepancies in the investment capacity of member states and their diverse risk premia , leveraging frictions , weak investment multipliers , complicated multi - national and cross - border projects and aversion to risk investment , especially in research , innovation , new technologies , as well as existing and new infrastructures . to that end , these special activities shall typically have features such as subordination , participation in risk - sharing instruments , first - loss guarantee schemes in the event that the efsi is combined with union and / or national budgetary resources , cross - border characteristics , and exposure to specific risks or other identifiable aspects as further described in annex ii . the efsi shall maximise the number of projects and the number of final beneficiaries and the potential leverage effect . eib projects carrying a risk lower than the minimum risk under eib special activities shall not be supported by the efsi unless the use of the eu guarantee is necessary to ensure additionality as defined in the first subparagraph of this paragraph and provided that those projects cannot be funded under better terms through other sources of financing . the efsi may support projects that consist of physical infrastructure linking two or more member states or of the extension of physical infrastructure or services linked to physical infrastructure from one member state to one or more member states , as long as those projects provide additionality . additionality shall also be linked to the innovative nature and long - term societal and environmental benefits of the projects and their potentially longer - term and higher - risk financing needs . moreover , in order to better reach sectors where the demand for financing cannot be sufficiently met by the private market and where the nature and size of operations and loan requirements mean it is not possible to access funding through classic eib activities , the efsi should also support sector - specific financial mechanisms , in particular for cultural and creative industries , provided for under union framework programmes such as the guarantee facility within the creative europe programme through the provision of guarantees for topping - up and front - loading of those mechanisms . moreover , when the efsi is combined with other funds , such as cef , horizon 2020 and esifs , the additionality criteria shall apply and the highest risk tranche shall be covered by the efsi . however , financing through the efsi shall not replace grants under union funding such as esif , cef and horizon 2020 .


### the eib shall target that at least 40 % of efsi financing under the infrastructure and innovation window supports projects with components that contribute to climate action , in line with the cop21 commitments . the steering board shall provide detailed guidance to that end ; ### the efsi steering board and the investment committee shall make sure that each supported project is in line with the criteria set out in this regulation and that each helps to reach the union’s climate goals and boost its transition to sustainability . at least 40% of efsi financing under the infrastructure and innovation window shall be earmarked for projects directly accomplishing the cop21 commitments , as well as the eu2050 commitments to reduce greenhouse gas emission by 80 - 95% . moreover , at least 20% of efsi financing shall support energy efficiency projects , prioritising small - scale innovative projects in the building sector , with special attention given to projects eliminating social inequalities and fighting energy poverty . efsi financing for smes and mid - cap companies shall not be included in that computation .


### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , tourism as well as the digital transformation . in addition , it should also address excessive concentration in certain policy sectors , as well as geographical imbalances of investments , in order to contribute to the economic , social and territorial cohesion of the union and avoid increasing disparities in the different regions and member states . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be limited to support private and / or public investment in transport in cohesion countries , less developed regions or in cross - border transport projects or if it is necessary to upgrade and maintain , improve road safety , develop its devices or guarantee the integrity and standards of existing motorways on the trans - european transport network , in particular safe parking areas , alternative clean fuels stations and electric charging systems . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support .


### the commission shall provide detailed guidance , where needed ; ### the commission shall provide detailed guidance , where needed . in addition , the commission shall be responsible for the identification of standard criteria and definitions to ensure transparency on issues related to tax governance . moreover , the commission shall submit an annual report listing the details of all projects per policy area that have received union support through the efsi , including the total amount of the contribution of each source as well as the risk profiles . also , the eib , in its financing and investment operations , shall apply the principles and standards set out in union law on the prevention of the use of the financial system for the purpose of money laundering and terrorism financing , including a requirement to take reasonable measures to identify the beneficial owners where applicable .


### decisions approving the use of the eu guarantee shall be public and accessible , and include the rationale for the decision , with particular focus on compliance with the additionality criterion . the publication shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . ### decisions approving the use of the eu guarantee shall be made public and accessible together with detailed minutes , and shall include the rationale for the decision , with particular focus on compliance with the additionality criterion . in its proposal , the investment committee shall give employment and sustainability more weight . publications shall not contain commercially sensitive information . in reaching its decision , the investment committee shall be supported by the documentation provided by the eib . each project approved under the efsi should be accompanied by a substantiated and verifiable justification by the steering committee concerning additionality . the assessment of additionality of individual projects shall be detailed , especially in relation to the market failures which the efsi seeks to address . the scoreboard shall function as a priority - setting tool for each efsi project and shall also be publicly available after the evaluation of projects applying for the use of the eu guarantee . furthermore , the scoreboard of indicators shall be used by the investment committee to ensure an independent and transparent assessment of the potential and actual use of the eu guarantee , and to prioritise the use of the eu guarantee for operations that display higher scores and additionality .


### the eib and the eif should ensure that the final beneficiaries , including smes , are informed of the existence of efsi support , so as to enhance the visibility of the eu guarantee granted under regulation 2015 / 1017 . ### the eib and the eif should ensure that the final beneficiaries , including start - ups and smes , are informed of the existence of efsi support , so as to enhance the visibility of the eu guarantee granted under regulation 2015 / 1017 . the efsi logo should be prominently placed in the financing agreement , particularly in the case of smes , so as to increase the visibility of the efsi as a union initiative .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements in eu member states and regions which have not yet adequately benefitted from efsi . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should strengthen its cooperation with local and regional authorities , actively contribute to the establishment of investment platforms in regions with low investment capacity and provide advice on the combination of other sources of union funding with the efsi , with a focus on smes .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced through increased accessibility and transparency , and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects providing genuine additionality , involving two or more member states or projects in on - border regions and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating and aggregating projects by strengthening its local presence in member states with limited capacity but high investment potential . increased funding is necessary to enable the eiah to create offices that act as decentralised regional clusters of technical assistance and to ensure that information material is available in all the languages of the member states . it should also take into account the specificities of member states , such as maturity of financial markets , the limited experience in the use of complex financial instruments , as well as specific obstacles related to the development and implementation of projects . it should also actively collaborate with established national promotional banks or institutions , work with the commission in order to facilitate member states in the establishment of npbs to the establishment of sectorial , thematic or regional investment platforms and provide advice on the combination of other sources of union funding with the efsi , as well as providing information about the respective eligibility criteria to be respected by those funds .


### it is appropriate to establish a multi - species fisheries plan taking into account the dynamics between the stocks of cod , herring and sprat , and also considering the by - catch species of the fisheries for these stocks , namely the baltic stocks of plaice , brill , flounder and turbot . the objective of this plan should be to aim at achieving and maintaining maximum sustainable yields for the stocks concerned . ### the ultimate goal is to establish a multi - species fisheries plan taking into account the dynamics between the stocks of cod , herring and sprat , and also considering the by - catch species of the fisheries for these stocks , namely the baltic stocks of plaice , brill , flounder and turbot . the objective of this plan should be to achieve and maintain maximum sustainable yields for the stocks concerned , as well as to minimise the impact of the fisheries on the wider marine environment .


### achieving and maintaining maximum sustainable yield for the stocks concerned , and ### ensuring that exploitation restores and maintains populations of&#160 ; the stocks concerned above biomass levels capable of producing maximum sustainable yield , and


### ensuring the conservation of the stocks of plaice , brill , flounder and turbot in line with the precautionary approach . ### ensuring the conservation of the stocks of plaice , brill , flounder and turbot in line with the precautionary approach until the mortality levels of these stocks are in keeping with the levels which can produce the maximum sustainable yield .


### achieving and maintaining maximum sustainable yield for the stocks concerned , and ### achieving and maintaining populations of the stocks concerned above levels which can produce the maximum sustainable yield , and


### when the spawning biomass of any of the stocks concerned for a certain year is below the minimum spawning biomass levels set out in paragraph 1 , appropriate remedial measures shall be adopted to ensure rapid return of the stock concerned to precautionary levels . in particular , by way of derogation from article 4 of this regulation and in accordance with article 16 of regulation no 1380 / 2013 fishing opportunities shall be set at levels lower than those resulting in target fishing mortality ranges laid down in article 4 . these remedial measures may also include , as appropriate , the submission of legislative proposals by the commission and emergency measures adopted by the commission under article 12 of regulation no 1380 / 2013 . ### when the spawning biomass of any of the stocks concerned for a certain year is below the minimum spawning biomass levels set out in paragraph 1 , appropriate remedial measures shall be adopted to ensure that the stocks concerned return to precautionary levels as soon as possible . in particular , by way of derogation from article 4 of this regulation and in accordance with article 16 of regulation no 1380 / 2013 fishing opportunities shall be set at levels lower than those resulting in target fishing mortality ranges laid down in article 4 . these remedial measures may also include , as appropriate , the submission of legislative proposals by the commission and emergency measures adopted by the commission under article 12 of regulation no 1380 / 2013 .


### the conservation reference points expressed in minimum spawning biomass level that is consistent with full reproductive capacity shall be for the stocks concerned as follows : ### the conservation reference points that are consistent with full reproductive capacity shall be for the stocks concerned as follows :


### evaluation of the plan ### evaluation and revision of the plan


### in order to adapt to the technical and scientific progress in a timely and proportionate fashion and to ensure flexibility and allow evolution of certain measures , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in respect of supplementing this regulation as regards remedial measures concerning plaice , flounder , turbot and brill , implementation of the landing obligation and technical measures . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at experts level . the commission , when preparing and drawing - up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and council . ### in order to adapt to the technical and scientific progress in a timely and proportionate fashion and to ensure flexibility and allow evolution of certain measures , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in respect of supplementing this regulation as regards remedial measures concerning plaice , flounder , turbot and brill , implementation of the landing obligation and technical measures . it is of particular importance that the commission carries out appropriate consultations during its preparatory work , including at expert level and in consultation with the advisory councils concerned . the commission , when preparing and drawing - up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and council .


### the delegation of power referred to in articles 6 , 8 and 9 shall be conferred on the commission for an indeterminate period of time from the date of the entry into force of this regulation . ### the delegation of power referred to in articles 6 , 8 , 9 and 9a shall be conferred on the commission for a period of five years from the date of the entry into force of this regulation .


### as regards the time - frame , it is expected that for the stocks concerned maximum sustainable yield should be reached by 2015 . it should be maintained from there on . ### as regards the time - frame , the stocks concerned should achieve the target by 2015 where possible and , on a progressive , incremental basis at the latest by 2020 . it should be maintained from these dates on .