COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL AND THE EUROPEAN INVESTMENT BANK Towards a more efficient financial architecture for investment outside the European Union
Date: 2018-09-12
Institutions: European Commission, Secretariat-General
Subjects: EBRD, EU financing, EU investment, European Investment Bank, European neighbourhood policy, development aid, international cooperation, investment policy, sustainable development

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 12.9.2018  COM(2018) 644 final  COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL AND THE EUROPEAN INVESTMENT BANK Towards a more efficient financial architecture for investment outside the European Union  
 
 
1.  Introduction  

In order to respond to the increasingly complex challenges in the world around us – ranging 
from  poverty  conflicts  and  migration  to  climate-change  and  demographic  challenges  – 
development  finance  needs  to  rely  on  a  combination  of  funding  sources.1  To  increase  the 
impact, public and private funds must be leveraged as efficiently as possible. This requires the 
European  Union  to  be  agile  and  stand  ready  to  adapt  and  develop  further  its  financial 
instruments  and  policy  tools  for  investments  outside  the  EU,  hereby  complementing  its 
traditional  development  cooperation 
its  ambitious 
commitments to sustainable development. 

to  deliver  on 

in  order 

toolbox, 

Where  conditions  for  autonomous  private  investments  are  not  sufficiently  met  in  partner 
countries, the EU is increasingly providing support through guarantees. In this way, financial 
instruments complement traditional development cooperation tools. If used more efficiently, 
EU-supported  external  investments  contribute  to  the  modernisation  of  economic  structures 
and infrastructure in partner countries, which in turn paves the way for the creation of jobs, 
including for young people, and sustainable growth.  

However,  resources  could  be  deployed  in  a  more  effective  way.  External  investments 
supported by the Union should aim to serve the long-term interest of both the recipient partner 
and the EU, promoting an enduring and deep economic relationship between the two sides. It 
is  important  to  ensure  that  projects  are  not  only  driven  by  short-term  considerations  but 
provide long-term strategic value for both the partner country and the EU.      

Moreover, external investments supported by the Union must respect the requirements under 
the Treaties in terms of consistency with the EU’s external action and other policies.2 Due to 
the current fragmentation, investment decisions are not always made in full coordination and 
consultation  across  institutions  and  Member  States,  thereby  potentially  weakening  the  EU’s 
ability  to  pursue  its  external  policy  objectives  vis-à-vis  third  countries.  This  includes  the 
objectives of the Union under the ‘Partnership Framework’, which aims for a “coherent and 
tailored  engagement  where  the  Union  and  its  Member  States  act  in  a  coordinated  manner 
putting  together  instruments,  tools  and  leverage  to  reach  comprehensive  partnerships  with 
third countries to better manage migration”.3 

Against  this  background,  some  Member  States  have  emphasised  the  need  to  take  a  more 
fundamental  look  at  the  European  financial  architecture  for  development  finance,  and  in 
particular the  respective roles of the European Investment Bank and the European Bank for 
Reconstruction  and  Development.4  To  this  end,  Germany  and  France  have  expressed  their 
intention to set up a group of wise persons to reflect on this matter.  

1   In line with the Agenda 2030 and the Addis Ababa Action Agenda. 
2   Under  Articles  208  and  212  TFEU,  the  Union  shall  ensure  that  development  policy  and  other  economic, 
financial and technical cooperation measures are carried out within the framework and principles of the EU’s 
external action. Article 21 TEU requires that the Union shall ensure consistency between the different areas 
of its external action and between these and its other policies. 

3   Communication from the Commission to the European Parliament, the European Council, the Council and 
the European Investment Bank on establishing a new Partnership Framework with third countries under the 
European Agenda on Migration, COM(2016) 385 final of 7.6.2016. 

4.  https://www.diplomatie.gouv.fr/en/country-files/germany/events/article/europe-franco-german-declaration-

19-06-18   

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The Commission supports all efforts to render the institutional and operational framework for 
external  investments  even  more  effective  and  operational,  with  a  view  to  ensuring  that  it  is 
fully commensurate to the current investment challenges in Africa, the EU’s neighbourhood 
and  elsewhere  in  the  world,  but  would  at  the  same  time  underline  the  need  for  quick  and 
operational  solutions.  In  the  particular  case  of  Africa,  the  Commission  has  today  adopted  a 
dedicated Communication on a new Africa – Europe Alliance for Sustainable Investments and 
Jobs5,  which  presents  concrete  measures  in  order  to  take  forward  mutually  agreed 
commitments with the African Union in the framework of the Africa – EU Partnership.  

In early 2018 the Commission already hosted dedicated workshops on the European financial 
architecture for external investments with Member States and relevant stakeholders.  

The  Commission  invites,  as  an  immediate  priority,  the  current  main  financial  and 
development institutions active in development financing – at the national and European level 
–  to  consider  a  more  collaborative  approach,  coherent  with  the  EU  external  action 
objectives,  when  financing  investments  backed  by  EU  budget  guarantees.  In  order  to  fully 
implement  the  general  principle  of  coordination  of  Union  and  Member  States'  development 
policies,  as  set  out  in  Article  210  TFEU,  these  main  actors  are  in  particular  encouraged  to 
enhance  operational  synergies,  as  well  as  complementarity  in  terms  of  geographical  and 
sectorial areas and portfolios of expertise and experience, while at the same time preserving 
innovation and a healthy level of competition and diversity in the market. Such cooperation 
could also be extended to other global International Financial Institutions.  

Given  the  complex  and  fragile  situation  in  many  of  the  EU’s  neighbouring  regions  and  in 
Africa, the Commission firmly believes that time is of the essence and that the EU’s current 
focus must be on operational and practical solutions, rather than measures that would require 
fundamental institutional and structural changes such as the creation of new bodies or entities 
or mobilising additional capital participation from the EU budget. The broad external policy 
frameworks  developed  by  the  European  Parliament,  the  Council,  the  Commission  and  the 
High  Representative  will  continue  to  provide  guidance  in  line  with  EU  priorities  and 
partnerships  with  the  countries  concerned,  responding  to  their  investment  needs.  The 
Commission  will continue to ensure that the EU budget is spent  as wisely as possible, with 
enhanced value added for every euro spent.  

2.  Making the most of existing instruments 

To meet its ambitious external action objectives6, the EU endeavours to bring together all the 
relevant  tools  and  institutions,  combine  financing  resources  and  ensure  that  financial 
instruments adequately and coherently support the achievement of EU external policy goals. 
Investment  supported  by  the  EU  budget  plays  a  key  role  in  this  context,  effectively 
complementing  other  instruments  such  as  grants,  which  will  remain  essential  to  address 
challenges not suited for investment. In this context, it is important to take into account the 
diversity of the investment needs and challenges faced by EU partners, notably with regard to 

5   Communication  on  a  new  Africa  –  Europe  Alliance  for  Sustainable  Investments  and  Jobs:  Taking  our 

partnership for investment and jobs to the next level COM(3018) 643 

6   See Article 208 Treaty on the Functioning of the European Union, the Global Strategy for the EU's Foreign 
and Security Policy (https://eeas.europa.eu/archives/docs/top_stories/pdf/eugs_review_web.pdf), and the new 
European  Consensus  on  Development  'Our  World,  our  dignity,  our  future',  OJ  C201/1,30.6.2017),  which 
builds on the universally agreed principles of the United Nations 2030 Agenda for Sustainable Development 
and the Addis Ababa Action Agenda.  

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the most  vulnerable partners, including  the least developed countries, heavily  indebted poor 
countries and those experiencing fragility or conflict. 

2.1 The External Investment Plan 

The  EU  has  already  taken  determined  steps  in  the  direction  of  more  efficient  development 
financing.  The  European  External  Investment  Plan,7  put  forward  in  2016,  offers  an 
innovative way  of  mobilising  public  and  private  sources  of  financing  for  development,  as  a 
complement  to  traditional  assistance  in  the  form  of  grants,  building  on  the  expertise  of 
relevant public and private actors. At the core of the External Investment Plan, the European 
Fund  for  Sustainable  Development8  draws  on  the  experience  of  the  Juncker  Plan  and  the 
European  Fund  for  Strategic  Investments,9  as  well  as  a  decade-long  experience  of  blending 
operations in third countries, in terms of crowding in private funding for more innovative and 
riskier investments.  

The European Fund for Sustainable Development is based on the recognition that public and 
private  investment  are  vital  drivers  of  sustainable  development,  that  private  investment  can 
complement  public  expenditure,  and  that  businesses  can  be  partners  in  sustainable 
the  current  Multiannual  Financial 
development,  creating  win-win  situations.  Under 
Framework, the External Investment Plan provides an integrated package for the financing of 
investments in Africa and the EU’s Neighbourhood and is expected to mobilise at least EUR 
44 billion of investment. With matching contributions from Member States or other sources, 
the Plan could double the mobilisation of additional finance, up to EUR 88 billion. The first 
calls  for  investment  projects  under  the  Plan  were  oversubscribed  and  operations  blending 
grants  and  loans  have  already  been  intensified.  The  first  programmes  are  now  being 
implemented  on  the  ground,  already  showing  tangible  results.10  On  20  June  2018,  the  first 
investment programmes benefitting from the EU guarantee in Africa and the Neighbourhood 
were  approved,  inter  alia  ensuring  access  to  affordable  bank-loans  for  vulnerable  persons, 
who currently have difficulty borrowing money at affordable rates, as well as enabling more 
than  25,000  small  businesses  to  access  mobile  accounts  and  long-term  credit.  These 
guarantees of around EUR 800 million should help to leverage an estimated EUR 8-9 billion 
in additional public and private investment.  While these first results are encouraging, the 
awareness of the External Investment Plan needs to be enhanced and its implementation 
on the ground further accelerated, for example through targeted outreach campaigns.  

Investments  supported  by  the  EU  budget  must  also  increasingly  contribute  to  structural 
reform implementation. Investment can be a powerful instrument to drive reform and better 
governance in partner countries, contributing to improved conditions for inclusive economic 
activity  by  promoting  more  sustainable  policies  and  regulatory  frameworks,  international 

7   Communication from the Commission, Strengthening European Investments for jobs and growth: Towards a 
second phase of the European Fund for Strategic Investments and a new European External Investment Plan, 
14 September 2016, COM(2016) 581 final. 

8   Regulation  (EU)  2017/1601  of  the  European  Parliament  and  of  the  Council  of  26  September  2017 
establishing  the  European  Fund  for  Sustainable  Development  (EFSD),  the  EFSD  Guarantee  and  the  EFSD 
Guarantee Fund, OJ L 249, 27.9.2017, p. 1–16. 

9   Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European 
Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project 
Portal  and  amending  Regulations  (EU)  No  1291/2013  and  (EU)  No  1316/2013  —  the  European  Fund  for 
Strategic Investments. 

10   European Commission, The European Fund for Sustainable Development – 2017 Operational Report, 11 July 

2018 (https://ec.europa.eu/europeaid/sites/devco/files/efds-report_en.pdf). 

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human rights standards, including core labour standards and due diligence requirements, more 
conducive business environments, new business models and greater government capacity. If 
deployed correctly, it can be a tool to strengthen anti-corruption safeguards, improve public 
finance  management  and  reinforce  financial  sector  regulation.  In  addition  to  financing 
individual  investment  programmes,  the  EU  should,  via  technical  assistance  and  enhanced 
policy dialogue, step up its contribution to support policies that will attract further investment 
from both the public and private sector. This is the purpose of the third pillar of the External 
Investment Plan. By working with partner countries on governance and regulatory reforms, on 
the fight against corruption and illicit financial flows, as well as on institution and capacity-
building, the EU can be supportive in the creation of an environment where access to finance 
is  facilitated  for  micro,  small  and  medium-sized  enterprises,  where  the  legal  framework  is 
improved  for  both  public  and  private  investment,  and  where  public  procurement  systems 
become more efficient, where investments benefit local economies and domestic job creation 
and  where  international  standards  are  promoted.  Maintaining  an  adequate  pipeline  with 
projects is also essential to sustain jobs and growth over time. 

2.2 The current architecture has scope for more cooperation and synergies…  

The EU’s existing financial architecture for external investments has developed over the past 
decades. The European Investment Bank11 – the EU Bank – focuses primarily on projects 
located within the EU, but is also active outside the Union in support of the Union's policies, 
based  on  existing  EU  instruments  such  as  the  External  Lending  Mandate  and  the  Africa, 
Caribbean and Pacific Investment Facility. The European Investment Bank Group12 has also 
presented its Economic Resilience Initiative13 in parallel to the EU's External Investment Plan 
and provided large investment packages for specific countries, such as Ukraine. The European 
Investment  Bank  Group  has  recently  initiated  its  own  reflections  on  whether  to  establish  a 
new Development Subsidiary. 

for  Reconstruction  and  Development14 

The  European  Bank 
is  a  multilateral 
developmental investment bank – of which the EU Member States are majority shareholders – 
which concentrates its efforts on Eastern and Central Europe, Asia and Northern Africa. It has 
developed  substantial  local  expertise  through  an  existing  network  of  resident  offices  on  the 
ground  and  as  part  of  its  activities  engages  in  policy  work  with  partners,  including  by 
supporting reforms.  

Moreover, many Member States have their own national development banks or institutions15 
which contribute to the implementation of the Union’s policies and related operational actions 
on the ground. There are also an increasing number of regional development banks.  

These  actors currently mobilise the biggest  share of external development  lending and have 
different  mandates,  capacities  and  expertise,  for  instance  in  terms  of  geographical  scope, 
business model, or presence of experts on the ground in the country of operation. There are 
existing good examples of cooperation between countries and institutions, as for example the 
EU  Platform  for  Blending  in  External  Cooperation  (EUBEC16).  However,  in  some  cases, 

11   Article 308 Treaty on the Functioning of the European Union and Protocol N° 5. 
12   The European Investment Bank and the European Investment Fund. 
13   http://www.eib.org/attachments/thematic/eib_economic_resilience_initiative_en.pdf  
14   https://www.ebrd.com/news/publications/institutional-documents/basic-documents-of-the-ebrd.html  
15   https://www.edfi.eu/members/meet-our-members/  
16   http://ec.europa.eu/transparency/regexpert/index.cfm?do=groupDetail.groupDetail&groupID=2852  

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actors compete for investments outside the EU and guarantees supported by the EU budget, 
rather than looking for useful synergies and complementarity. 

To  address  this  issue,  increased  synergies  and  efficiencies  should  be  achieved  relatively 
quickly  within  the  existing  structures,  for  example  through  relevant  regional  and  thematic 
specialisation  of  existing  individual  partner  financial  institutions,  or  joint  initiatives  of  the 
European  Investment  Bank  and  the  European  Bank  for  Reconstruction  and  Development, 
which could be one way of drawing on the combined expertise of the two institutions, without 
foreclosing  other  actors  from  the  market.  Currently,  in  the  Western  Balkans  Investment 
Framework  (WBIF17),  the  European  Investment  Bank  and  the  European  Bank  for 
Reconstruction and Development collaborate in the management of a joint fund, which shows 
that  such  cooperation  already  exists  and  is  possible.  National  development  banks  and 
institutions,  as  well  as  global  partners  –  where  relevant  –  could  also  join  such  future 
cooperation.  

2.3 …and a stronger policy steer  

The EU should endeavour to ensure an even stronger policy steer to maximise the effects of 
its external action, and more specifically of its development cooperation policy tools, in order 
to  ensure  a  coherent  reflection  of  its  political  goals  and  objectives  in  all  implementation 
phases. This is also essential in order to achieve the most efficient use of tax-payers’ money 
and ensure full coherence with other areas of the EU's external policy. Further efficiencies in 
terms of the realisation of EU’s policy goals can be achieved by increasing coherence across 
the various actions undertaken by the implementing partners. The ongoing review of existing 
consultation mechanisms should contribute to achieving this goal.  

2.4 Improved intra-EU cooperation in international financial institutions 

Under all circumstances, it is essential to ensure rapidly an improved upfront EU coordination 
in  relevant  international  financial  institutions,  which  has  not  been  sufficiently  ensured  until 
now.  Member  States  and  the  Union  are  represented  in  different  configurations  in  the 
governance  structures  of  international  financial  institutions.  Only  by  acting  concertedly  and 
coherently  can  the  EU's  development  finance  objectives  be  met.  This  concerns  in  particular 
the  European  Bank  for  Reconstruction  and  Development.  After  the  United  Kingdom  leaves 
the European Union, the combined share of the EU and the Member States in the European 
Bank for Reconstruction and Development will decrease from 62.8% to 54.3%, increasing the 
importance  of  strong  coordination  of  EUs  position  ahead  of  meetings  of  the  Board  of 
Governors  of  the  European  Bank  of  Reconstruction  and  Development18.  Such  enhanced, 
upfront coordination between the Member States and the Commission could potentially pave 
the way, in the longer-term perspective, for a change of the Statutes of the European Bank for 
Reconstruction and Development, allowing a joint vote at the Board of that Bank on behalf of 
all EU Member States. 

17   The WBIF was established in 2009 as a joint initiative of the European Commission, the Council of Europe 
Development  Bank,  the  European  Bank  for  Reconstruction  and  Development,  the  European  Investment 
Bank,  and several bilateral donors. It  is a regional  blending  facility supporting  EU  enlargement and  socio-
economic  development  in  Albania,  Bosnia  and  Herzegovina,  Kosovo,  the  former  Yugoslav  Republic  of 
Macedonia, Montenegro, and Serbia. 

18   The largest non-EU Shareholders in the Bank are: the United States of America (10.10%), Japan (8.60%), the 

Russian Federation (4.04%), Canada (3.43%), Turkey (1.16%). China holds 0.10%. 

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3.  Scaling up the EU's external investment capacity in the medium-term 

3.1  The  Proposal  for  a  Neighbourhood,  Development  and  International  Cooperation 
Instrument 

The spirit and principle of maximised impact are also the basis of the Commission’s proposal 
for the future Neighbourhood, Development and International Cooperation Instrument19, 
presented  in  June  2018,  as  part  of  the  proposals  for  the  next  Multiannual  Financial 
Framework.  The  architecture  of  this  instrument  reflects  the  geographical  and  thematic 
priorities of the EU and ensures that the EU will be equipped with a modern, powerful, agile 
and flexible tool to address sustainable development as part of the EU’s external action. This 
proposal  therefore  approaches  the  implementation  of  development  cooperation  through  the 
lens of the most appropriate tool in a given context, such as grants, budget support, financial 
instruments  or  guarantees,  or  a  combination  of  instruments.  The  proposed  new  instrument 
integrates  the  model  of  the  External  Investment  Plan  and  follows  the  same  innovative 
approach  to  development  financing,  through  an  expanded  European  Fund  for  Sustainable 
Development Plus (EFSD+) and a new External Action Guarantee of up to EUR 60 billion.20 
This  framework  integrates  the  existing  provisions  for  the  European  Fund  for  Sustainable 
Development,  the  External  Lending  Mandate  to  the  European  Investment  Bank  and  the 
Guarantee Fund for External Actions. 

The  new  instrument  will  represent  a  substantial  scaling  up  in  the  provision  of  blending, 
guarantees  and  other  financial  operations  supporting  external  investment.  In  addition,  while 
Africa,  the  Neighbourhood  and  the  Western  Balkans  will  continue  to  receive  particular 
attention, the guarantee will be expanded geographically. Together with the private sector and 
thanks to the multiplier effect, it may mobilise up to half a trillion euro in investments for the 
2021-2027 period. In order to ensure the most efficient management of EU resources and in 
light of the significant increase in volume of the EU guarantee, this requires the existing set-
up to be adapted accordingly. 

3.2 A reinforced European financial architecture  

The ambition of the European Fund for Sustainable Development Plus (EFSD+) will require 
an external financial architecture that is able to formulate and deliver efficient projects, while 
implementing the EU’s strategic policy orientation. In this context, the current fragmentation 
calls for a reinforced architecture within the framework proposed by the Commission in June 
2018. 

For  the  EU’s  financial  instruments  to  deliver  on  the  policy  goals  that  will  be  set  by  the 
European  Parliament  and  the  Council,  the  EU  should  endeavour  to  ensure  stronger  policy 
steer  and  control  in  order  to  foster  the  most  efficient  use  of  tax-payers’  money  in  terms  of 
both  geographical  and  thematic  priorities.  In  the  framework  of  next  Multi-annual  Financial 
Framework,  this  could  take  the  form  of  an  EU  external  investment  platform,  bringing 
together all actors benefitting from EU budget guarantees for external investment under a new 
single framework, established along the following principles:  

19   COM(2018) 460 final, 14 June 2018. 
20   This amount is also foreseen to finance EU macro-financial assistance operations to support countries faced 

with a balance-of-payments crisis (for up to EUR 14 billion in 2021-2027). 

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  The  first  level  concerns  the  definition  of  priority  sectors  and  geographical  areas  for 
investment. These will be set through the multiannual programming process, on the 
basis  of  the  external  action  objectives  of  the  Union,  as  foreseen  in  the  Regulation 
establishing 
the  Neighbourhood,  Development  and  International  Cooperation 
Instrument.  

  The  second  level  concerns  the  management  of  the  use  of  the  EU  guarantee.  The 
guarantee management is a responsibility of the Commission. It includes approval 
of  the  use  of  the  guarantee  (including  policy  compliance  check  of  the  project 
pipelines),  setting  and  monitoring  the  risk  parameters  aiming  at  protecting  the  EU 
budget,  and  the  overall  management  of  the  use  of  the  guarantee.21  Beyond  that,  the 
Commission  would  not  seek  to  carry  out  general  banking  operations,  nor  would  it 
replicate  or  duplicate  within  the  Commission  technical  expertise  that  is  available 
elsewhere.  The  assessment  of  the  risk  of  the  different  projects/pipelines  of  projects, 
identified according to the priorities established at political level, should be performed 
by a risk assessment group.22  
The provisioning for the European Fund for Sustainable Development Plus (EFSD+) 
will form part of the Union common provisioning fund in accordance with the relevant 
provisions  of  the  Financial  Regulation23,  which  provides  for  an  independent  expert 
evaluation by 30 June 2019 as regards whom to entrust with the financial management 
of the assets of the common provisioning fund. 

  The  third  level  would  carry  out  the  investments  on  the  ground  and  submit  the 
pipelines  of  projects  for  assessment.  The  European  Investment  Bank  and  other 
development finance institutions, on the basis of their respective expertise and subject 
to  their  own  due  diligence  procedures  and  governing  processes,  should  be  able  to 
access the EU guarantee to perform the projects delivering the highest added value for 
the  EU  on  the  ground.  The  promotion  of  cooperation  among  eligible  counterparts  is 
already foreseen in the proposal for a Neighbourhood, Development and International 
Cooperation  Instrument.24  A  model  of  joint  initiatives  for  specific  regions  or  sectors 
would be welcomed. Pipelines of projects brought together by different institutions in 
co-operation  will  be  evaluated  positively  by  the  Commission  when  deciding  on  the 
effective, efficient and fair use of available resources.  

The  platform  will  be  chaired  by  the  Commission  who,  in  coordination  with  the  other 
participants,  will  ensure  that  scope,  location  and  timing  of  investment  decisions  are  in  line 
with the established investment priorities and the overarching external policy objectives of the 
EU. 

21   Annex  VI  of  Proposal  for  a  Regulation  of  the  European  Parliament  and  of  the  Council  establishing  the 
Neighbourhood, Development and International Cooperation Instrument, COM(2018) 460 final of 14.6.2018. 
22   Different models would be possible for such a risk assessment group. By way of example, the independent 
experts advising the Commission could be selected i) as the result of a tender with the private sector for a 
competitive fee and work as external consultants, or ii) provided by the implementing partners (development 
finance  institutions  and  National  Development  Banks).  In  this  latter  case,  in  order  to  avoid  any  potential 
conflict of interest, the expert should not assess projects from his or her own institution of origin. 

23   Art  26(5)  of  Proposal  a  for  Regulation  of  the  European  Parliament  and  of  the  Council  establishing  the 
Neighbourhood, Development and International Cooperation Instrument, COM(2018) 460 final of 14.6.2018 
and  Article  212  of  Regulation  (EU,  Euratom)  2018/1046  on  the  financial  rules  applicable  to  the  general 
budget of the Union, OJ L193, 30.7.2018, p.1. 

24   Article  27(5)  of  Proposal  a  for  Regulation  of  the  European  Parliament  and  of  the  Council  establishing  the 
Neighbourhood, Development and International Cooperation Instrument, COM(2018) 460 final of 14.6.2018. 

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A reinforced architecture for the European Union’s external investment 

Level 1: Policy guidance through Multiannual programming of resources 

External investment platform 

Level 2: The Commission approves the use of the EU budgetary guarantee taking into 
account the risk assessment by independent experts  

Guarantee management   

Pipelines  of  projects  submitted  to  open  calls 
for tenders 

Level 3: Implementing Partners: the EIB, 
Development Institutions (such as the EBRD) 
and National Development Banks  

Private Sector 

4.  Conclusions 

Projects 

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4. Conclusions 

The  many  investment  challenges  and  opportunities  in  Africa,  the  EU  Neighbourhood  and 
other  parts  of  the  world  cannot  wait.  They  require  that  the  EU  focuses  its  actions  and  uses 
existing  EU  instruments,  institutions  and  actors  as  efficiently  as  possible,  in  pursuit  of  the 
Union’s political and policy goals and objectives. While there is merit in reflecting on more 
structural and fundamental reforms in the longer-term perspective, the Commission is of the 
view that action in the short-term should focus on rendering the existing system as effective 
and operational possible.  

To this end, the following priorities and actions have been identified: 

-  All  European  partners  are  invited  to  strengthen  their  cooperation  with  a  view  to 
contributing  to  the  realisation  of  the  Union’s  external  action  policies,  in  full 
coherence with the Union’s political goals and strategic interests. 

-  All  relevant  partners  are  invited  to  accelerate  the  implementation  of  the  External 
Investment Plan. Awareness of the Plan will be raised by targeted outreach actions. 

-  While  recognising  the  privileged  role  of  the  European  Investment  Bank  as  the  EU 
Bank,  the  EIB-Group  and  the  European  Bank  for  Reconstruction  and  Development, 
together with other actors – as appropriate – are invited to explore further synergies, 
for example in the form of a joint initiatives with specific purposes, in the framework 
of  the  ongoing  implementation  of  the  External  Investment  Plan  and  the  future 
Neighbourhood, Development and International Cooperation Instrument. 

-  The  European  Parliament  and  the  Council  are  invited  to  agree  on  the  main 
parameters  of  the  proposal  for  a  Neighbourhood,  Development  and  International 
Cooperation  Instrument  in  the  framework  of  the  next  Multi-annual  Financial 
Framework. 

-  A  reinforced  European  financial  architecture  for  the  European  Union’s  external 

financial investment should be put in place for its implementation. 

-  A  cooperation  mechanism  should  be  put  in  place,  ensuring  that  the  positions  of  EU 
Member States  are  better coordinated in  the European  Bank for  Reconstruction  and 
Development in particular. 

Building on the useful reflections in early 2018, the Commission will convene in October 
2018  all  relevant  actors,  including  Member  States,  development  finance  institutions  and 
other  stakeholders,  with  a  view  to  operationalising  as  rapidly  as  possible  the 
abovementioned priorities, without prejudice to the ongoing legislative procedure on the 
Neighbourhood,  Development  and  International  Cooperation  Instrument  or  wider 
reflections on the long-term European financial architecture for development.  

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