Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements
Date: 2025-02-26
Institutions: Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs, European Commission
Subjects: EU aid, EU financial instrument, EU programme, disclosure of information, exchange of information, financing, investment project, investment promotion, investment protection

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   EUROPEAN COMMISSION  Brussels, 26.2.2025  COM(2025) 84 final 2025/0040 (COD)  Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements  
 
EXPLANATORY MEMORANDUM 

1. 

• 

CONTEXT OF THE PROPOSAL 

Reasons for and objectives of the proposal 

The Commission emphasises  the importance of investing in  key technologies  and sectors to 
drive growth and competitiveness in the Union. Commission President von der Leyen, in her 
Political  Guidelines  for  the  2024-2029  Commission,  pairs  investment  with  the  ambition  of 
making  business  easier  through  reducing  administrative  burden  and  reporting  obligations. 
Following up on these strategical milestones, the Commission published ’A Competitiveness 
Compass  for  the  EU’1  in  January  2025  which  announces  a  Clean  Industrial  Deal  aimed  at 
securing the Union as an attractive location for manufacturing, and promoting clean tech and 
new circular business models, in order to meet its agreed decarbonisation objectives. 

Against this backdrop, the InvestEU programme, the Union’s largest risk-sharing instrument 
to support priority investments within the Union, as also pointed out in the Draghi report, has 
been  successful  in  mobilising  investments  where  market  failures  would  inhibit  them 
otherwise. Thanks to its partial provisioning and multiplier effect, InvestEU offers a budget-
wise  efficient  instrument  to  address  large  investment  needs  in  priority  areas  by  leveraging 
public and private investment. This is particularly relevant in the context of constrained public 
finances.  While InvestEU targets a broad range of key policy areas, a strong focus is set on 
investments  which  can  support  the  objectives  of  the  Competitiveness  Compass,  the  Clean 
Industrial  Deal  and  the  digital  innovation  and  transition  including  support  to  start-ups  and 
scale-ups.  In  fact,  InvestEU  is  a  versatile  instrument  and  can  support  investment  activity  in 
different policy areas according to the evolving and emerging priorities of the Union. 

The  interim  evaluation  of  the  InvestEU  programme,  published  in  September  20242, 
highlighted  the  need  to  consider  ways  to  enhance  the  financial  capacity  of  InvestEU  in  the 
remainder  of  the  programming  period  and  to  reduce  the  administrative  burden  on  key 
stakeholders.  Moreover,  the  interim  evaluation  recommended  ensuring  continuity  in  the 
financial products  offered to  the market  and avoiding  a stop-and-go situation,  as this would 
create not  only  a gap in  the much-needed Union  support to  policy priorities  but  would  also 
add complexity to the financial intermediaries and final recipients.     

in  addressing  financial  barriers  and  driving 

As of June 2024, InvestEU is estimated to have mobilised investments of EUR 280 billion, of 
which EUR 201 billion (close to 70  %) stemming from the private sector. InvestEU plays a 
key  role 
investments  needed  for 
competitiveness,  research  and  innovation,  decarbonisation  and  environmental  and  social 
sustainability.  Close  to  45  %  of  the  volume  of  operations  signed  under  InvestEU  are 
supporting the climate objective.  
In  light  of  these  developments,  a  legislative  amendment  to  the  InvestEU  Regulation3  is 
proposed to allow the use of existing resources more efficiently by increasing the size of the 

the 

COM(2025)30 final. 
https://commission.europa.eu/about/departments-and-executive-agencies/economic-and-financial-

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affairs/evaluation-reports-economic-and-financial-affairs-policies-and-spending-activities/interim-evaluation-
investeu-programme_en 
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Regulation  (EU)  2021/523  of  the  European  Parliament  and  of  the  Council  of  24  March  2021 
establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, 
p. 30). 

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EU  guarantee  and  its  provisioning  through  the  use  of  reflows  from  the  European  Fund  for 
Strategic  Investments  (EFSI)  and  from  legacy  instruments4  and  by  combining  the  InvestEU 
portfolio  with  support  from  the  Union  budget  under  EFSI  and  other  legacy  financial 
instruments  (CEF  Debt  Instrument  and  InnovFin  Debt  Facility)  portfolios,  thus  providing 
continued support to businesses and projects in the last two years of this programming period. 
These combinations potentially reduce the budget revenues (in relation to reflows or surpluses 
from  legacy instruments).  However,  they would also  trigger  substantial  financial efficiency 
gains by creating the possibility for an increased volume of guarantee cover to be provided for 
strategic  investments  in  key  Union  priority  areas  leading  to  an  additional  investment  of 
around EUR 25 billion that can be expected to be mobilised and by  leading to an increased 
diversification  of  risks  underpinned  by  the  same  provisioning.  They  would  also  lead  to 
reporting streamlining for the EIB and the EIF, albeit with certain specific data to be provided 
to the Commission for the accounting. 

The  proposed  changes  are  expected  to  mobilise  around  EUR 50  billion  in  additional  public 
and  private  investment.  The  increased  InvestEU  capacity  will  be  mainly  used  to  finance 
higher  risk  activities  in  support  of  priority  Union  policies,  such  as  the  ones  outlined  in  the 
Competitiveness  Compass  –  covering  tech  sectors  that  will  matter  in  tomorrow’s  economy 
such as digital frontier technologies –, the Clean Industrial Deal, as well as any potential new 
initiatives in priority areas such as defence industrial policy including space assets, dual-use 
activities  or  military  mobility.  Such  increased  investment  capacity  across  the  four 
compartments will contribute to the Union of Skills and Quality Jobs. More specifically, the 
incremental capacity can be used to support equity and quasi-equity in highly innovative and 
risky  projects,  higher  risk  debt  such  as  certain  forms  of  subordinated  debt,  guarantee 
instruments,  and  other  instruments  to  support  the  scaling  up  of  innovative  companies  in 
synergy  with  the  European  Innovation  Council,  as  well  as  guarantee  products  targeting 
innovation,  digitalisation,  digital  technologies  and  infrastructures,  the  green  transition  of 
smaller  firms,  social  investments  and  skills,  and  investments  into  funds  that  support  clean-
tech  and  deep-tech  start-ups  and  scale-ups  and  decarbonation  of  firms.  The  precise  product 
mix,  policy  mix  and  risk-sharing  arrangements  will  be  developed  and  agreed  between  the 
Commission  and  the  InvestEU  implementing  partners  and  reflected  accordingly  in  the 
InvestEU guarantee agreements, aiming at targeting current challenges and policy priorities.   

The  possibilities  under  the  Member  State  compartment  for  Member  States  to  deploy  funds 
under shared management, under the Recovery and Resilience Facility or from other national 
budgetary  funds  are  proposed  to  be  reinforced,  to  allow  Member  States  to  also  contribute 
through  a  financial  instrument  in  addition  to  existing  option  of  contributing  to  the  EU 
guarantee. 

Reporting  simplifications  are  needed  for  InvestEU,  EFSI  and  legacy  financial  instruments 
under  investment  support  programmes  to  reduce  the  reporting  burden  on  implementing 
partners, financial intermediaries and final recipients. The proposal contributes to meeting the 
commitments  of  the  Commission  to  reduce  the  administrative  burden  and  reporting 
obligations  by  at  least  25  %  for  all  business  and  by  35  %  for  small  and  medium-sized 
enterprises.  It  is  set  to  produce  significant  benefits,  with  spillover  effects  on  the  different 
the 
actors  (implementing  partners,  financial 
multilayered setup of InvestEU.  

intermediaries,  final  recipients)  given 

4 

Those instruments are enumerated in Annex IV to the InvestEU Regulation. 

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In  summary,  in  support  of  the  Competitiveness  Compass,  the  Clean  Industrial  Deal  and 
contributing to the Union’s economic growth and competitiveness, skills and quality jobs, the 
proposed amendments to the InvestEU Regulation aim to: i) increase the size and efficiency 
of  the  EU  guarantee;  ii)  increase  the  attractiveness  of  the  InvestEU  Member  State 
compartment;  and  iii)  simplify  the  administrative  burden  notably  caused  by  reporting 
requirements. 

More specifically, the proposal is set to provide: 

–  An  increase  in  the  EU  guarantee  by  EUR 2.5  billion  under  the  current  financing  period, 
with the corresponding budgetary resources required for provisioning stemming from EFSI 
surpluses and reflows from other legacy instruments becoming available in 2025, 2026 and 
2027. This increase of the EU guarantee will support the mobilisation of around EUR 25 
billion in additional private and public investment. 

–  Enhanced possibilities of combinations of available support from the Union budget under 
three  legacy  programmes  (EFSI,  CEF  Debt  Instrument  and  InnovFin  Debt  Facility)  with 
InvestEU Fund to improve the efficiency of InvestEU Fund and support the mobilisation of 
around EUR 25 billion of additional investment. 

–  A  possibility  for  Member  States  to  contribute  in  a  fully  funded  manner  to  a  financial 
instrument. This is in particular a valuable addition for funded equity products and for debt 
products  which  can  be  deployed  in  currencies  other  than  the  euro  without  exposing  the 
Union budget to currency risk. While the proposal is at this stage done under InvestEU and 
usable for national funds in accordance with Recovery and Resilience plans, provided all 
necessary  steps  can  be  finalised  before  August  2026,  and  for  other  national  budgetary 
funds,  the  application  of  this  possibility  to  funds  under  shared  management  would 
necessitate limited subsequent changes to sector specific rules be effective, so it would not 
be immediately available for those funds. 

–  Reporting  simplification,  notably  for  small  and  medium-sized  enterprises  (SMEs)  and 
social  economy  enterprises.  Such  simplifications  are  expected  to  save  around  EUR 350 
million.  

Efficiency gains  and simplifications will also  be achieved  through non-legislative  measures. 
Such  measures  include  the  possibility  for  implementing  partners  to  rely  on  management 
declarations  covering  more  than  one  Union  programme  they  are  implementing,  including 
InvestEU,  while  the  Commission  could  in  this  context  also  rely  on  equivalent  level  of 
assurance  through  other  independent  means  than  an  audit  opinion  or  the  possibility  for 
implementing partners to rely on their own positively pillar assessed rules and procedures in 
the  selection  of  financial  intermediaries.  In  parallel,  the  Commission  is  engaging  with  the 
implementing  partners  of  legacy  investment  support  programmes  to  reduce  the  reporting 
burden  through  contractual  simplifications  where  no  legislative  amendment  is  needed.  In 
addition,  the  Commission  is  exploring  further  simplification  opportunities  in  relation  to 
legislation on legacy financial support programmes, to the extent reporting requirements were 
laid  down  therein,  and  intends  to  present  further  legislative  simplification  measures,  as 
appropriate. Additional cost savings could be realised in that context. 

• 

Consistency with existing policy provisions in the policy area 

This proposal is consistent with existing policy  objectives in the policy areas of investment, 
industry, and economic growth, including the most recent ones. The InvestEU programme is 
consistent  with  the  Union’s  sustainable  economy  and  industrial  policy  strategies.  It  aims  to 
promote the competitiveness of the European economy and the development of key industries 

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and technologies and is a key component of the Union’s investment policy as presented in the 
Competitiveness Compass and the Clean Industrial Deal. The proposal should also continue to 
foster the development of investment ecosystems and the emergence of market-based funding 
solutions in support of European competitiveness. 

Following  up  on  Commission  proposal  COM/2023/5935  and  in  line  with  the  Political 
Guidelines  of  the  Commission  President6,  the  proposed  simplification  amendments  aim  to 
enhance  further  the  effectiveness  and  efficiency  of  the  programmes  concerned,  hence 
contributing  to  meeting  the  commitments  of  the  Commission  to  reduce  the  administrative 
burden by at least 25 % for all business and by 35 % for small and medium-sized enterprises. 

• 

Consistency with other Union policies 

The  proposal  is  aligned  with  the  Union’s  overall  objective  of  promoting  economic  growth, 
competitiveness, and job creation, as outlined in the Treaties. In supporting the objectives of 
the  Clean  Industrial  Deal  to  nurture  competitive  manufacturers  who  drive  decarbonisation 
through  innovation,  the  proposal  is  also  consistent  with  Europe’s  ambitious  framework  to 
become a decarbonised economy by 2050 and the intermediate 2040 target of 90 %. 

Helping to  de-risk private investments  and feeding  support through the Union’s (public and 
private) financial system, the proposal is also consistent with the objectives of the European 
Savings and Investment Union to connect savings to the most productive investment, with a 
focus  on  the  Union’s  strategic  objectives,  including  innovation,  decarbonisation,  digital 
technologies and defence.  

The proposed amendments will further enhance the impact in these areas.  

2. 

• 

LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY 

Legal basis 

The  same  legal  basis  (Article 173  (Industry)  and  Article 175,  third  paragraph,  (Economic, 
Social  and  Territorial  Cohesion)  of  the  Treaty  on  the  Functioning  of  the  European  Union 
(TFEU))  is  being  used  for  this  proposal  to  amend  the  InvestEU  Regulation  than  what  was 
used for the version in force. 

The amendments to other Regulations are in the same manner based on their original relevant 
legal bases, that is: i) Articles 172 and 173,  Article 175, third paragraph, and Article 182(1) 
for  the  EFSI  Regulation;  ii)  Articles  172  and  194  for  the  CEF  Regulation;  and  iii)  Articles 
173(3), 182(1), 183 and 188, second paragraph, for the Horizon Europe Regulation.  

• 

Subsidiarity (for non-exclusive competence)  

The objectives of the proposal cannot be sufficiently achieved by the Member States and can 
therefore be better achieved by the Union.  

5  Proposal  for  a  Regulation  of  the  European  Parliament  and  of  the  Council  amending  Regulations  (EU)  No 
1092/2010,  (EU)  No  1093/2010,  (EU)  No  1094/2010,  (EU)  No  1095/2010  and  (EU)  2021/523  as  regards 
certain  reporting  requirements  in  the  fields  of  financial  services  and  investment  support,  currently  being 
adopted by the co-legislators. 

6  https://commission.europa.eu/document/download/e6cd4328-673c-4e7a-8683-
f63ffb2cf648_en?filename=Political%20Guidelines%202024-2029_EN.pdf  

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The  multiplying  effect  and  the  impact  on  the  ground  will  be  much  higher  than  could  be 
achieved  by  investment  programmes  in  individual  Member  States.  The  amendments  would 
support  the  industrial  policy  of  the  Union  in  line  with  the  Competitiveness  Compass 
Communication.  The  Union’s  Single  Market  will  provide  for  greater  attractiveness  for 
investors and better risk diversification across sectors and geographies. 

The strengthening of the Member State compartment would allow addressing country specific 
market failures and investment gaps while drawing on financial products designed at central 
level  providing  a  tested  and  well-functioning  distribution  channel  for  the  use  of  budgetary 
funds  while  leveraging  private  sector  financing.  It  would  in  particular  help  Member  States 
channel  the  financial  support  to  investments  under  the  Recovery  and  Resilience  Plans, 
provided  all  necessary  steps  can  be  finalised  before  August  2026,  thereby  also  speeding  up 
their implementation. 

• 

Proportionality 

The  Draghi  report  calls  for  more  investment  support  to  close  the  investment  gap  and 
recognises InvestEU as the key risk-sharing instrument to use. 

An intervention at Union level ensures that a critical mass of resources can be leveraged so as 
to maximise the impact of investment on the ground. The proposal reinforces the existing EU 
guarantee  that  has  enabled  supporting  innovative  financing  solutions  attracting  also  private 
financing in support of key Union policies. It does not replace investments by Member States 
but is – on the contrary – complementary to such investments. The Union level provides for 
economies  of  scale  in  the  use  of  innovative  financial  products  by  catalysing  private 
investment  in  the  whole  Union  and  making  best  use  of  the  European  institutions  and  their 
expertise for that purpose. 

Intervention at Union level is the only tool to effectively address investment needs linked to 
Union-wide policy objectives.  

It does not go beyond what is necessary to achieve the objectives pursued. 

• 

Choice of the instrument 

The objectives pursued require amending the current InvestEU Regulation, EFSI Regulation, 
CEF Regulation and Horizon Europe Regulation through a legislative proposal. 

3. 

RESULTS 
CONSULTATIONS AND IMPACT ASSESSMENTS 

EVALUATIONS, 

POST 

OF 

EX 

STAKEHOLDER 

Ex post evaluations/fitness checks of existing legislation 

• 
The InvestEU interim evaluation7 recognised the notable successes already achieved and the 
potential of InvestEU to be even more impactful, while referring to the fact that the budget is 
inadequate relative to the high demand and significant investment needs.  

It  concluded  that  the  InvestEU  guarantee  features  high  additionality,  enabling  the 
implementing  partners  to  engage  with  higher  risk  counterparts,  deploy  riskier  financial 
products  or  conditions  and  finance  activities  with  inherently  higher  risk.  The  interim 
evaluation  also  recognised  the  meaningful  crowding-in  effect  of  InvestEU.  Based  on  the 
operations  approved  as  end-June  2024,  the  InvestEU  Fund  is  estimated  to  mobilise  around 

7 
evaluation (SWD(2024)229 of 30.9.2024. 

Commission  Staff  Working  Document  –  Executive  Summary  of  the  Evaluation  –  InvestEU  interim 

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EUR 280  billion  in  additional  investment,  with  EUR 201  billion  (71  %)  stemming  from 
private  sources.  Furthermore,  the  InvestEU  –  as  a  budgetary  guarantee  –  was  seen  as  an 
inherently efficient way of using and leveraging the Union budget. 

At the same time, the evaluation concluded that the current budget was inadequate relative to 
the high demand and significant investment needs and suggested considering ways to enhance 
the financial capacity of InvestEU in the remaining programming period.  

• 

Stakeholder consultations 

Extensive  consultations  were  carried  out  in  the  context  of  the  InvestEU  interim  evaluation, 
through  interviews  with  approximately  150  key  stakeholders,  survey  feedback  from  project 
promoters,  deep  dives,  thematic  case  studies,  and  participation  in  relevant  events.  While 
stakeholders  for  instance  praised  the  additionality  of  the  programme,  several  stakeholders 
pointed out that the InvestEU budget was much too limited to provide sustainable support to 
target beneficiaries and in most cases the budget was close to exhausted already. In addition, 
most implementing partners highlighted the demanding nature of the reporting requirements, 
which  they  find  burdensome  due  to  their  frequency  and  complexity,  and  they  advocated 
further  streamlining  of  reporting  procedures.  Furthermore,  the  Commission  is  in  regular 
contact  with  the  EIB  Group  and  other  InvestEU  implementing  partners  and  financial 
intermediaries who have voiced similar issues bilaterally and also through letters sent by the 
European  Association  of  Long-Term  Investors  (ELTI)  representing  13  out  of  the 
17 implementing partners to the Commission. 

Both the need for additional guarantee capacity and simplifications in terms of reporting are 
being catered for in the legislative proposal. 

Collection and use of expertise 

• 
An external independent interim evaluation8 was conducted in 2024 in line with Article 29(2) 
of the InvestEU Regulation. Please see the main messages derived from the interim evaluation 
relevant  for  this  proposal  under  the  sub-heading  ’Ex  post  evaluations/fitness  checks  of 
existing legislation’ above. 

• 

Impact assessment 

This  proposal  does  not  create  a  new  instrument.  The  proposal  draws  on  the  impact 
assessments done in the context of the original proposal for the InvestEU Regulation on the 
benefits  of  a  budgetary  guarantee  instrument  and  on  the  interim  evaluation  carried  out  in 
2024,  which  demonstrated  the  usefulness  and  budgetary  efficiency  of  InvestEU.  Investment 
needs  that  InvestEU  was  designed  to  tackle  exceed  by  far  the  available  financing  under  the 
current programme. 

No additional impact assessment was done for the amendment proposal which builds on the 
same  risk-sharing  structure  already  being  successfully  implemented  and  is  able  to  cater  for 
investment support in multiple sectors in line with the policy priorities of the Union, including 
the evolving and emerging ones.  

• 

Regulatory fitness and simplification 

The proposal reflects the general simplification exercise pursued by the Commission. It aims 
to alleviate the administrative burden on the final recipients of the investment support, on the 
financial  intermediaries  and  on  the  implementing  partners  by:  i)  reducing  the  frequency  of 

8 

Interim evaluation of the InvestEU Programme – Final report of 1.10.2024. 

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reporting; ii) removing the requirement on implementing partners to produce an annual report 
on investment  barriers; iii) reducing the  number  of  items  to  be reported in relation  to small 
transactions; iv) adjusting the application of the SME definition. In particular, items iii) and 
iv)  will  exempt  small  businesses  and  thus  reduce  their  costs.  The  ensuing  cost  reductions 
should have a positive impact on the competitiveness. 

No additional reporting items are being proposed. The Commission has already established a 
digital  tool  (the  InvestEU  Management  Information  System)  that  the  implementing  partners 
use when submitting operational, financial and risk-related reporting data to the Commission.  

• 

Fundamental rights 

The proposal does not have an impact on fundamental rights. 

4. 

BUDGETARY IMPLICATIONS 

The  EU  guarantee  under  InvestEU  is  being  proposed  to  be  increased  by  EUR 2.5  billion 
which  is  expected  to  mobilise  additional  investment  of  around  EUR 25  billion.  This  would 
require  additional  provisioning  of  EUR 1  billion.  The  resources  for  the  provisioning  would 
come  from  reflows  from  legacy  financial  instruments  listed  in  Annex  IV  to  the  InvestEU 
Regulation, from EFSI, from InvestEU itself and from surpluses in the Common Provisioning 
Fund relating to the EFSI compartment. The amount of reflows from EFSI surpluses and from 
legacy financial  instruments  for the period 2025-2027 is  expected to  be  in  excess  of EUR 2 
billion.  

The enhanced combinations are expected to mobilise in the area of another EUR 25 billion of 
investment.  The  financial  impact  of  these  combinations  implies  delayed  and  potentially 
reduced  budget  revenues  (in  relation  to  reflows  from  legacy  financial  instruments)  and 
surpluses from the provisioning of EFSI. 

No additional budget is requested for staff or administrative costs. 

A legislative financial and digital statement with further budgetary information is included. 

5. 

• 

OTHER ELEMENTS 

Implementation plans and monitoring, evaluation and reporting arrangements 

The  InvestEU  Fund  (the  EU  guarantee)  is  implemented  through  indirect  management.  The 
Commission currently has a network of 17 implementing partners already in place, expected 
to increase to 24 implementing partners following the latest call for expression of interest, that 
ensure the implementation of the proposal in the whole Union.  

The monitoring, evaluation and reporting arrangements already in  place  will remain, except 
for those reporting requirements which will be reduced or removed due to the simplification 
explained under the sub-heading ’Regulatory fitness and simplification’ above. 

Performance will be measured against indicators laid down in the InvestEU Regulation and in 
the  guarantee  agreements  with  the  implementing  partners  in  order  to  gather  harmonised 
reporting from them. 

• 

Detailed explanation of the specific provisions of the proposal 

The specific provisions are explained with reference to each Regulation being proposed to be 
amended. 

InvestEU Regulation (Article 1)  

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The  EU  guarantee  is  proposed  to  be  increased  to  EUR  28 652 310 073  in  current  prices 
(increase of  EUR 2 500 000 000). Consequently, the  75 % of the EU guarantee allocated to 
the EIB Group will amount to EUR 21 489 232 555 and the financial contribution of the EIB 
Group is proposed to be increased in proportion to EUR 5 372 308 139.  

The indicative distribution of the EU guarantee between the four policy windows laid down in 
Annex  I  is  increased  proportionately  to  the  increase  of  the  EU  guarantee.  This  is  without 
prejudice to initiatives that may be taken in the coming months to meet compelling and urgent 
financing  needs  in  priority  areas  such  as  defence  industrial  policy  including  space  assets, 
dual-use activities or military mobility. 

The provisioning rate of 40 % will remain. 

In addition, the provisions relating to combinations of EFSI and two legacy instruments with 
InvestEU to enhance the efficiency of the programme are adjusted to allow for most effective 
combinations. 

An  InvestEU  financial  instrument  is  proposed  to  be  included  under  the  Member  State 
compartment  to  make  more  efficient  the  deployment  of  certain  financial  products  (in 
particular for equity investments)  under that  compartment and hence increase  its versatility. 
Furthermore, the InvestEU financial instrument can be deployed by the implementing partner 
in  currencies other than  the  euro, further increasing  efficiency  and  versatility, chiefly  to  the 
benefit of contributing Member States whose currency is not the euro.  

The introduction of the InvestEU financial instrument to the Regulation has led to numerous 
consequential  changes  in  the  definitions  of  certain  terms  and  in  Articles,  which  previously 
referred only to the EU guarantee. It is being proposed that the InvestEU financial instrument 
in  general  follows  the  same  rules  as  the  EU  guarantee,  to  the  extent  applicable  and 
appropriate. For clarity, the mention of the InvestEU financial instrument is usually explicitly 
added to the relevant Articles, while cross-refences are only used in limited provisions, where 
it  is  justifiable.  In  this  context,  very  minor  other  adjustments  were  made  to  the  provisions 
relating to the EU guarantee under the Member State compartment relating to the content of 
the guarantee agreement implementing a contribution agreement.  

In  terms  of  simplification,  a  revised  SME  definition  is  being  proposed  and  for  small-size 
operations not exceeding EUR 100 000 the reporting requirements laid down in Annex III are 
alleviated by reducing the number of indicators on which the implementing partners will need 
to  report,  which  will  also  have  a  positive  impact  to  financial  intermediaries  and  final 
recipients. The purpose is to make the requirements more proportionate while not hampering 
the  objectives  of  the  InvestEU  programme.  As  a  more  general  simplification  measure,  the 
frequency of reporting under EFSI from the EIB to the Commission is reduced to annual from 
semi-annual9  and  reporting  on  investment  barriers  is  no  longer  obligatory  to  any 
implementing partner.  

In  addition,  a  number  of  provisions  are  updated  technically  to  refer  exactly  to  current 
legislation  in  cases  where  the  adoption  of  those  legislative  acts  was  pending  at  the  time  of 
adoption of the InvestEU Regulation. 

9 

See  also  footnote  5.  As  regards  InvestEU,  the  reduced  frequency  was  already  proposed  by  the 
Commission but the final  adoption by the European Parliament and the Council is still pending at the 
time of this proposal. 

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8 

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EFSI Regulation (Article 2) 

To  mirror  the  adjustments  made  in  the  InvestEU  Regulation  for  combinations,  adjustments 
were also made to the EFSI Regulation. 

In terms of simplification, the frequency of reporting from the implementing partners to the 
Commission  is  reduced  to  annual  from  semi-annual  and  reporting  on  investment  barriers  is 
removed since the investment period under EFSI has ended. For the same reason, two types of 
reporting are discontinued. 

CEF Regulation (Article 3), Horizon Europe Regulation (Article 4) 

Amendments  to  these  two  Regulations  aim  at  allowing  the  combinations  of  the  support  of 
these instruments with the EU guarantee under InvestEU Fund as provided for in Article 7 of 
the InvestEU Regulation. 

Entry into force (Article 5) 

It is proposed that the amending Regulation enters into force on the day following publication 
to allow for swift implementation. 

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9 

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2025/0040 (COD) 

Proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 
2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation 
(EU) 2021/523 and simplifying reporting requirements 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Article 172 and Article 173, Article 175, third paragraph, Article 182(1), Article 188, second 
paragraph, Article 183 and Article 194 thereof, 

Having regard to the proposal from the European Commission, 

After transmission of the draft legislative act to the national parliaments, 
Having regard to the opinion of the European Economic and Social Committee10,  
Having regard to the opinion of the Committee of the Regions11,  

Acting in accordance with the ordinary legislative procedure, 

Whereas: 

(1) 

(2) 

(3) 

The  Union  faces  massive  financing  needs  to  deliver  on  its  objectives  in  the  areas  of 
innovation,  the  clean  and  digital  transition,  and  social  investment  and  skills,  while  a 
complex  backdrop  affecting  the  Union’s  competitiveness  and  industrial  base 
characterised  by  changing  global  dynamics,  slow  economic  growth,  accelerated 
climate  change  and  environmental  degradation,  technological  competition  and  rising 
geopolitical tensions needs to be addressed.  

The  Draghi  report  assesses  the  combined  additional  investment  needs  in  Europe  at 
EUR 750-800  billion  per  year  by  2030.  This  includes  a  substantial  amount  for  the 
green  and  digital  transition.  Ensuring  sufficient  public  and  private  investment  is 
critical  to  boost  productivity  growth  and  achieve  Union’s  goals,  leverage  private 
investments  with  the  objective  to  decarbonise  industry,  accelerate  the  production, 
strengthen 
storage  and  deployment  of  clean  energy  and  electrification, 
interconnections  and  grids,  advance  sustainable  and  circular  business  models,  foster 
building renovation, develop clean tech manufacturing as well as digital technologies 
and their diffusion across economic sectors. 

The InvestEU Fund is the main EU-level tool to leverage public and private funding to 
support a broad range of Union policy priorities. Through its comprehensive network 
of  implementing  partners,  including  the  European  Investment  Bank  (EIB),  the 
European Investment Fund (EIF), other international financial institutions and national 
promotional  banks  and  institutions,  the  InvestEU  Fund  is  delivering  much-needed 

10 
11 

OJ C […], […], p. […]. 
OJ C […], […], p. […]. 

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10 

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(4) 

financing  through  its  risk-sharing  capacity.  The  InvestEU  interim  evaluation 
highlighted  that  budgetary  guarantees  are  inherently  efficient  for  the  EU  budget  and 
confirmed that the programme is well on track to mobilise investment, with a notable 
expected  impact  on  the  real  economy.  However,  approvals  of  financing  and 
investment operation under InvestEU  were heavily frontloaded, and as a result, if no 
action  is  taken  to  address  the  issue,  new  approvals  for  some  financial  products  may 
cease after 2025. 

The  financial  capacity  of  InvestEU  Fund  should  be  increased  and  used  even  more 
efficiently  in  combination  with  resources  that  will  become  available  under  the 
European  Fund  for  Strategic  Investments  (EFSI)  and  other  legacy  instruments  (CEF 
Debt  Instrument  and  InnovFin  Debt  Facility)  implemented by the  EIB Group. These 
combinations  potentially  reduce  the  budget  revenues  from  legacy  instruments. 
However, they would also create the possibility for an increased volume of guarantee 
cover  to  be  provided  for  strategic  investments  in  key  Union  priority  areas  for  an 
additional investment of around EUR 25 billion that can be expected to be mobilised 
and  by  leading  to  an  increased  diversification  of  risks  and  thus  not  substantially 
increasing the risks for the Union budget. 

(5)  With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional 
reflows of EUR 1 billion, and the efficiency measures implemented by combining the 
capacities of the legacy instruments with the InvestEU Fund, it is expected that around 
EUR 50 billion in additional investment could be mobilised. The financial contribution 
of the EIB Group should be proportionally adjusted to the share of the  increased EU 
guarantee allocated to them. 

(6) 

(7) 

(8) 

(9) 

In  order  to  enhance  the  attractiveness  of  the  Member  State  compartment  under  the 
InvestEU Fund, it should be made possible for Member States to contribute also in a 
fully  funded  manner  through  an  InvestEU  financial  instrument  in  addition  to  the 
existing  option  of  contributing  to  the  EU  guarantee.  The  support  from  InvestEU 
financial instrument should, to the extent possible, be implemented following the same 
principles  as  those  of  the  EU  guarantee.  Through  the  InvestEU  financial  instrument, 
non-euro Member States could benefit from the InvestEU programme financially more 
efficiently in their own currency.    

In line with an overall objective of simplification so as to alleviate the administrative 
burden  for  final  recipients,  financial  intermediaries  and  implementing  partners, 
reporting  requirements,  including  those  relating  to  key  performance  and  monitoring 
indicators, should be reduced, where appropriate, in particular those that affect small 
businesses  and  small-size  operations.  The  application  of  the  definition  of  an  SME 
should  be  adjusted  to  remove  complexities  to  the  extent  possible.  Specific  attention 
should be paid to social economy enterprises and micro finance institutions. 

The  frequency  and  scope  of  reports  should  also  be  reduced  for  the  InvestEU 
programme and its predecessor, the EFSI programme. 

For  the  Commission’s  accounting,  implementing  partners  should  provide  for 
combinations audited financial statements in line with Article 212(4) of the Financial 
Regulation, clearly delineating the amounts related to the different legal basis. 

(10)  Regulations (EU) 2015/1017, (EU) 2021/695 and (EU) 2021/1153 should be amended 
to  allow  for  combinations  of  support  under  those  Regulations  and  the  EU  guarantee 
under this Regulation. 

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(11)  Since  the  objectives  of  this  Regulation,  namely  to  address  Union-wide  and  Member 
State specific market  failures and the investment  gap within  the Union, to accelerate 
the Union’s green and digital transition, enhance its competitiveness and strengthen its 
industrial base cannot be sufficiently achieved by the Member States, but can be better 
achieved  at  Union  level,  the  Union  may  adopt  measures  in  accordance  with  the 
principle  of  subsidiarity  as  set  out  in  Article  5  of  the  Treaty  on  European  Union.  In 
accordance  with  the  principle  of  proportionality  as  set  out  in  that  Article,  this 
Regulation does not go beyond what is necessary to achieve those objectives, 

HAVE ADOPTED THIS REGULATION: 

Article 1 
Amendments to Regulation (EU) 2021/523 [InvestEU Regulation] 

Regulation (EU) 2021/523 is amended as follows: 

(1) 

In Article 1, the first paragraph is replaced by the following: 

‘This  Regulation  establishes  the  InvestEU  Fund,  which  shall  provide  for  an  EU 
guarantee and an InvestEU financial instrument to support financing and investment 
operations  carried out  by the implementing partners that contribute to  objectives of 
the Union’s internal policies.’; 

(2) 

Article 2 is amended as follows: 

(a) 

points (3), (4) and (5) are replaced by the following: 

‘(3) ‘policy window’ means a targeted area for support by the EU guarantee or 
the InvestEU financial instrument as laid down in Article 8(1);’ 

(4)  ‘compartment’  means  a  part  of  the  support  provided  under  the  InvestEU 
Fund defined in terms of the origin of the resources backing it;’ 

(5)  ‘blending  operation’  means,  under  the  EU  compartment,  an  operation 
supported by the Union budget that combines non-repayable forms of support, 
repayable  forms  of  support,  or  both,  from  the  Union  budget  with  repayable 
forms of support from development or other public finance institutions, or from 
commercial  finance  institutions  and  investors;  for  the  purposes  of  this 
definition,  Union  programmes  financed  from  sources  other  than  the  Union 
budget,  such  as  the  EU  ETS  Innovation  Fund,  may  be  assimilated  to  Union 
programmes financed by the Union budget;’; 

(b)  point (8) is replaced by the following: 

‘(8)  ‘contribution  agreement’  means  a 
the 
Commission  and  one  or  more  Member  States  specify  the  conditions  for  the 
implementation  of  the  contribution  under  the  Member  State  compartment,  as 
laid down in Articles 10 and 10a, respectively;’; 

instrument  whereby 

legal 

(c) 

points (10) and (11) are replaced by the following: 

‘(10)  ‘financing  and  investment  operations’  or  ‘financing  or  investment 
operations’  means  operations  to  provide  finance  directly  or  indirectly  to  final 
recipients through financial products: 

(a) 

in  the  context  of  the  EU  guarantee,  carried  out  by  an  implementing 
partner  in  its  own  name,  provided  by  the  implementing  partner  in 

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12 

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accordance with its internal rules, policies and procedures and accounted 
for  in  the  implementing  partner’s  financial  statements  or,  where 
applicable, disclosed in the notes to those financial statements;  

(b) 

in  the  context  of  the  InvestEU  financial  instrument,  carried  out  by  the 
implementing partner in its own name or in its own name but on behalf 
of the Commission, as applicable; 

the  InvestEU  Fund,  namely 

(11) 
‘funds  under  shared  management’  means  funds  that  provide  for  the 
possibility  of  allocating  a  portion  of  those  funds  to  the  provisioning  for  a 
budgetary  guarantee  or  to  a  financial  instrument  under  the  Member  State 
compartment  of 
the  European  Regional 
Development Fund (ERDF) and the Cohesion Fund established by Regulation 
(EU) 2021/1058 of the European Parliament and of the Council12, the European 
Social  Fund  Plus  (ESF+)  established  by  Regulation  (EU)  2021/1057  of  the 
European  Parliament  and  of  the  Council13  (the  ‘ESF+  Regulation  for  2021-
2027’),  the  European  Maritime,  Fisheries  and  Aquaculture  Fund  (EMFAF) 
established by Regulation (EU) 2021/1139 of the European Parliament and of 
the  Council14  and  the  European  Agriculture  Fund  for  Rural  Development 
(EAFRD)  established  by  Regulation  (EU)  2021/2115  of  the  European 
Parliament and of the Council15 (the ‘CAP Strategic Plans Regulation’);’; 

(d) 

 point 12 is replaced by the following: 

legal 

‘(12)  ‘guarantee  agreement’  means  a 
the 
Commission and an implementing partner specify the conditions for proposing 
financing and investment operations in order for them to be granted the benefit 
of the EU guarantee and/or of the InvestEU financial instrument, for providing 
the  EU  guarantee  or  support  through  the  InvestEU  financial  instrument  for 
those  operations  and  for  implementing  them  in  accordance  with  this 
Regulation;’; 

instrument  whereby 

(e) 

point 21 is replaced by the following: 

‘(21)  ‘small  and  medium-sized  enterprise’  (‘SME’)  means (a) in  case  of 
financial  products  not  conferring  advantage  in  State  aid  terms,  an  enterprise 
which,  according  to  its  last  annual  or  consolidated  accounts,  employs  an 
average  number  of  employees  during  the  financial  year  of  less  than  250, 
or (b) in  case  of  other  types  of  financial  products, a  micro,  small  or  medium-
to  Commission 
sized  enterprise  within 

the  meaning  of 

the  Annex 

12 

13 

14 

15 

Regulation  (EU)  2021/1058  of  the  European  Parliament  and  of  the  Council  of  24  June  2021  on  the 
European Regional Development Fund and on the Cohesion Fund (OJ L 231, 30.6.2021, p. 60). 
Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing 
the European Social Fund Plus (ESF+) and repealing Regulation (EU) 1296/2013 (OJ L 231, 30.6.2021, 
p. 21). 
Regulation (EU) 2021/1139 of the European Parliament and of the Council of 7 July 2021 establishing 
the European Maritime, Fisheries and Aquaculture Fund and amending Regulation (EU) 2017/1004 (OJ 
L 247, 13.7.2021, p. 1). 
Regulation  (EU)  2021/2115  of  the  European  Parliament  and  of  the  Council  of  2  December  2021 
establishing rules on support for strategic plans to be drawn up by Member States under the common 
agricultural  policy (CAP  Strategic  Plans)  and  financed  by the  European  Agricultural  Guarantee  Fund 
(EAGF)  and  by  the  European  Agricultural  Fund  for  Rural  Development  (EAFRD)  and  repealing 
Regulations (EU) No 1305/2013 and (EU) No 1307/2013 (OJ L 435, 6.12.2021, p. 1). 

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Recommendation  2003/361/EC16 or as otherwise  defined  in  the  guarantee 
agreement;’; 

(f) 

the following point 24 is added: 

‘(24)  ‘InvestEU  financial  instrument’  means  a  measure  defined  in  Article  2, 
point  (30),  of  the  Financial  Regulation  to  be  implemented  under  the  Member 
State compartment of the InvestEU Fund.’; 

(3) 

Article 4 is amended as follows: 

(a) 

paragraph 1 is amended as follows: 

(i) in the first subparagraph, the first sentence is replaced by the following: 

‘The EU guarantee for the purposes of the EU compartment referred to in point 
(a) of Article 9(1) shall be EUR 28 652 310 073 in current prices.’; 

(ii) the second subparagraph is replaced by the following: 

‘An additional amount of the EU guarantee may be provided for the purposes 
of the Member State compartment referred to in point (b) of Article 9(1) of this 
Regulation, subject to the allocation by Member States, pursuant to Article 14 
of Regulation (EU) 2021/1060 of the European Parliament and of the Council 
(17) (the ‘Common Provisions Regulation for 2021-2027’) and Article 81 of the 
CAP Strategic Plans Regulation, of the corresponding amounts.’; 

(b) 

in paragraph 2, the second subparagraph is replaced by the following: 

‘An amount of EUR 13 827 310 073 in current prices of the amount referred to 
in the first subparagraph of paragraph 1 of this Article shall be allocated for the 
objectives referred to in Article 3(2).’; 

(4) 

in Article 6(1), the first sentence is replaced by the following: 

‘The  EU  guarantee  and  the  InvestEU  financial  instrument  shall  be  implemented  in 
indirect  management with  the bodies referred to  in  points (c)(ii), (c)(iii), (c)(v) and 
(c)(vi) of Article 62(1) of the Financial Regulation.’;  

(5) 

Article 7 is amended as follows: 

(a)  The title is replaced by the following: 

‘Combinations’ 

(b)  paragraph 1 is replaced by the following: 

‘Support from the EU guarantee under this Regulation, Union support provided 
through  the  financial  instruments  established  by  the  programmes  in  the 
programming  period  2014-2020  and  Union  support  from  the  EU  guarantee 
established  by  Regulation  (EU)  2015/1017  may  be  combined  to  support 

16 

17 

Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small 
and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36). 
Regulation  (EU)  2021/1060  of  the  European  Parliament  and  of  the  Council  of  24  June  2021  laying 
down  common  provisions  on  the  European  Regional  Development  Fund,  the  European  Social  Fund 
Plus,  the  Cohesion  Fund,  the  Just  Transition  Fund  and  the  European  Maritime,  Fisheries  and 
Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the 
Internal  Security  Fund  and  the  Instrument  for  Financial  Support  for  Border  Management  and  Visa 
Policy (OJ L 231, 30.6.2021, p. 159). 

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financial products or portfolios implemented or to be implemented by the EIB 
or the EIF under this Regulation.’; 

(c) 

paragraph 4 is replaced by the following: 

‘Support from the EU guarantee under this Regulation, Union support provided 
through  the  guarantee  under  the  financial  instruments  established  by  the 
programmes  in  the  programming  period  2014-2020  and  released  from  the 
operations  approved  under  these  instruments  and  Union  support  provided 
through  the  EU  guarantee  established  by  Regulation  (EU)  2015/1017  and 
released from operations approved under that EU guarantee may be combined 
to support financial products or portfolios containing exclusively financing and 
investment  operations  eligible  under  this  Regulation,  implemented  or  to  be 
implemented by the EIB or the EIF under this Regulation.’; 

(d) 

the following paragraphs 5, 6 and 7 are added: 

‘5.  By  derogation  from  Article  212(3),  second  subparagraph  of  the  Financial 
Regulation,  the  released guarantee  under  the  financial  instruments  established 
by  the  programmes  in  the  programming  period  2014-2020  may  be  used  for 
covering financing and investment operations eligible under this Regulation for 
the purpose of the combination referred to in paragraph 4. 

6. By derogation from Article 216(4), point (a) of the Financial Regulation, the 
provisioning corresponding to the released guarantee under the Union support 
from the EU guarantee established by Regulation (EU) 2015/1017  may not be 
taken into account for the purpose of operations  referred to in Article 216(4) of 
the  Financial  Regulation  and  may  be  used  for  covering  financing  and 
investment  operations  eligible  under  this  Regulation  for  the  purpose  of  the 
combination referred to in paragraph 4. 

7. The release of the guarantee under the financial instruments established by 
the  programmes  in  the  programming  period  2014-2020,  the  transfer  of 
corresponding  assets  from  fiduciary  accounts  to  Common  Provisioning  Fund 
and  the  release  of  the  guarantee  under  the  Union  support  from  the  EU 
guarantee established by Regulation (EU) 2015/1017 referred to in paragraph 4 
shall take place by an  amendment  of the relevant  agreements  signed between 
the Commission and the EIB or the EIF.   

The  conditions  of  the  use  of  the  released  guarantees  referred  to  in  the  first 
subparagraph, to cover financing and investment operations eligible under this 
Regulation,  and  where  relevant,  the  transfer  of  corresponding  assets  from 
fiduciary  accounts  to  the  Common  Provisioning  Fund,  shall  be  set  out  in  the 
guarantee agreement referred to in Article 17.  

The terms and conditions of the financial products referred to in  paragraphs 1 
and 4 of this Article and of the portfolios concerned, including the respective 
pro rata shares of losses, revenues, repayments and recoveries or the respective 
non pro rata shares in accordance with the second subparagraph of paragraph 3, 
shall be set out in the guarantee agreement referred to in Article 17.’; 

(6) 

In Article 8(8), the second subparagraph is replaced by the following: 

‘The Commission, together with implementing partners, shall seek to ensure that the 
part  of  the  EU  guarantee  under  the  EU  compartment  used  for  the  sustainable 

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infrastructure  policy  window  is  distributed  with  the  aim  of  achieving  a  balance 
between the different areas referred to in point (a) of paragraph 1.’; 

(7) 

In Article 9(1), point (b) is replaced by the following: 

‘(b) 
the  Member  State  compartment  shall  address  specific  market  failures  or 
suboptimal  investment  situations  in  one  or  several  regions  or  Member  States  to 
deliver the policy objectives of the contributing funds under shared management or 
of  the  additional  amount  provided  by  a  Member  State  under    Article  4(1),  third 
subparagraph,  or  under  Article  10a(1),  second  subparagraph,  in  particular  to 
strengthen  economic,  social  and  territorial  cohesion  in  the  Union  by  addressing 
imbalances between its regions.’; 

(8) 

Article 10 is amended as follows: 

(a) 

the title is replaced by the following: 

‘Specific  provisions  applicable  to  the  EU  Guarantee  implemented  under  the 
Member State compartment’;  

(b) 

in paragraph 2, the fourth subparagraph is replaced by the following: 

‘The  Member  State  and  the  Commission  shall  conclude  a  contribution 
agreement  or  an  amendment  to  it  following  the  Commission  Decision 
approving  the  Partnership  Agreement  pursuant  to  the  Common  Provisions 
Regulation for 2021-2027 or the CAP Strategic Plan under the CAP Strategic 
Plans  Regulation  or  simultaneously  to  the  Commission  Decision  amending  a 
programme in accordance with the  Common Provisions Regulation for 2021-
2027  or  a  CAP  Strategic  Plan  in  accordance  with  the  provisions  on  the 
amendment  to  the  CAP  Strategic  Plan  laid  down  in  the  CAP  Strategic  Plans 
Regulation.’; 

(c) 

in paragraph 3, point (b) is replaced by the following: 

‘(b) 
the  Member  State  strategy,  consisting  of  the  type  of  financing,  the 
target  leverage,  the  geographical  coverage,  including  regional  coverage  if 
necessary, types of projects,  the investment  period and, where  applicable, the 
categories of final recipients and of eligible intermediaries;’; 

(9) 

The following Article 10a is inserted: 

‘Article 10a 

Specific provisions applicable to the InvestEU financial instrument implemented under 
the Member State compartment 

1. 
A  Member  State  may  contribute  amounts  from  the  funds  under  shared 
management  to  the  Member  State  compartment  of  the  InvestEU  Fund  in  view  of 
deploying them through the InvestEU financial instrument.  

Member  States  may  also  provide  additional  amounts  for  the  purposes  of  the 
InvestEU  financial  instrument.  Such  amounts  shall  constitute  an  external  assigned 
revenue  in  accordance  with  Article  21(5),  second  sentence  of  the  Financial 
Regulation. 

Amounts allocated by a Member State on a voluntary basis pursuant to the first and 
second  subparagraph  shall  be  used  for  supporting  financing  and  investment 
operations in the Member State concerned. Those amounts shall be used to contribute 
to  the  achievement  of  the  policy  objectives  specified  in  the  Partnership  Agreement 

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referred to in Article 11(1)(a) of the Common Provisions Regulation for 2021-2027, 
in  the  programmes  or  in  the  CAP  Strategic  Plan  which  contribute  to  the  InvestEU 
Programme,  in  order  to  implement  relevant  measures  set  out  in  the  recovery  and 
resilience plans in accordance with Regulation (EU) 2021/241 or, in other cases, for 
the purposes laid down in the contribution agreement, depending on the origin of the 
amount contributed. 

2.   Contribution  to  the  InvestEU  financial  instrument  shall  be  subject  to  the 
conclusion  of  a  contribution  agreement  between  a  Member  State  and  the 
Commission, which for the contributions from funds under shared management shall 
be done in accordance with Article 10(2), fourth subparagraph.  

Two or more Member States may conclude a joint contribution agreement with the 
Commission. 

3. 
The  contribution  agreement  shall  at  least  contain  the  amount  of  the 
contribution by the Member State and the currency of the financing and investment 
operations,  provisions  on  the  Union  remuneration  for  the  InvestEU  financial 
instrument, the elements set out in points (b) to (e) and (g) of Article 10(3) and the 
treatment of resources generated by or attributable to the amounts contributed to the 
InvestEU financial instrument. 

The  contribution  agreements  shall  be 

4. 
agreements concluded in accordance with Article 10(4), first subparagraph. 

implemented 

through  guarantee 

Where  no  guarantee  agreement  has  been  concluded  within  12  months  from  the 
conclusion  of  the  contribution  agreement,  the  contribution  agreement  shall  be 
terminated or prolonged  by mutual  agreement.  Where the  amount of a  contribution 
agreement  has  not  been  fully  committed  under  one  or  more  guarantee  agreements 
within  12  months  from  the  conclusion  of  the  contribution  agreement,  that  amount 
shall  be  amended  accordingly.  The  unused  amount  of  a  contribution  from  funds 
under  shared  management  delivered  through  the  InvestEU  Programme  shall  be  re-
used  in  accordance  with  the  respective  Regulations.  The  unused  amount  of  a 
contribution  by  a  Member  State  under  paragraph  1,  second  subparagraph,  of  this 
Article shall be paid back to the Member State.  

Where  a  guarantee  agreement  has  not  been  duly  implemented  within  the  period 
specified  in  Article  14(6)  of  the  Common  Provisions  Regulation  for  2021-2027  or 
Article  81(6)  of  the  CAP  Strategic  Plans  Regulation,  or,  in  the  case  of  a  guarantee 
agreement  related  to  amounts  provided  in  accordance  with  paragraph  1,  second 
subparagraph, of this Article, in the relevant contribution agreement, the contribution 
agreement  shall  be  amended.  The  unused  amounts  allocated  by  Member  States 
pursuant  to  the  provisions  on  the  use  of  the  funds  under  shared  management 
delivered through the InvestEU Programme shall be re-used in accordance with  the 
respective  Regulations.  The  unused  amount  of  an  InvestEU  financial  instrument 
attributable  to  the  contribution  by  a  Member  State  under  paragraph  1,  second 
subparagraph, of this Article shall be paid back to the Member State. 

Resources  generated  by  or  attributable  to  the  amounts  contributed  to  the  InvestEU 
financial instrument pursuant to the provisions on the use of the funds under shared 
management  delivered  through  the  InvestEU  Programme  shall  be  re-used  in 
accordance  with  the  respective  Regulations.  The  resources  generated  by  or 
attributable  to  the  amounts  contributed  to  the  InvestEU  financial  instrument  under 

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paragraph 1, second subparagraph, of this Article shall be paid back to the Member 
State. 

implementing 

5.  Contracts 
the 
implementing  partner  and  the  final  recipient  or  the  financial  intermediary  or  other 
entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028.'; 

the  InvestEU  financial 

instrument  between 

(10) 

the title of Chapter IV is replaced by the following: 

‘EU guarantee and InvestEU financial instrument’; 

(11) 

in Article 13(4), the first two sentences are replaced by the following: 

‘75  %  of  the  EU  guarantee  under  the  EU  compartment  as  referred  to  in  the  first 
subparagraph of Article 4(1), amounting to EUR 21 489 232 555, shall be granted to 
the  EIB  Group.  The  EIB  Group  shall  provide  an  aggregate  financial  contribution 
amounting to EUR 5 372 308 139.’; 

(12) 

Article 16 is amended as follows: 

(a) 

in paragraph 1, the second subparagraph is replaced by the following: 

‘The  InvestEU  financial  instrument  may  be  used  to  provide  funding  to  the 
implementing partners for the types of financing referred to in point (a) of the 
first subparagraph provided by the implementing partners. 

In  order  to  be  covered  by  the  EU  guarantee  or  the  InvestEU  financial 
instrument, the financing referred to in the first and second subparagraph shall 
be  granted,  acquired  or  issued  for  the  benefit  of  financing  and  investment 
operations  referred 
the 
in  Article  14(1),  where 
implementing partner was granted in accordance with a financing agreement or 
transaction  signed  or  entered  into  by  the  implementing  partner  after  the 
signature  of  the  guarantee  agreement  and  that  has  not  expired  or  been 
cancelled.’; 

the  financing  by 

to 

(b)  paragraph 2 is replaced by the following:  

‘Financing  and  investment  operations  through  funds  or  other  intermediate 
structures  shall  be  supported  by  the  EU  guarantee  or  the  InvestEU  financial 
instrument  in  accordance  with  the  provisions  laid  down  in  the  investment 
guidelines,  as  applicable,  even  if  such  structures  invest  a  minority  of  their 
invested  amounts  outside  the  Union  and  in  third  countries  referred  to  Article 
14(2) or invest a minority of their invested amounts into assets other than those 
eligible under this Regulation.’; 

(13) 

Article 17 is amended as follows: 

(a) 

in paragraph 1, the first subparagraph is replaced by the following: 

‘The  Commission  shall  conclude  a  guarantee  agreement  with  each 
implementing partner on the granting of the EU guarantee up to an amount to 
be determined by the Commission or on providing support under the InvestEU 
financial instrument.’; 

(b)  paragraph 2 is amended as follows:  

(i) point (c) is replaced by the following: 

detailed rules on the provision of the EU guarantee or support under the 
‘(c)  
InvestEU financial instrument in accordance with Article 19, including on the 

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coverage of financing and investment operations or portfolios of specific types 
of  instruments  and  the  respective  events  that  trigger  possible  calls  on  the  EU 
guarantee or the use of the InvestEU financial instrument;’; 

(ii) point (f) is replaced by the following: 

the commitment of the implementing partner to accept the decisions by 
‘(f) 
the  Commission  and  the  Investment  Committee  as  regards  the  use  of  the  EU 
guarantee or of the InvestEU financial instrument for the benefit of a proposed 
financing or investment operation, without prejudice to the decision-making of 
the  implementing  partner  in  respect  of  the  proposed  financing  or  investment 
operation without the EU guarantee or the InvestEU financial instrument;’;  

(iii) points (h) and (i) are replaced by the following: 

‘(h)  
financial and operational reporting and monitoring of the financing and 
investment  operations  under  the  EU  guarantee  and  the  InvestEU  financial 
instrument;  

(i)  
key performance indicators, in particular as regards the use of the EU 
guarantee  and  the  InvestEU  financial  instrument,  the  fulfilment  of  the 
objectives and criteria laid down in Articles 3, 8 and 14, and the mobilisation 
of private capital;’; 

(14) 

Article 18 is amended as follows: 

(a) 

the title is replaced by the following: 

‘Requirements  for  the  use  of  the  EU  guarantee  and  the  InvestEU  financial 
instrument’; 

(b)  paragraph 1 is replaced by the following: 

‘1.  
The  granting  of  the  EU  guarantee  and  the  support  from  the  InvestEU 
financial  instrument  shall  be  subject  to  the  entry  into  force  of  the  guarantee 
agreement with the relevant implementing partner.’;  

(c) 

paragraph 2 is replaced by the following:  

‘Financing and investment operations shall be covered by the EU guarantee or 
be supported through the InvestEU financial instrument only where they fulfil 
the  criteria  laid  down  in  this  Regulation  and,  if  applicable,  in  the  relevant 
investment  guidelines,  and  where  the  Investment  Committee  has  concluded 
that  those  operations  fulfil  the  requirements  for  benefiting  from  the  EU 
guarantee  or  the  InvestEU  financial  instrument.  The  implementing  partners 
shall  remain  responsible  for  ensuring  that  the  financing  and  investment 
operations  comply  with 
investment 
this  Regulation  and 
guidelines.’; 

the  relevant 

(d)  paragraph 3 is amended as follows:  

(i) the first sentence is replaced by the following: 

‘No administrative costs or fees related to the implementation of financing and 
investment  operations  under  the  EU  guarantee  or  the  InvestEU  financial 
instrument shall be due to the implementing partner by the Commission unless 
the  nature  of  the  policy  objectives  targeted  by  the  financial  product  to  be 
implemented and the affordability for the targeted final recipients or the type of 

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financing  provided  allow  the  implementing  partner  to  duly  justify  to  the 
Commission the need for an exception.’  

(ii) the following second subparagraph is added: 

‘Notwithstanding the first subparagraph, implementing partners are entitled to 
appropriate fees in relation to the management of fiduciary accounts relating to 
the InvestEU financial instrument.’ 

(e) 

paragraph 4 is replaced by the following: 

‘In  addition,  the  implementing  partner  may  use  the  EU  guarantee  or  the 
InvestEU financial instrument to meet the relevant share of any recovery costs 
in accordance with Article 17(4), unless those costs have been deducted from 
recovery proceeds.’; 

(15) 

Article 19 is amended as follows: 

(a) 

the title is replaced by the following: 

‘Coverage  and  terms  of  the  EU  guarantee  and  of  the  InvestEU  financial 
instrument’; 

(b)  paragraph 1 is amended as follows:  

(i) the second sentence of the first subparagraph is replaced by the following: 

‘The  remuneration  for  the  EU  guarantee  or  for  the  InvestEU  financial 
instrument  may  be  reduced  in  the  duly  justified  cases  referred  to  in  Article 
13(2).’; 

(ii) the second subparagraph is replaced by the following: 

‘The  implementing  partner  shall  have  appropriate  exposure  at  its  own  risk  to 
financing and investment operations supported by the EU guarantee or by the 
InvestEU  financial  instrument,  unless  exceptionally  the  policy  objectives 
targeted by the financial product to be implemented are of such nature that the 
implementing  partner  could  not  reasonably  contribute  its  own  risk-bearing 
capacity to it.’; 

(c) 

in  paragraph  2,  first  subparagraph,  point  (a),  the  introductory  sentence  is 
replaced by the following: 

‘for  debt  products  referred  to  in  point  (a)  of  the  first  subparagraph  of  Article 
16(1):’;  

(d) 

the following paragraph 2a is inserted: 

‘2a.   The InvestEU financial instrument shall cover: 

for  debt  products  consisting  of  guarantees  and  counter-guarantees 

(a)  
referred to in point (a) of the first subparagraph of Article 16(1):  

(i) the principal and all interest and amounts due to the implementing partner 
but not received by it in accordance with the terms of the financing operations 
prior to the event of default;  

(ii) restructuring losses;  

(iii)  losses  arising  from  fluctuations  of  currencies  other  than  the  euro  in 
markets where possibilities for long-term hedging are limited;  

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(b)  
for other eligible types of financing referred to in point (a) of the  first 
subparagraph  of  Article  16(1):  the  amounts  invested  or  lent  by  the 
implementing partner;  

For the purposes of point (a)(i) of the first subparagraph, for subordinated debt 
a  deferral,  reduction  or  required  exit  shall  be  considered  to  be  an  event  of 
default.  

The Invest EU financial instrument shall cover the entire exposure of the Union 
with respect to the relevant financing and investment operations.’; 

(16) 

in Article 22, paragraph 1 is replaced by the following: 

‘A scoreboard of indicators (the ‘Scoreboard’) shall be established to ensure that the 
Investment  Committee  is  able  to  carry  out  an  independent,  transparent  and 
harmonised assessment of requests for the use of the EU guarantee or, as applicable, 
the InvestEU financial instrument for financing and investment operations proposed 
by implementing partners.’; 

(17) 

in Article 23, paragraph 2 is replaced by the following: 

‘EIB  financing  and  investment  operations  that  fall  within  the  scope  of  this 
Regulation  shall  not  be  covered by the EU guarantee or benefit  from  the  InvestEU 
financial instrument where the Commission delivers an unfavourable opinion within 
the framework of the procedure provided for in Article 19 of the EIB Statute.’; 

(18) 

Article 24 is amended as follows: 

(a) 

in paragraph 1, first subparagraph is amended as follows: 

(i) point (a) is replaced by the following: 

examine  the  proposals  for  financing  and  investment  operations 
‘(a)  
submitted  by  implementing  partners  for  coverage  under  the  EU  guarantee  or 
for support from the InvestEU financial instrument that have passed the policy 
check  referred  to  in  Article  23(1)  of  this  Regulation  or  that  have  received  a 
favourable  opinion  within  the  framework  of  the  procedure  provided  for  in 
Article 19 of the EIB Statute;’;  

(ii) point (c) is replaced by the following: 

‘(c)  
check  whether  the  financing  and  investment  operations  that  would 
benefit  from  the  support  under  the  EU  guarantee  or  the  InvestEU  financial 
instrument comply with all relevant requirements.’; 

(b) 

in  paragraph  4,  second  subparagraph,  the  last  sentence  is  replaced  by  the 
following: 

‘Any  project  assessment  conducted  by  an  implementing  partner  shall  not  be 
binding on the Investment Committee for the purposes of granting a financing 
or  investment  operation  coverage  by  the  EU  guarantee  or  support  from  the 
InvestEU financial instrument.’; 

(c) 

paragraph 5 is amended as follows: 

(i) in the second subparagraph, the first sentence is replaced by the following: 

‘Conclusions of the Investment Committee approving the coverage of the EU 
guarantee or support from the InvestEU financial instrument for a financing or 
investment operation shall be publicly accessible and shall include the rationale 

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for the approval and information on the operation, in particular its description, 
the identity of the promoters or financial intermediaries, and the objectives of 
the operation.’; 

(ii) in the fifth subparagraph, the second sentence is replaced by the following: 

‘That  submission  shall  include  any  decisions  rejecting  the  use  of  the  EU 
guarantee or support from the InvestEU financial instrument.’; 

(d) 

in paragraph 6, the first sentence is replaced by the following: 

‘Where  the  Investment  Committee  is  requested  to  approve  the  use  of  the  EU 
guarantee or support from the InvestEU financial instrument for a financing or 
investment  operation  that  is  a  facility,  programme  or  structure  which  has 
underlying  sub-projects,  that  approval  shall  comprise  those  underlying  sub-
projects unless the Investment Committee decides to retain the right to approve 
them separately.’; 

(19) 

in Article 25(2), point (c) is replaced by the following: 

‘(c)   where appropriate, assist project promoters in developing their projects so that 
they fulfil the objectives set out in Articles 3 and 8 and the eligibility criteria set out 
in  Article 14, and  facilitate the development  of  among  others important  projects  of 
common  European  interest  and  aggregators  for  small-sized  projects,  including 
through investment  platforms as referred to  in  point (f) of this paragraph, provided 
that such assistance does not prejudge the conclusions of the Investment Committee 
with  respect  to  the  coverage  of  the  EU  guarantee  or  the  InvestEU  financial 
instrument with respect to such projects;’; 

(20) 

Article 28 is amended as follows: 

(a) 

in paragraph 2, the following second subparagraph is added: 

‘Implementing  partners  shall  be  exempt  from  reporting  on  key  performance 
and monitoring indicators laid down in Annex III, except those in points 1, 2, 
5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final 
recipients receiving financing or investment supported by the EU guarantee or 
by  the  InvestEU  financial  instrument  from  an  implementing  partner  or  a 
financial intermediary not exceeding EUR 100 000 are concerned.’; 

(b)  paragraphs 3 and 4 are replaced by the following: 

‘3.  The  Commission  shall  report  on  the  implementation  of  the  InvestEU 
Programme  in  accordance  with  Articles  241  and  250  of  the  Financial 
Regulation.  In  accordance  with  Article  41(5)  of  the  Financial  Regulation,  the 
annual  report shall provide information  on the level  of implementation  of the 
Programme with respect to its objectives and performance indicators. For that 
purpose,  each  implementing  partner  shall  provide  on  an  annual  basis  the 
information  necessary  to  allow  the  Commission  to  comply  with  its  reporting 
obligations, including information on the operation of the EU guarantee or the 
InvestEU financial instrument.’ 

4.  Once  a  year,  each  implementing  partner  shall  submit  a  report  to  the 
Commission  on  the  financing  and  investment  operations  covered  by  this 
Regulation, broken down by EU compartment and Member State compartment, 
as appropriate. Each implementing partner shall also submit information on the 
Member  State  compartment  to  the  Member  State  whose  compartment  it 

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implements.  The  report  shall  include  an  assessment  of  compliance  with  the 
requirements  on  the  use  of  the  EU  guarantee  and  the  Invest  EU  financial 
instrument and with the key performance indicators laid down in Annex III to 
this Regulation.  The report shall also  include operational,  statistical,  financial 
and  accounting  data  on  each  financing  or  investment  operation  and  an 
estimation of expected cash flows, at the level of compartment, policy window 
and the InvestEU Fund. The report may also include information on barriers to 
investment encountered when carrying out financing and investment operations 
covered  by  this  Regulation.  The  reports  shall  contain  the  information  the 
implementing partners have to provide under point (a) of Article 158(1) of the 
Financial Regulation.’;  

(21) 

Article 35 is amended as follows: 

(a) 

the title is replaced by the following: 

‘Transitional and other provisions’; 

(b) 

in paragraph 2, the following second subparagraph is added: 

‘By way of derogation from Article 214(4)(d) of the Financial Regulation, any 
revenues  from  the  EU  guarantee  established  by  Regulation  (EU)  2015/1017 
received in 2027 may be used for the provisioning of the EU guarantee under 
this Regulation.’; 

(22) 

Annex I is replaced by the following: 

‘ANNEX I  

AMOUNTS OF EU GUARANTEE PER SPECIFIC OBJECTIVE 

The  indicative  distribution  referred  to  in  the  fourth  subparagraph  of  Article 
4(2) towards financial and investment operations shall be as follows: 

(a) up to EUR 10 832 884 564 for objectives referred to in point (a) of Article 
3(2); 

(b) up to EUR 7 204 245 489 for objectives referred to in point (b) of Article 
3(2); 

(c) up to EUR 7 566 973 583 for objectives referred to in point (c) of Article 
3(2); 

(d) up to EUR 3 048 206 437 for objectives referred to in point (d) of Article 
3(2).’; 

(23) 

In Annex III, the following two paragraphs are added in point 1 below point 1.4: 

‘By  way  of  derogation  from  Article  2(40)  of  the  Financial  Regulation,  when 
determining  the  leverage  and  multiplier  effect  for  financing  and  investment 
operations  providing  performance  guarantees,  the  amount  of  risk  coverage  shall  be 
assimilated to the amount of reimbursable financing. 

By way of derogation from Article 222(3) of the Financial Regulation, the financing 
and investment operations providing performance guarantees shall not be required to 
achieve multiplier effect.’; 

(24) 

In Annex V, the following paragraph is added: 

‘This Annex also applies to the InvestEU financial instrument.’ 

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Article 2 
Amendments to Regulation 2015/1017 [EFSI Regulation] 

Regulation (EU) 2015/1017 is amended as follows: 

(1) 

Article 11a is amended as follows: 

(a) 

the title is replaced by the following:  

‘Combinations’. 

(b) 

the following second subparagraph is inserted: 

‘The  EU  guarantee  may  be  granted  to  cover  financing  and  investment 
operations  eligible  under  Regulation  (EU)  2021/523  of  the  European 
Parliament and of the Council for the purposes of combinations referred to in 
Article 7(4) of that Regulation and it may cover losses in relation to financing 
and investment operations covered by the combined support.’; 

(2) 

Article 16 is amended as follows: 

(a) 

paragraph 1 is replaced by the following: 

‘1. The EIB, in cooperation with the EIF where appropriate, shall submit once 
a year a report to the Commission on EIB financing and investment operations 
covered  by  this  Regulation.  The  report  shall  include  an  assessment  of 
compliance with the requirements on the use of the EU guarantee and with the 
key performance indicators referred to in Article 4(2), point (f)(iv). The report 
shall  also  include  statistical,  financial  and  accounting  data  on  each  EIB 
financing and investment operation and on an aggregated basis.’;  

(b)  paragraph 2 is deleted; 

(c) 

in paragraph 3, the following subparagraph is added: 

‘In relation to the combinations referred to in Article 11a, the EIB and the EIF, 
respectively,  shall  provide  the  Commission  annually  with  the  financial 
statements in accordance with Article 212(4) of the Financial Regulation. Such 
financial  statements  shall  include  accounting  data  about  the  support  provided 
by the EU guarantee under this Regulation clearly delineated from the support 
provided  by  the  EU  guarantee  under  Regulation  (EU)  2021/523  of  the 
European Parliament and of the Council.’; 

(3) 

in Article 22(1), the fifth subparagraph is deleted. 

Article 3 
Amendments to Regulation (EU) 2021/1153 [CEF] 

In Article 29 of Regulation (EU) 2021/1153, the following paragraph is added: 

‘5. The guarantee supported by the Union budget and  provided by the EIB through 
the  CEF  Debt  Instrument  established  under  Regulation  (EU)  1316/2013  may  be 
granted to cover financing and investment operations eligible under Regulation (EU) 
2021/523  of  the  European  Parliament  and  of  the  Council(*)  for  the  purpose  of 
combination   referred  to  in  Article  7  of  that  Regulation  and  may  cover  losses  in 
relation  to  the   financing  and  investment  operations  covered  by  the  combined 
support.’; 

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(*) Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 
2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 
107, 26.3.2021, p. 30, ELI: http://data.europa.eu/eli/reg/2021/523/oj)’. 

Article 4 
Amendments to Regulation (EU) 2021/695 [Horizon Europe]  

In Article 57 of Regulation (EU) 2021/695, the following paragraph is added: 

‘3. The  guarantee supported by the Union budget and provided by the EIB  through 
the  InnovFin  Debt  Facility  established  under  Regulations  (EU)  1290/2013  and 
1291/2013  may  be  granted  to  cover  financing  and  investment  operations  eligible 
under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) 
for the purpose of combination  referred to in Article 7 and may cover losses of the 
financial product containing the  financing and investment operations and covered by 
the combined support.’: 

(*) Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 
2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 
107, 26.3.2021, p. 30, ELI: http://data.europa.eu/eli/reg/2021/523/oj)’. 

Article 5 
Entry into force 

This  Regulation  shall  enter  into  force  on  the  day  following  that  of  its  publication  in  the 
Official Journal of the European Union. 

This Regulation shall be binding in its entirety and directly applicable in all Member States. 

Done at Brussels, 

For the European Parliament 
The President 

For the Council 
The President 

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LEGISLATIVE FINANCIAL AND DIGITAL STATEMENT 

1. 

1.1. 

1.2. 

1.3. 

FRAMEWORK OF THE PROPOSAL ....................................................................... 3 

Title of the proposal ..................................................................................................... 3 

Policy area(s) concerned .............................................................................................. 3 

Objective(s) .................................................................................................................. 3 

1.3.1.  General objective(s) ..................................................................................................... 3 

1.3.2.  Specific objective(s) ..................................................................................................... 3 

1.3.3.  Expected result(s) and impact ...................................................................................... 3 

1.3.4. 

Indicators of performance ............................................................................................ 4 

1.4. 

1.5. 

The proposal/initiative relates to: ................................................................................. 4 

Grounds for the proposal/initiative .............................................................................. 5 

1.5.1.  Requirement(s) to be met in the short or long term including a detailed timeline for 

roll-out of the implementation of the initiative ............................................................ 5 

1.5.2.  Added value of EU involvement .................................................................................. 5 

1.5.3.  Lessons learned from similar experiences in the past .................................................. 5 

1.5.4.  Compatibility with the multiannual financial framework and possible synergies with 
other appropriate instruments ....................................................................................... 6 

1.5.5.  Assessment of the different available financing options, including scope for 

redeployment ................................................................................................................ 6 

1.6. 

1.7. 

2. 

2.1. 

2.2. 

2.2.1. 

2.2.2. 

Duration of the proposal/initiative and of its financial impact .................................... 7 

Method(s) of budget implementation planned ............................................................. 7 

MANAGEMENT MEASURES................................................................................... 9 

Monitoring and reporting rules .................................................................................... 9 

Management and control system(s) ............................................................................. 9 

Justification of the budget implementation method(s), the funding implementation 
mechanism(s), the payment modalities and the control strategy proposed .................. 9 

Information concerning the risks identified and the internal control system(s) set up 
to mitigate them............................................................................................................ 9 

2.2.3.  Estimation and justification of the cost-effectiveness of the controls (ratio between 

the control costs  and the value of the related funds managed), and assessment of the 
expected levels of risk of error (at payment & at closure) ......................................... 10 

2.3. 

3. 

3.1. 

Measures to prevent fraud and irregularities .............................................................. 10 

ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE ............ 12 

Heading(s) of the multiannual financial framework and expenditure budget line(s) 
affected ....................................................................................................................... 12 

3.2. 

Estimated financial impact of the proposal on appropriations ................................... 13 

3.2.1.  Summary of estimated impact on operational appropriations.................................... 13 

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3.2.1.1.  Appropriations from assigned revenues (see chapter 3.3) ......................................... 13 

3.2.2.  Estimated output funded from operational appropriations (not to be completed for 

decentralised agencies)............................................................................................... 15 

3.2.3.  Summary of estimated impact on administrative appropriations ............................... 17 

3.2.3.1. Appropriations from voted budget .............................................................................. 17 

3.2.4.  Estimated requirements of human resources.............................................................. 17 

3.2.4.1.  Financed from voted budget....................................................................................... 17 

3.2.5.  Overview of estimated impact on digital technology-related investments ................ 18 

3.2.6.  Compatibility with the current multiannual financial framework ............................. 18 

3.2.7.  Third-party contributions ........................................................................................... 18 

3.3. 

4. 

4.1. 

4.2. 

4.3. 

4.4. 

4.5. 

Estimated impact on revenue ..................................................................................... 19 

DIGITAL DIMENSIONS .......................................................................................... 20 

Requirements of digital relevance .............................................................................. 20 

Data ............................................................................................................................ 20 

Digital solutions ......................................................................................................... 20 

Interoperability assessment ........................................................................................ 20 

Measures to support digital implementation .............................................................. 20 

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1. 

FRAMEWORK OF THE PROPOSAL  

1.1. 

Title of the proposal 

Proposal  amending  Regulation  of  the  European  Parliament  and  of  the  Council  on 
amending  Regulation  (EU)  2021/523  [InvestEU  Regulation]  to  increase  the 
efficiency of the EU guarantee and to simplify reporting requirements and amending 
Regulations (EU) 2015/1017, (EU) 2021/1060 and (EU) 2021/2115 

1.2. 

Policy area(s) concerned  

Investments for EU policy priorities 

Competitiveness Compass 

Clean Industrial Deal 

1.3. 

Objective(s) 

1.3.1.  General objective(s) 

‘A new plan for Europe’s sustainable prosperity and competitiveness’ 

1.3.2. 

Specific objective(s) 

1. ‘Build a new Clean Industrial Deal’ & ‘Turbo charge investment’: 

By increasing the guarantee available under the InvestEU Fund and making it easier 
for  Member  States  to  contribute  to  and  benefit  from  it,  the  proposal  puts  forward 
additional risk-sharing capacity: 

-  to  diminish  the  market  gap  in  investments  in  the  Union  and  to  attract  private 
investment in support of the Union’s policy priorities; 

- to invest in clean energy infrastructure and technologies as well as in strategic tech 
sectors; 

- for risk-absorbing measures to make it easier for commercial banks, investors and 
venture capital to finance sustainable, innovative and fast-growing companies. 

2. ‘Making business easier’: 

By  proposing  several  elements  to  simplify  the  implementation  of  the  InvestEU 
programme,  the  proposal  contributes  to  the  objective  of  reducing  administrative 
burden and reporting  obligations by at  least  25 % for all business  and by 35 % for 
small and medium-sized enterprises (SMEs). 

1.3.3.  Expected result(s) and impact 

The  additional  financing  capacity  provided  through  this  proposal  is  expected  to 
mobilise around EUR 50 billion of private and public investments under the current 
financing  period.  Around  EUR  25  billion  will  be  mobilised  due  to  the  increased 
amount of the EU guarantee of EUR 2.5 billion and another around EUR 25 billion 
will  be  mobilised  through  the  enhanced  guarantee  capacity  made  available  through 
combinations  of  support  under  InvestEU  with  legacy  instruments  managed  by  the 
European  Investment  Bank  (EIB)  and  the  European  Investment  Fund  (EIF).  The 
additional financing capacity will allow continuing the implementation of successful 
InvestEU  financial  products  and  will  offer  new  guarantees  for  new  or  updated 
financial products addressing the most recent policy initiatives such as in the area of 

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Clean  Industrial  Deal  or  support  to  start-ups  and  scale-ups  across  digital  and 
innovative sectors. 

A  significant  part  of  such  investment  could  target  higher  risk  products  and 
beneficiaries  (e.g.  thematic  venture  debt  products  of  the  EIB,  equity  and  SME 
guarantees of the EIF) increasing therefore substantially the risk-bearing capacity of 
InvestEU.  Further  investment  is  expected  to  be  mobilised  under  the  Member  State 
compartment  if  the  changes  proposed  in  the  legislative  proposal  are  implemented. 
The 25 % share of the increase of the EU guarantee of EUR 2.5 billion benefits also 
national  promotional  banks  and  international  financial  institutions  who  have  access 
to it as implementing partners. 

Moreover,  the  interim  evaluation  on  the  InvestEU  programme  recommended 
ensuring  continuity  in  the  financial  products  offered  to  the  market  and  avoiding  a 
stop-and-go situation, as this would create not only a gap in the much-needed Union 
support  to  policy  priorities  but  would  also  add  complexity  to  the  financial 
intermediaries and final recipients. A number of financial products implemented by 
the EIB Group are already close to  exhausting the EU guarantee allocated to them, 
while the most recent call for expression of interest for other implementing partners 
was heavily oversubscribed. 

The  reduction  of  administrative  burden  (mainly  through  simplified  reporting 
requirements) is expected to be significant, with spillover effects of the proposals on 
the different actors (implementing partners, financial intermediaries, final recipients ) 
given the multilayered implementation structure of InvestEU.    

1.3.4. 

Indicators of performance 

Annex  III  to  the  InvestEU  Regulation  sets  out  the  list  of  key  performance  and 
monitoring indicators, which will continue to be reported and monitored to measure 
both  the  overall  volume  of  investment  mobilised  and  the  extent  to  which  such 
investments cover the key policy areas identified. 

In terms of overall investment mobilised, the InvestEU Fund is expected to mobilise 
EUR 372  billion  which  will  be  increased,  under  this  proposal,  to  at  least  EUR 420 
billion. The target for investments from implementing partners to meeting the Union 
objectives  on  climate  and  environment  should  be  maintained  at  60  %  for  the 
sustainable  infrastructure  policy  window  and  30  %  for  the  InvestEU  Fund  overall, 
following the methodology described in the Commission Notice C(2021) 3316 final 
of 6/5/2021. 

Concerning  the  impact  in  terms  of  simplification,  the  proposed  simplification 
measures are expected to generate a total amount of around EUR 350 million of cost 
savings  for  implementing  partners,  financial  intermediaries  and  final  recipients 
throughout the duration of the relevant EU Programmes. 

1.4. 

The proposal/initiative relates to:  

 a new action  
 a new action following a pilot project / preparatory action18  

 the extension of an existing action  

18 

As referred to in Article 58(2), point (a) or (b) of the Financial Regulation. 

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 a merger or redirection of one or more actions towards another/a new action 

1.5. 

Grounds for the proposal/initiative  

1.5.1.  Requirement(s) to be met in the short or long term including a detailed timeline for 
roll-out of the implementation of the initiative 

The  implementation  of  the  InvestEU  programme  is  ongoing  and  addresses  the 
investment needs in various key sectors, such as in new mobility models, renewable 
energies,  energy  efficiency,  research  and  innovation,  digitisation,  education  and 
skills,  social  economy  and  infrastructure,  circular  economy,  natural  capital,  climate 
action  or  small  and  medium-sized  businesses  creation  and  growth  (start-ups  and 
scale-ups), related to the Union’s long-term goals on competitiveness, sustainability 
and inclusive growth. 

The proposal makes the implementation of the InvestEU programme more efficient 
to  the  benefit  of  the  final  recipients  and  the  (intermediary)  financiers  while 
strengthening  its  ambition  and  capacity,  including  by  attracting  Member  State 
contributions. It does not change the original timeline for the implementation of the 
programme  which  allows  for  the  approval  of  new  financing  and  investment 
operations until end-2027 and their signature until end-2028. 

1.5.2.  Added value of EU involvement  

Reasons for action at EU level (ex ante) 

The  proposal  aims  to  strengthen  the  efficiency  and  effectiveness  of  the  InvestEU 
programme.  Since  that  is  a  Union  programme  set  up  in  2021  by  the  European 
Parliament  and  the  Council  under  the  InvestEU  Regulation,  any  changes  to  it  that 
may be needed and can only be affected by the Union. 

Expected generated EU added value (ex post) 

The  InvestEU  programme  allows  implementing  partners  to  carry  out  financing  and 
investment operations in targeted areas of strategic policy objectives of the Union. A 
multiplier  effect  is  generated  through  attracting  private  and  public  investments, 
using, when appropriate, intermediation through financial institutions and funds. This 
helps  address  market  failures  and  provide  access  to  finance  to  businesses  and 
projects  that  would  otherwise  not  have  found  financing  in  reasonable  terms  and 
thereby raise overall investments in the Union and thus growth and employment. The 
proposal,  addressing  the  lessons  learnt  from  the  InvestEU’s  interim  evaluation  (see 
below in point 1.5.3) will strengthen the programme and hence enhance its impact. 

1.5.3.  Lessons learnt from similar experiences in the past 

The InvestEU programme was subject to an interim evaluation in 2024, based on a 
study by an independent evaluator. It was found that under the InvestEU programme, 
implementing  partners  offer  a  comprehensive  range  of  financing  products  to  meet 
diverse market needs and that the programme was therefore crucial in addressing the 
Union’s  urgent,  escalating  as  well  as  emerging  investment  needs.  Implementing 
partners  suggested  reducing  reporting  obligations,  taking  into  account  that  all  of 
them (deploying the guarantee in indirect management) are pillar assessed financial 
institutions. Furthermore, it was found that the programme’s budget was inadequate 
relative  to  the  high  demand  and  significant  investment  needs.  Without  budgetary 
reinforcements,  new  approvals  for  some  policy  priority  products  would  cease  post-
2025. 

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1.5.4.  Compatibility with the multiannual financial framework and possible synergies with 
other appropriate instruments 

The proposal is fully compatible with the multiannual financial framework for 2021–
2027.  The  proposal  envisages  additional  provisioning  of  EUR 1  billion  in  order  to 
provide  the  necessary  provisioning  for  an  increase  of  the  EU  guarantee  under  the 
InvestEU Fund by EUR 2.5 billion. Neither a use of margins nor an amendment of 
the  multiannual  financial  framework  (MFF)  is  required.  The  increase  of  the  EU 
guarantee is also fully consistent with a consideration of reaching the target InvestEU 
provisioning with lower contribution from fresh appropriations in 2026 and 2027. 

The  increase  in  provisioning  by  EUR 1  billion  stems  from  reflows  from  legacy 
instruments  and  from  surpluses  in  the  Common  Provisioning  Fund  relating  to  the 
European  Fund for Strategic  Investments  (EFSI) compartment.  Since the beginning 
of  this  MFF,  reflows  from  financial  instruments  and  the  EFSI  surpluses  have  been 
allocated to InvestEU and the Public Sector Loan Facility (PSLF).  Based on reflow 
forecasts,  EUR  250  million  is  earmarked  for  PSLF  provisioning  until  end  of  this 
MFF. 

At  the  same  time,  via  combinations,  the  proposal  also  provides  the  legal  basis  for 
partially  extending  the  use  of  three  legacy  guarantees  (and  their  underlying 
provisioning)  to  the  benefit  of  the  InvestEU  operations  implemented  by  the  EIB 
Group.  The  legacy  instruments  are  EFSI,  CEF  Debt  Instrument  and  InnovFin  Debt 
Facility. This component will have a potential impact on the amount and on the time 
of  availability  for  future  expected  reflows  from  legacy  financial  instruments  and 
repayments of surpluses from the provisioning of EFSI.  

1.5.5.  Assessment  of  the  different  available  financing  options,  including  scope  for 
redeployment 

It is proposed to: 

- increase the amount of authorised budgetary guarantee by deployment of expected 
reflows from legacy instruments and by EFSI surpluses to finance the corresponding 
additional provisioning of the InvestEU guarantee, allowing the EIB Group and other 
implementing  partners  to  cover  with  additional  EU  guarantee  new  InvestEU 
operations.  

-  allow  extending  the  use  of  two  legacy  financial  instruments  and  EFSI  guarantee 
(and  the  corresponding  provisioning)  to  cover  further  InvestEU  operations  through 
the EIB Group, while generating reflows. 

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1.6. 

Duration of the proposal/initiative and of its financial impact 

 limited duration  

 in effect from date of adoption of the amendment to 12/2027  

 financial  impact  from  2025  to  2027  for  commitment  appropriations  and  from 
2025  to  2028  for  payment  appropriations  for  the  provisioning  of  the  EU 
guarantee.  The  financial  impact  of  the  combinations  implies  delayed  and 
potentially reduced budget revenues (in relation to reflows from legacy financial 
instruments) and surpluses from the provisioning of EFSI. 

 unlimited duration 

Implementation with a start-up period from YYYY to YYYY, 

followed by full-scale operation. 

1.7.  Method(s) of budget implementation planned19  

 Direct management by the Commission 

 by its departments, including by its staff in the Union delegations;  

 by the executive agencies  

 Shared management with the Member States  

 Indirect management by entrusting budget implementation tasks to: 

 third countries or the bodies they have designated 

  international  organisations  and  their  agencies  (e.g.  European  Bank  for 
Reconstruction  and  Development,  Nordic  Investment  Bank,  Council  of  Europe 
Development Bank) 

 the European Investment Bank and the European Investment Fund 

 bodies referred to in Articles 70 and 71 of the Financial Regulation 

 public law bodies 

  bodies  governed  by  private  law  with  a  public  service  mission  to  the  extent  that 

they are provided with adequate financial guarantees 

 bodies governed by the private law of a Member State that are entrusted with the 
implementation  of  a  public-private  partnership  and  that  are  provided  with 
adequate financial guarantees 

  bodies  or  persons  entrusted  with  the  implementation  of  specific  actions  in  the 
common  foreign  and  security  policy  pursuant  to  Title  V  of  the  Treaty  on 
European Union, and identified in the relevant basic act 

 bodies established in a Member State, governed by the private law of a Member 
State or Union law and eligible to be entrusted, in accordance with sector-specific 
rules,  with  the  implementation  of  Union  funds  or  budgetary  guarantees,  to  the 
extent that such bodies are controlled by public law bodies or by bodies governed 
by  private  law  with  a  public  service  mission,  and  are  provided  with  adequate 

Details of budget implementation methods and references to the Financial Regulation may be found on 

19 
the BUDGpedia site: https://myintracomm.ec.europa.eu/corp/budget/financial-rules/budget-
implementation/Pages/implementation-methods.aspx. 

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financial  guarantees  in  the  form  of  joint  and  several  liability  by  the  controlling 
bodies  or  equivalent  financial  guarantees  and  which  may  be,  for  each  action, 
limited to the maximum amount of the Union support. 

Comments  

n/a 

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2. 

MANAGEMENT MEASURES  

2.1.  Monitoring and reporting rules  

Implementing  partners  are  required  to  report  regularly  to  the  Commission  in  line 
with  the  InvestEU  Regulation  and  the  Financial  Regulation.  The  implementing 
partners  also  report  on  certain  State  aid  relevant  data.  For  monitoring,  they  are 
required  to  apply  their  own  rules  and  procedures,  which  have  been  assessed  in 
accordance  with  Article 157  of  the  Financial  Regulation  (‘pillar  assessment’)  as 
meeting the requirements laid down in that Article. 

Concerning reporting on the InvestEU programme and EFSI, the proposal  provides 
for the frequency of such reporting to be reduced from semi-annually to annually. 

For  the  preparation  of  the  Union’s  annual  financial  statements,  the  InvestEU 
implementing  partners  –  in  line  with  Article 212(4)  of  the  Financial  Regulation  - 
provide  the  Commission  with  the  audited  financial  statements  for  the  part  of  the 
budgetary guarantee that is granted to them. In case of combinations of the InvestEU 
Guarantee  with  other  budgetary  guarantees  or  with  legacy  financial  instruments 
established by different legal bases, the audited financial statements will be provided 
by the implementing partner and will include information on the part of the guarantee 
supported by the legacy financial instruments or the other budgetary guarantee in  a 
way that will allow for their distinction from the part of the guarantee supported by 
InvestEU  Regulation  in  the  Commission’s  accounting  in  accordance  with  the 
applicable risk-sharing provisions structures. 

2.2.  Management and control system(s)  

2.2.1. 
mechanism(s), the payment modalities and the control strategy proposed 

Justification  of  the  budget  implementation  method(s),  the  funding  implementation 

The EU guarantee under the  InvestEU Fund is  implemented exclusively  in  indirect 
management mode through implementing partners, which, as a rule, also contribute 
to the support to be provided to final recipients. The implementing partners consist of 
the EIB and the EIF, international financial institutions, national promotional banks 
and institutions and other financial intermediaries which are Union bodies, regulated 
and/or supervised as part of the banking sector.  

The  financing  and  investment  operations  benefiting  from  the  support  of  the  EU 
guarantee remain operations approved by the governing bodies of the implementing 
partners  which  have  to  apply  their  due  diligence  and  control  framework  to  these 
operations. The implementing partners provide annual audited financial statements to 
the Commission. 

2.2.2. 
to mitigate them 

Information concerning the risks identified and the internal control system(s) set up 

The  additional  amount  of  authorised  EU  guarantee  will  be  financed  by  provisions 
from  expected  reflows  from  legacy  instruments  and  guarantees,  partially  already 
recovered or expected to be recovered by the Commission before the end of 2027. 

The risk for the Union budget is linked to the budgetary guarantee provided by the 
Union  to  the  implementing  partners  for  their  financing  and  investment  operations. 
The EU guarantee provides an irrevocable, unconditional and on demand guarantee 
usually  on  a  portfolio  basis,  for  the  operations  covered.  The  Union  budget  and  the 

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implementing partner share the risk-related remuneration from the operations based 
on risk sharing structures defined in guarantee agreements. 

The EU guarantee is restricted to EUR 28 652 310 073.  

The  budget  entry  (’p.m.’)  reflecting  the  budgetary  guarantee  for  the  implementing 
partner  would  be  activated  only  in  the  case  of  an  effective  call  on  the  guarantee 
which  cannot  be  wholly  covered  by  the  provisioning  until  end-2030  (funded 
gradually with EUR 11 460 924 029). The provisioning rate of 40 % is based on the 
past  experience  with  EFSI  and  financial  instruments  and  tailored  to  the  financial 
products  implemented  under  InvestEU.  The  provisioning  rate  has  been  used  as  a 
reference in the ex ante risk assessments when allocating almost 90 % of the existing 
InvestEU guarantee. 

The  contingent  liability  in  relation  to  the Member  State  compartment  is  covered  in 
full by a back-to-back guarantee provided by each Member State concerned. 

The proposed InvestEU financial instrument does not create contingent liability. 

The financing and investment operations in the context of InvestEU are carried out 
according  to  the  implementing  partners’  standard  rules  of  procedure  and  sound 
banking  practice.  The  implementing  partners  and  the  Commission  enter  into  a 
guarantee agreement laying down the detailed provisions and procedures relating to 
the implementation of the InvestEU Fund.  

Since  the  implementing  partner,  as  a  rule,  bears  part  of  the  risk  and  provides  a 
financial contribution, the interests of the Union and of the implementing partner are 
accordingly aligned which mitigate the risk to the Union budget. The implementing 
partners are also financial institutions with appropriate rules and procedures in place 
which  are  assessed  through  the  pillar  assessment  in  accordance  with  the  Financial 
Regulation. 

The Commission carries out a check of the policy compliance of operations which is 
then  submitted  to  an  Investment  Committee  composed  of  independent  experts  that 
grants the use of the EU guarantee or the InvestEU financial instrument. 

The  Commission  receives  annual  audited  financial  statements  covering  the 
operations from the implementing partners. 

2.2.3.  Estimation  and  justification  of  the  cost-effectiveness  of  the  controls  (ratio  between 
the control costs and the value of the related funds managed), and assessment of the expected 
levels of risk of error (at payment & at closure)  

This proposal does not impose any (new) controls. In the interest of simplification, it 
removes  some  reporting  requirements  specifically  by  reducing  the  frequency  of 
reports to be submitted. 

2.3.  Measures to prevent fraud and irregularities  

In  line  with  the  requirements  of  the  InvestEU  Regulation  and  the  Financial 
Regulation, the selected implementing partners have to undergo the pillar assessment 
provided for in Article 157 of the Financial Regulation, which ensures a solid quality 
of the internal control as well as independent external audit systems. In addition, they 
have to meet the requirements of Title X of the Financial Regulation. Being financial 
institutions,  the  implementing  partners  have  internal  control  frameworks  in  place. 
Since  the  InvestEU  Fund  provides  repayable  support,  the  due  diligence  and 
monitoring  and  controlling  by  the  implementing  partners  is  relied  upon,  unless 

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weaknesses  are  identified  in  the  pillar  assessment.  Article 30  of  the  InvestEU 
Regulation  requires  that  audits  on  the  use  of  the  Union  funding  carried  out  by 
persons or entities, including by others than those mandated by the Union institutions 
or bodies, are to form the basis of the overall assurance pursuant to Article 127 of the 
Financial Regulation. 

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3. 

ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE  

3.1. 
line(s) affected  

Heading(s)  of  the  multiannual  financial  framework  and  expenditure  budget 

Existing budget lines  

In order of multiannual financial framework headings and budget lines. 

Budget line 

Type of 
expenditure 

Contribution  

Heading of 
multiannual 
financial 
framework 

02.02.01 InvestEU Guarantee 

02.02.02 Provisioning of the InvestEU 
Guarantee  

New budget lines requested  

n/a

Diff./Non-
diff.20 

from 
EFTA 
countries
21 

from 
candidate 
countries 
and 
potential 
candidates
22 

From 
other 
third 
countries 

other assigned 
revenue 

Non-diff. 

NO 

NO 

NO 

YES 

20 
21 
22 

Diff. = Differentiated appropriations / Non-diff. = Non-differentiated appropriations. 
EFTA: European Free Trade Association.  
Candidate countries and, where applicable, potential candidates from the Western Balkans. 

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3.2. 

Estimated financial impact of the proposal on appropriations  

3.2.1. 

Summary of estimated impact on operational appropriations  

 The proposal/initiative does not require the use of operational appropriations  

 The proposal/initiative requires the use of operational appropriations, as explained below 

3.2.1.1.  Appropriations from assigned revenues (see chapter 3.3) 

Heading of multiannual financial framework  

1 

EUR million (to three decimal places) 

DG: GROW 

Year 

2025 

Year 

2026 

Year 

2027 

TOTAL MFF 
2021-2027 

Operational appropriations  

02.02.02 Provisioning of the InvestEU Guarantee 

Commitments 

Payments 

(1a) 

(2a) 

Appropriations of an administrative nature financed from the envelope of specific programmes23 
Budget line 

(3) 

TOTAL appropriations 
for DG GROW 

Commitments 

Payments 

=1a+1b+3 

=2a+2b+3 

TOTAL 

operational 

appropriations  

Commitments 

Payments 

(4) 

(5) 

Year 

2025 

650  

650  

650 

650 

650  

650  

200 

200 

200 

200 

200 

200 

Year 

2026 

150 

150 

150 

150 

1000 

1000 

0.000 

1000 

1000 

Year 

2027 

TOTAL MFF 
2021-2027 

150 

150 

1000 

1000 

23 

Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research. 

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TOTAL  appropriations  of  an  administrative  nature  financed 
from the envelope for specific programmes  

TOTAL appropriations under 
HEADING 1 

Commitments 

of the multiannual financial framework 

Payments 

(6) 

=4+6 

=5+6 

•  TOTAL  operational  appropriations 
operational headings) 

(all 

Commitments 

Payments 

•  TOTAL  appropriations  of  an  administrative  nature  financed 
from  the  envelope  for  specific  programmes  (all  operational 
headings) 

TOTAL appropriations Under          

Heading 1 to 6 

Commitments 

of the multiannual financial framework 
(Reference amount) 

Payments 

(4) 

(5) 

(6) 

=4+6 

=5+6 

0.000 

0.000 

0.000 

0.000 

650 

650 

200 

200 

150 

150 

1000 

1000 

Year 

2025 

Year 

2026 

Year 

2027 

TOTAL MFF 
2021-2027 

650  

650  

200 

200 

150 

150 

1000 

1000 

0.000 

0.000 

0.000 

0.000 

650 

650 

200 

200 

150 

150 

1000 

1000 

Heading of multiannual financial  framework  

7 

‘Administrative expenditure’24 

DG: GROW 

Year 

2025 

Year 

2026 

Year 

2027 

TOTAL 
MFF 2021-
2027 

24 

The necessary appropriations should be determined using the annual average cost figures available on the appropriate BUDGpedia webpage. 

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 Human resources  
 Other administrative expenditure  
TOTAL DG GROW 

Appropriations  

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

TOTAL appropriations under HEADING 7 of the multiannual financial 
framework  

(Total 
commitments 
= Total 
payments) 

TOTAL appropriations under HEADINGS 1 to 7 

Commitments 

of the multiannual financial framework  

Payments 

0.000 

0.000 

0.000 

0.000 

EUR million (to three decimal places) 

Year 

2025 

Year 

2026 

Year 

2027 

TOTAL MFF 
2021-2027 

650 

650 

200 

200 

150 

150 

1000 

1000 

3.2.2.  Estimated output funded from operational appropriations (not to be completed for decentralised agencies) 

Year  
2025 

Year  
2026 

Year  
2027 

OUTPUTS 

Commitment appropriations in EUR million (to three decimal places) 

Enter as many years as necessary to show the 
duration of the impact (see Section1.6) 

TOTAL 

o
N

Cost 

o
N

Cost 

o
N

Cost 

Total 
No 

Total cost 

Indicate 
objectives and 
outputs  

 

Type25 

Aver
age 
cost 

SPECIFIC OBJECTIVE No 126 

25 

Outputs are products and services to be supplied (e.g. number of student exchanges financed, number of km of roads built, etc.). 

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 ‘Build a new Clean Industrial Deal & Turbo 
charge investment’: 

- Output 

Addional 
investment of 
EUR 25 billion 

650 

200 

150 

25000 

1000 

Subtotal for specific objective No 1 

650 

200 

150 

25000 

1000 

SPECIFIC OBJECTIVE No 2  
‘Making business easier’  

- Output 

Cost savings 
from reduction 
of reports to be 
produced by 
implementing 
partners, 
financial 
intermediaries 
and final 
recipients 

0 

0 

0 

Subtotal for specific objective No 2 

TOTALS 

0 

650 

0 

200 

0 

150 

350 

1000 

26 

As described in Section 1.3.2. ‘Specific objective(s)’ 

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3.2.3. 

Summary of estimated impact on administrative appropriations  

 The  proposal/initiative  does  not  require  the  use  of  appropriations  of  an 

administrative nature  

 The  proposal/initiative  requires  the  use  of  appropriations  of  an  administrative 

nature, as explained below 

3.2.3.1. Appropriations from voted budget 

VOTED APPROPRIATIONS 

Year 

2024 

Year 

2025 

Year 

2026 

Year 

2027 

TOTAL 
2021 - 2027 

HEADING 7 

Human resources  

Other administrative expenditure  

Subtotal HEADING 7 

Outside HEADING 7 

Human resources  

Other expenditure of an administrative nature 

Subtotal outside HEADING 7 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

TOTAL 

0.000 

0.000 

0.000 

0.000 

0.000 

The  appropriations  required  for  human  resources  and  other  expenditure  of  an  administrative  nature 
will be met by appropriations from the DG that are already assigned to the management of the action 
and/or  have  been  redeployed  within  the  DG,  together,  if  necessary,  with  any  additional  allocation 
which may be granted to the managing DG under the annual allocation procedure and in the light of 
budgetary constraints. 

3.2.4.  Estimated requirements of human resources  

 The proposal/initiative does not require the use of human resources  

 The proposal/initiative requires the use of human resources, as explained below 

3.2.4.1.  Financed from voted budget 

Estimate to be expressed in full-time equivalent units (FTEs)27 

VOTED APPROPRIATIONS 

Year 

2024 

Year 

2025 

Year 

2026 

Year 

2027 

 Establishment plan posts (officials and temporary staff) 

20 01 02 01 (Headquarters and Commission’s Representation Offices) 

20 01 02 03 (EU Delegations) 

01 01 01 01 (Indirect research) 

01 01 01 11 (Direct research) 

Other budget lines (specify) 

• External staff (in FTEs) 

20 02 01 (AC, END from the ‘global envelope’) 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

27  Please  specify  below  the  table  how  many  FTEs  within  the  number  indicated  are  already  assigned  to  the 

management of the action and/or can be redeployed within your DG and what are your net needs. 

EN 

17 

  EN 

 
  
 
 
20 02 03 (AC, AL, END and JPD in the EU Delegations) 

Admin. Support 
line 
[XX.01.YY.YY] 

- at Headquarters 

- in EU Delegations  

01 01 01 02 (AC, END - Indirect research) 

 01 01 01 12 (AC, END - Direct research) 

Other budget lines (specify) - Heading 7 

Other budget lines (specify) - Outside Heading 7 

TOTAL 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Considering  the  overall  strained  situation  in  Heading  7,  in  terms  of  both  staffing  and  the  level  of 
appropriations,  the  human  resources  required  will  be  met  by  staff  from  the  DG  who  are  already 
assigned  to  the  management  of  the  action  and/or  have  been  redeployed  within  the  DG  or  other 
Commission services. 

3.2.5.  Overview of estimated impact on digital technology-related investments 

TOTAL Digital and IT appropriations 

Year 

Year 

Year 

Year 

2024 

2025 

2026 

2027 

TOTAL 
MFF 
2021 - 
2027 

HEADING 7 

IT expenditure (corporate)  

Subtotal HEADING 7 

Outside HEADING 7 

Policy IT expenditure on operational 
programmes 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

Subtotal outside HEADING 7 

0.000 

0.000 

0.000 

0.000 

0.000 

TOTAL 

0.000 

0.000 

0.000 

0.000 

0.000 

3.2.6.  Compatibility with the current multiannual financial framework  

The proposal/initiative: 

 can  be  fully  financed  through  redeployment  within  the  relevant  heading  of  the 

multiannual financial framework (MFF) 

This proposal will be financed through assigned revenues from reflows generated by 
legacy financial instruments as well as from EFSI surpluses.  

No additional Union budgetary resources neither reprogramming will be needed for 
this proposal. 

 requires  use  of  the  unallocated  margin  under  the  relevant  heading  of  the  MFF 

and/or use of the special instruments as defined in the MFF Regulation 

 requires a revision of the MFF 

3.2.7.  Third-party contributions  

The proposal/initiative: 

 does not provide for co-financing by third parties 

 provides for the co-financing by third parties estimated below: 

EN 

18 

  EN 

 
  
Appropriations in EUR million (to three decimal places) 

Year  
2024 

Year  
2025 

Year  
2026 

Year  
2027 

Total 

Specify the co-financing body  

TOTAL appropriations co-
financed  

3.3. 

Estimated impact on revenue  

 The proposal/initiative has no financial impact on revenue. 

 The proposal/initiative has the following financial impact: 

 

 

on own resources  

on other revenue 

  please indicate, if the revenue is assigned to expenditure lines 

     EUR million (to three decimal places) 

Budget revenue line: 

6  4  1  (Contributions  from 
financial 
instruments  — 
Assigned revenue) 

Appropriations 
available for the 
current financial 
year (2025) 

Impact of the proposal/initiative28 

Year 2026 

Year 2027 

650 

200 

150 

For assigned revenue, specify the budget expenditure line(s) affected. 

02.02.02 Provisioning of the InvestEU Guarantee 

Other remarks (e.g. method/formula used for calculating the impact on revenue or any 
other information). 

The proposal requires the Commission to allocate EUR 1 billion of reflows from the 
programmes in Annex IV to the InvestEU Regulation and from EFSI surpluses to the 
provisioning of the EU guarantee in order to increase it by EUR 2.5 billion. 

The  additional  financial  liability  of  the  Union  of  EUR 2.5  billion  is  therefore 
underpinned  with  the  corresponding  provisioning  of  EUR 1  billion  that  originates 
from reflows recovered or guarantee released from the EIB Group as detailed below:  

- Up to EUR 700 million from the EFSI surpluses in 2025 to 2027. 

-  At  least  EUR 300  million  from  reflows  from  legacy  financial  instruments  listed  in 
Annex IV to the InvestEU Regulation. 

28 
amounts, i.e. gross amounts after deduction of 20 % for collection costs. 

As regards traditional own resources (customs duties, sugar levies), the amounts indicated must be net 

EN 

19 

  EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. 

DIGITAL DIMENSIONS 

Regulation (EU) 2024/903 of the European Parliament and of the Council of 13 March 
2024 laying down measures for a high level of public sector interoperability across the 
Union is not applicable to this proposal. 

4.1. 

Requirements of digital relevance 

The proposal is assessed as having no requirement of digital relevance, since it does 
not produce or require new data series in comparison to the InvestEU Regulation. To 
the extent that it allows for new investment and financing operations to be supported 
by the InvestEU Fund, existing indicators as well as reporting and monitoring systems 
are to be used to track impact and performance. 

4.2. 

Data 

n/a (see 4.1. above) 

4.3. 

Digital solutions 

n/a (see 4.1. above) 

4.4. 

Interoperability assessment 

n/a (see 4.1. above) 

4.5.  Measures to support digital implementation 

n/a (see 4.1. above) 

EN 

20 

  EN