Council agrees position on InvestEU programme
On 21 February 2019, the Council's position on the InvestEU programme was formally agreed at the EU ambassadors' meeting. The InvestEU programme intends to bring together under one programme the 14 different financial instruments currently available to support investment in the EU. The agreement excludes budget-related and horizontal issues which are currently being discussed as part of the negotiations on the EU's next multiannual financial framework (MFF) for 2021 to 2027. The Council's position is the basis for the current Romanian Council Presidency in its negotiations with the European Parliament (EP) on InvestEU, which are due to start shortly. The EP agreed its position on InvestEU on 16 January 2019. The European Commission has welcomed the fact that the Council has agreed on its position on InvestEU.
By providing an EU budget guarantee of at least €38 billion, the InvestEU Fund will crowd in public and private resources to mobilise investments in four main areas: sustainable infrastructure; research, innovation and digitisation; small and medium businesses; and social investment and skills.
InvestEU will succeed the European Fund for Strategic Investments (EFSI) which was launched in July 2015 to boost investment and stimulate economic growth in the EU. As for EFSI, the main partner for InvestEU will be the European Investment Bank Group (EIB). The Council text also provides for the possibility for member states to channel some of their allocated cohesion policy funds to the InvestEU fund, adding to the EU guarantee provisioning.
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