The European Parliament and European Council have backed the European Commission’s contentious proposal to extend the European Fund for Strategic Investments until 2020.
The agreement on a two-year extension—and an increase in investment target from €315 billion to at least €500bn—was reached on the evening of 12 September by the Estonian presidency of the Council and a delegation of MEPs from the economic and budgets committees.
Efsi 2.0, as the extended fund is known, will continue to have an expressed focus on funding high-risk projects that would not otherwise be supported. The fund will expand to new areas, including sustainable agriculture and fisheries, as part of plans to finance projects that aid the transition towards a low-carbon economy, the Commission announced.
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