Politicians have reached a preliminary agreement on setting up InvestEU, a programme that would merge 14 EU financing instruments to boost private and public investment in Europe.
The deal on InvestEU, which is due to launch in 2021, “could not be more timely”, European Commission president Jean-Claude Juncker said in a statement on 20 March. “EU funds will be able to start delivering results on the ground sooner rather than later.”
The Commission has proposed that InvestEU should use at least €38 billion of EU funding to guarantee loans from national and private banks of at least €650bn. InvestEU would follow on from the European Fund for Strategic Investments, which was set up in 2015 to encourage investment in risky projects that would not otherwise be financed.