The European Parliament’s Budgets and the Economic and Monetary Affairs Committees have approved by a large majority the extension of the European Fund for Strategic Investments (EFSI) to 2020 and the reinforcement of the guarantee that will allow the mobilisation of €500 billion.
“The extension of the EFSI, which is at the heart of the Juncker Investment Plan, will contribute to economic growth and job creation”, stated the Co-Rapporteur, José Manuel Fernandes MEP. EFSI has so far mobilised more than €180 billion in investment and supported more than 400,000 small and medium-sized enterprises. It has helped to create jobs and contributed to growth. Now the EPP Group wishes that its extension, the so-called EFSI 2.0, to be an improved version of the current investment fund.
“We want a fund with better geographic distribution and the financing of small projects through investment platforms. To this end, we believe that the Advisory Hub should be proactive and reinforce its means”, continued Fernandes.
He added: “We endorse the need for greater transparency in decisions, greater visibility of the fund and the reinforcement of so-called ‘additionality’, meaning that a project should only be selected if it can’t be financed without the EFSI’s support."
"I am glad that we are extending, ramping up and enhancing the Juncker Investment Plan. We still have an investment gap of around €200-€300 billion per year in Europe but EFSI alone cannot close the investment gap in Europe”, stated Othmar Karas MEP, the EPP Group Spokesman on the issue in the Economic and Monetary Affairs Committee, concluding: “We also need to remove obstacles to the internal market, implement further structural reforms and increase Europe's competitiveness."