The European Parliament approved the new investment initiative InvestEU today.
"Investing is a marathon, not a sprint. The EPP Group has been the driving force for setting up, fine-tuning and boosting EU investment tools over the last couple of years. InvestEU will trigger €700 billion of additional investments between 2021 and 2027", said José Manuel Fernandes MEP and Othmar Karas MEP.
“The agreement on InvestEU follows the successes of the Juncker Plan by providing an EU budget guarantee to support investment, jobs and growth across all EU Member States”, continued Fernandes, the EPP Group negotiator on the dossier in the Budgets Committee.
“We are pooling 14 existing EU financial instruments under one umbrella for more efficiency and less bureaucracy”, stated Karas, the EPP Group negotiator on the dossier in the Economic and Monetary Affairs Committee.
“The Commission and the Council proposed a target of €650 billion, but if we add up the financial instruments that we are bringing together, it comes to €700 billion”, explained Fernandes.
“I am particularly happy that 55% of infrastructure investments will contribute to reaching EU climate and environment goals”, concluded Othmar Karas MEP.
The European Commission proposed the draft law on InvestEU in 2018 to boost private and public investment in Europe by bringing together existing EU financial instruments and taking advantage of economies of scale. The new investment tool gives EU budget guarantees to attract other investors.
The EPP Group is the largest political group in the European Parliament with 216 Members from 28 Member States