Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing the InvestEU Programme

The Commission has proposed a Regulation, as part of the suite of legislation for the next Multiannual Financial Framework, covering non-grant budget activity within the EU. The use of the EU budget for non-grant activity, such as loans, equity investments and guarantees, has grown over recent financial frameworks.
2. Under the current MFF, non-grant activity forms a component of centrally managed budget programmes, such as Horizon 2020. The current MFF’s budget allocation for non-grant ‘financial instruments’ created at EU level stands at €5.2bn (£4.6bn ), and supports investment in a wide variety of sectors. Such financial instruments can also be created by Member States using part of their allocation under European Structural and Investment Funds (ESIF) programmes. The current MFF’s budget allocation for financial instruments delivered in this way is €21bn (£18.4bn).
3. After the current MFF began, the EU also created the European Fund for Strategic Investments (EFSI), which supports the risk bearing capacity of the European Investment Bank (EIB) through a €26bn (£22.8bn) guarantee underpinned by provisioning (at 35%) of EU budget resources of €9.1bn (£8.0bn). The EU guarantee enables the EIB to undertake riskier activities and introduce higher-risk products to support a wider range of activities, in part through effective mobilisation of private investment. The Fund aims to mobilise €500bn (£438bn) of additional investment in the Union by the mid-2020s. Evaluations indicate EFSI is on-track, with 66% of this target mobilised as of end-2017.
4. The Commission’s proposal for the next MFF, the InvestEU programme, will be based on the EFSI model, leveraging budgetary resources to maximise private investment. It proposes to combine the 16 centrally managed instruments of the current MFF into a

Topic  EU Funds 
Department  HMT 
Council Reference  9980/18 
COM Reference  COM(18)439 
SEC Reference   
PE Cons   
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Associated file(s)


  1. 9980/18 - 968 KB - pdf
  2. 9980/18 + Add 1 - 301 KB - pdf
  3. 9980/18 + Add 2 - 338 KB - pdf
  4. 9980/18 + Add 3 - 313 KB - pdf
  5. 9980/18 + Add 4 - 351 KB - pdf
  6. 9980/18 + Add 5 - 3 MB - pdf
  7. 9980/18 + Add 6 - 3 MB - pdf
  8. EM 9980/18 - 158 KB - pdf

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