OREANDA-NEWS. July 23, 2015. Today the European Commission has put the final building blocks in place to kick-start investment in the real economy. A package of measures agreed today will ensure that the European Fund for Strategic Investments (EFSI) is up and running by early autumn 2015, keeping the ambitious timetable set by President Jean-Claude Juncker to implement the Investment Plan for Europe.

The Commission has just published a Communication on the role of National Promotional Banks (NPBs) in supporting the Investment Plan for Europe. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “National Promotional Banks have a very important role to play in making the Investment Plan a success. Already nine Member States have come forward with contributions to the Investment Plan via their promotional banks, which have invaluable local expertise and knowledge. The European Investment Bank is already working closely with those NPBs, and we hope many more will be inspired to step up their efforts.”

Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs, said: ''The synergy between European and national tools will be essential to start rapidly closing the investment gap that our economies face. In order to make this happen, we’re convinced that a well-structured network of national promotional banks can play a key role and complement the European Investment Bank.''

The Communication explains the important role that NPBs can play in getting Europe investing again by participating in EFSI investments. It provides clarity and practical guidance on how to set up a new NPB, the statistical treatment of NPB co-investments as regards government deficit and debt under the Stability and Growth Pact, the EU state aid treatment of national project co-financing and how NPBs from different Member States can join forces and work with the European Investment Bank (EIB) to set up investment platforms. This crucial guidance will help companies across Europe gain access to financing through EFSI, the cornerstone of the €315 billion Investment Plan.

Further decisions taken by the College of Commissioners today include:

  • Agreement on the working methods between the Commission and the EIB, as foreseen in the Regulation for a European Fund for Strategic Investments. Commission President Jean-Claude Juncker, Vice-President Jyrki Katainen and EIB President Werner Hoyer signed the EFSI agreement in Brusselsearlier today.
  • The appointment, together with the European Investment Bank (EIB), of the four members of EFSI’s Steering Board: Ambroise Fayolle, Vice-President responsible for Innovation, EIB; Maarten Verwey, "Structural Reform Support Service" in the Secretariat General, European Commission; Gerassimos Thomas, DG Energy, European Commission; Irmfried Schwimann, DG Competition, European Commission. The Commission alternate members are Benjamin Angel, DG Economic and Financial Affairs; Nicholas Martyn, DG Regional Policy; Robert-Jan Smits, DG Research and Innovation.
  • Final arrangements to launch the European Investment Advisory Hub (EIAH). The EIAH will support the development and financing of investment projects in the EU by offering a single point of contact for guidance and advice, providing a platform to exchange know-how, and coordinating existing technical assistance.
  • Decision on the management and main elements of the European Investment Project Portal (EIPP). The EIPP will be a publicly available, secure web portal where EU based project promoters seeking external financing are given the opportunity to promote their projects to potential investors.
  • The delegated act for a Scoreboard of indicators which the independent Investment Committee will use when deciding whether a project proposal fits the criteria to receive backing of the EU guarantee (EFSI).