JTP Groundwork Call: Technical Assistance for Just Transition
The timing for this discussion is perfect, said Elena Flores, Chair of the InvestEU Steering Committee and Deputy Director-General within the European Commission's DG Economic and Financial Affairs, during a joint hearing with the Econ and Budg committees of the European Parliament. It is an important moment to reflect on how to use InvestEU in the remaining two years of implementation and how to shape the Multiannual Financial Framework (MFF) for the next seven-year period 2028-2034, Flores stated.
InvestEU Mid-Term Evaluation
The starting point of the discussion is the mid-term evaluation published by the European Commission on October 1, 2024. Although conducted in 2023, when not all executive partners had signed agreements, the report shows that the operation of InvestEU regarding its three variables - additionality, leverage, and impact - is good, explained Flores.
According to the report, halfway through its course, the Program, which in the 2021-2027 period brings together financial instruments supported by the Union's budget, has allocated 90% of the EU guarantee and unlocked 218 billion euros in additional investments, 65% of which from private sources, with a projected multiplier effect of 14.76 (close to 15 for every euro of EFSI guarantee).
According to the report, the EU budget guarantee shows high additionality, enabling InvestEU implementing partners to implement riskier financial products or conditions and finance activities with inherently higher risk, thus allowing investments that otherwise could not access market financing on reasonable terms. InvestEU is indeed contributing to creating new markets by investing in emerging technologies (including space, semiconductors, blue economy, quantum computing) and pioneering European start-ups. Additionally, a dedicated tool, the Export Credit Guarantee Facility, has been deployed to support European companies' exports to Ukraine.
