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larger than SMEs but still much smaller than the really large companies and often face a
shortage of finance. The European Investment Fund (part of the EIB-Group) has the
dedicated purpose of assisting SMEs and mid-caps. The EU also has relevant programmes in
this area (COSME and Horizon 2020). The idea is to significantly scale up these activities, also
ensuring that the eligibility criteria to benefit from financing are accommodating and do not
act as obstacles to investments.
23. How can Member States participate? Is this interesting for them?
Member States, directly or through their National Promotional Banks, can participate in the
EFSI by providing capital. Importantly, in the context of the assessment of public finances
under the Stability and Growth Pact, the Commission will take a favourable position
towards such capital contributions to the Fund.
Consideration could also be given to creating a co-investment platform that would allow
National Promotional Banks and potentially other interested institutional investors to co-
invest alongside the EFSI/EIB. Member States can also contribute at the level of different
projects and through a more efficient use of the European Structural and Investment Funds
(see question 34).
24. How can private investors participate? Is this interesting for them?
Private investors can contribute directly to the EFSI but are more likely to participate at the
level of financing different projects. Different forms of public-private partnerships are also
possible, including through complementary fund vehicles such as for example European
Long-term Investment Funds (ELTIFs, available in the first half of 2015 if the legislative
process goes ahead as planned).
25. How is the money going to be spent? Who will decide on the projects?
How can we be sure that money is spent on viable projects (and not "white
elephants")?
Good and sustainable projects should be identified by those who are close to the situation
on the ground – for example regional or local authorities and market participants.
The Fund will have a dedicated Investment Committee consisting of experts that will have
to validate every project from a commercial and societal perspective and in light of the
Investment Guidelines of the Fund. Rigorous and regular monitoring will ensure that money
is efficiently spent, bringing real added value.
Together with the Member States, the "Investment Task Force", which will report shortly,
has carried out a first screening exercise of potentially viable projects with European
significance. The Commission considers that this work should continue on a more permanent
basis at EU level, to help identify and unlock key investment projects of European
significance, as well as to inform investors on a regular basis of the state of preparedness of
various projects. National Promotional Banks could usefully contribute to this work.
A pipeline of investable projects of European significance should be established. The list of
projects would be dynamic and based on a number of simple and recognised economic
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shortage of finance. The European Investment Fund (part of the EIB-Group) has the
dedicated purpose of assisting SMEs and mid-caps. The EU also has relevant programmes in
this area (COSME and Horizon 2020). The idea is to significantly scale up these activities, also
ensuring that the eligibility criteria to benefit from financing are accommodating and do not
act as obstacles to investments.
23. How can Member States participate? Is this interesting for them?
Member States, directly or through their National Promotional Banks, can participate in the
EFSI by providing capital. Importantly, in the context of the assessment of public finances
under the Stability and Growth Pact, the Commission will take a favourable position
towards such capital contributions to the Fund.
Consideration could also be given to creating a co-investment platform that would allow
National Promotional Banks and potentially other interested institutional investors to co-
invest alongside the EFSI/EIB. Member States can also contribute at the level of different
projects and through a more efficient use of the European Structural and Investment Funds
(see question 34).
24. How can private investors participate? Is this interesting for them?
Private investors can contribute directly to the EFSI but are more likely to participate at the
level of financing different projects. Different forms of public-private partnerships are also
possible, including through complementary fund vehicles such as for example European
Long-term Investment Funds (ELTIFs, available in the first half of 2015 if the legislative
process goes ahead as planned).
25. How is the money going to be spent? Who will decide on the projects?
How can we be sure that money is spent on viable projects (and not "white
elephants")?
Good and sustainable projects should be identified by those who are close to the situation
on the ground – for example regional or local authorities and market participants.
The Fund will have a dedicated Investment Committee consisting of experts that will have
to validate every project from a commercial and societal perspective and in light of the
Investment Guidelines of the Fund. Rigorous and regular monitoring will ensure that money
is efficiently spent, bringing real added value.
Together with the Member States, the "Investment Task Force", which will report shortly,
has carried out a first screening exercise of potentially viable projects with European
significance. The Commission considers that this work should continue on a more permanent
basis at EU level, to help identify and unlock key investment projects of European
significance, as well as to inform investors on a regular basis of the state of preparedness of
various projects. National Promotional Banks could usefully contribute to this work.
A pipeline of investable projects of European significance should be established. The list of
projects would be dynamic and based on a number of simple and recognised economic
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