Tuesday

19th Jan 2021

Commission wants to extend its investment plan

  • The European Investment Bank. The €21-billion EU guarantee helped raise more investment than expected. (Photo: Forgemind ArchiMedia)

The European Commission said on Wednesday (1 June) it would like to extend its investment plan after its scheduled end in 2018.

It said it would present a proposal in the autumn but did not specify for how long it would seek an extension from the EU member states and parliament.

Read and decide

Join EUobserver today

Become an expert on Europe

Get instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe as a group

The announcement came as the EU executive provided figures to demonstrate that its flagship "Juncker plan" launched 18 months ago by the president of the commission is working.

"The investment plan is functioning well, the EFSI is doing well," commission vice-president Jyrki Katainen said, referring to the European Fund for Strategic Investments, the structure that was set up to oversee funding of projects.

So far, Katainen said, the €21-billion guarantee provided by the EU budget and the European Investment Bank (EIB) helped raise more investment than expected.

He said that 64 industrial, investment and infrastructure projects have been approved and more than 140,00 small and medium enterprises (SMEs) benefited from funding.


Overall, more than €100 billion have been raised. This is almost a third of the total €315 billion the commission expects to raise in three years.

Katainen also said that the commission was thinking of setting up EFSI-like scheme in developping countries, in order to "stabilse the situation in vulnerable countries".

Juncker fund: €50bn mobilised so far

The flagship EU investment fund has mobilised so far €50 billion in investment, says the president of the European Investment Bank.

Investigation

The discreet banker of Africa development

The European Investment Bank has grown, largely unnoticed, into the world's largest lender and borrower, but who is really in charge is anyone's guess.

Vietnam jails journalist critical of EU trade deal

A journalist who had demanded the EU postpone its trade deal with Vietnam until human rights improved has been sentenced to 15 years in jail. The EU Commission says it first needs to conduct a detailed analysis before responding.

News in Brief

  1. EU to set up sharing mechanism for Covid-19 vaccines
  2. Poll: Europeans believe China to eclipse US on world stage
  3. New Covid variant found in Bavaria, Germany
  4. Will Italian government survive senate vote?
  5. UK to probe British Virgin Islands lawlessness
  6. Ice-hockey drops 2021 Belarus world cup
  7. EU's euro-strategy bodes ill for City of London
  8. EU vaccine-refuseniks could face travel problems

Budget deal struck, with Hungary threat still hanging

Ultimately, the European Parliament managed to squeeze an extra €16bn in total - which will be financed with competition fines the EU Commission hands out over the next seven years, plus reallocations within the budget.

Stakeholders' Highlights

  1. UNESDAEU Code of Conduct can showcase PPPs delivering healthier more sustainable society
  2. CESIKlaus Heeger and Romain Wolff re-elected Secretary General and President of independent trade unions in Europe (CESI)
  3. Nordic Council of MinistersWomen benefit in the digitalised labour market
  4. Nordic Council of MinistersReport: The prevalence of men who use internet forums characterised by misogyny
  5. Nordic Council of MinistersJoin the Nordic climate debate on 17 November!
  6. UNESDAMaking healthier diets the easy choice

Latest News

  1. What do new CDU chief's pro-Russia views mean for Europe?
  2. Business as usual for EU and Russia, despite Navalny
  3. First look at EU's new '21st Century Bauhaus' project
  4. Turkey snubs Greece on migrant returnees
  5. Tackling frozen conflicts in the EU's own neighbourhood
  6. How one man and his dog made a mark on EU history
  7. Frontex spent €94,000 on a dinner in Warsaw
  8. EU's AI military strategy poses 'threat to Europeans'

Join EUobserver

Support quality EU news

Join us