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European parliament and states agree to extend EFSI

The European Parliament and member states have agreed to extend the European Fund for Strategic Investments (EFSI) to 2020 and increase its financial targets.15 Sep 2017

The EFSI was established in 2015 by the EIB as a joint initiative of the European Commission and the EIB. It manages a guarantee from the EU budget and an EIB contribution to trigger private and public investment.

The fund's initial three-year timeline has been extended to 2020 and the target of investment to be triggered is increased from €315 billion to at least half a trillion euros by 2020, the European Commission said.

Investment decisions will now be explained and published online to show that the projects would not have been financed at the same time or to the same extent without EFSI support.

The EFSI will also extend to new sectors such as sustainable agriculture and fisheries as part of an overall emphasis on financing projects in line with the Paris Agreement COP 21 targets, the Commission said.  

Commission vice-president Jyrki Katainen said: "Tonight's agreement means that the new and improved European Fund for Strategic Investments, or EFSI 2.0, will benefit European citizens until at least 2020. The EFSI has already reached all 28 member states, supporting public and private investment projects and financing a huge range of small businesses and start-ups. With its increased firepower and duration, the EFSI will continue to be an important driving force in the EU's economic recovery."

The draft EFSI 2.0 regulation has still to be formally adopted by the European parliament and council of ministers.

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