The ECA is conducting an audit of EFSI, the investment fund at the heart of the “Juncker Plan”. The auditors will consider whether EFSI (the European Fund for Strategic Investments) is effectively addressing the need to support investment within the EU.
EFSI was set up in 2015 jointly by the European Commission, the European Investment Bank (EIB) and the European Investment Fund as the core pillar of the Investment Plan for Europe, the Juncker Commission’s first major initiative.
The auditors will examine the Commission’s decision-making in relation to EFSI, as well as the role of national promotional banks and institutions. They will also assess the ‘additionality’ of EFSI – i.e. whether projects are selected only if they would not have been realised without EFSI support – and the added value of its operations.
“Financial instruments such as EFSI are increasingly being used to provide support from the EU budget through guarantees and equity investments”, said Leo Brincat, the Member of the ECA responsible for the audit. “It is therefore most important to ensure that these instruments always function as effectively as they should”.
EFSI aims to mobilise up to €315 billion of additional investment between 2015 and 2018, and to increase access to finance for small businesses and medium-sized companies. This target is to be reached with the help of financing from the EIB, based on a €16 billion guarantee from the EU budget, complemented by a €5 billion allocation from the EIB’s own resources.
Full press release
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