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The agreement excludes budget-related and horizontal issues, which are currently being discussed as part of the negotiations on the EU's next multiannual financial framework (MFF) for the period 2021 to 2027.
The aim of InvestEU is to encourage public and private investor participation in financing and investment operations by providing guarantees from the EU budget to address failures and sub-optimal investment situations. The EU guarantee will be divided under the following policy windows:
Consolidating all existing financial instruments, InvestEU builds on the success of the European fund for strategic investments (EFSI) which was launched in July 2015 to boost investment and stimulate economic growth and employment in the EU, at a time when Europe was still recovering from the financial and economic crisis.
The main investment partner will be the European Investment Bank Group (EIB) which has implemented and managed the EFSI. In addition, national promotional banks and international financial institutions will have direct access to the EU guarantee.
The text will provide the possibility for member states to channel some of their allocated cohesion policy funds to the InvestEU fund, adding to the EU guarantee provisioning.
The governance setup will reflect the existing positive experience with the EFSI. It will ensure that the new programme will be a one-stop-shop for all existing financial instruments and that implementing partners other than the EIB will have the possibility of accessing directly the EU guarantee, while reflecting the central role and expertise of the EIB.