The unifying program of investment of the European Union (EU), InvestEUreleased 218 billion euros in financing for businesses at the end of 2023, according to a press release from the European Commission. This tool started working in 2020 and is currently halfway through its journey. InvestEU was designed to provide better access to finance for businesses around the world. Europe.
Thus, the tool unifies 14 EU financial instruments and advisory initiatives that were previously managed independently in only one program coherent to give additional impetus to investment, innovation and job creation on the continent.
“The execution is very advanced. 90% of the available European guarantee has been allocated to the 16 implementing partners, including the EU group. European Investment Bank (EIB), international financial institutions and national development banks and institutions”, explains the European Commission.
“Almost 80% of the allocated guarantee has already been approved. However, the evaluation also concludes that the available budget is insufficient in relation to the strong market demand and the significant investment needstherefore budgetary reinforcements are necessary,” he said.
The EU investment program
The EU investment program aims to mobilize more than €372 billion extra in the Union through the use of a budget guarantee of 26.2 billion euros.
This background Its aim is to finance the ecological, digital and social transition in Europe. The EU guarantee is designed to support the institutions’ investments, allowing these entities to take more risks and finance larger projects.
Despite this, the economic vice-president of the Commission, Valdis Dombrovskishighlighted that InvestEU “has already proven to be highly effective in closing investment gaps and mobilizing public and private investment that boosts competitiveness and growth, fostering innovation and job creation across the EU “.
