March 9, 2021

The European Parliament endorses the priorities of the future European investment plan

The European Parliament endorses the priorities of the future European investment plan

The plenary session of the European Parliament on Thursday gave the green light to the provisional agreement that its negotiators have reached with the Council (the countries) on the main lines of the future European investment plan, the so-called InvestEU, which will replace the Juncker Plan as of 2021.

The inter-institutional agreement places as priorities for the period between 2021 and 2027 the creation of employment, the promotion of economic, territorial and social cohesion in the European Union (EU) and the reduction of emissions to comply with the commitments of the Paris Agreement.

In this sense, the InvestEU program aims to dedicate at least 55% of the budget destined to support sustainable infrastructures for climate purposes, the Parliament reported in a statement.

The new project will combine up to 14 investment promotion funds that already exist, such as the European Fund for Strategic Investments or the Connecting European mechanism, and provides that national promotion banks, such as the Official Credit Institute (ICO), can access directly to your funds.

Since 2015, the Juncker plan has provided some 72,500 million in financing to mobilize public and private investment up to a total of 389,800 million euros, until now all channeled through the European Investment Bank (EIB).

In a statement, the president of the European Commission, Jean-Claude Juncker, considered that the plan baptized with his last name has managed to "comply with the number one priority of the Commission: create jobs and growth", and he trusted that the InvestEU program will help Europe to "remain an attractive place for investors around the world".

The agreement between institutions does not, however, determine the volume that this program will have, something that will be decided in the framework of the negotiation on the multi-year budget for the period 2021-2027 in which the proposal is framed.

The European Commission had requested that InvestEU be endowed with 38,000 million euros of the budget, while the MEPs raise the figure to 40,800 million euros.

Negotiations will now continue between the European Parliament and the Council to reach a definitive agreement with a view to the fund starting to operate in 2021.


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