The InvestEU programme, which will take over from the ‘Juncker’ investment plan after 2020, should finally contain only four investment components, due to the suppression of the component dedicated specifically to strategic investments, according to a draft compromise from the German Presidency of the EU Council dated 1st September, a copy of which was sent to EUROPE.
In its revised proposal for the Multiannual Financial Framework (MFF) 2021-2027, the Commission had proposed at the end of May the creation of a fifth component to strengthen European value chains in a post-pandemic situation, with a substantial budget increase for the InvestEU programme (see EUROPE 12496/8). However, this strategic component has suffered the consequences of the European Council’s agreement of 21 July on the MFF, which considerably reduced - from 75.15 to 23.8 billion euros - the public guarantee from the EU budget on which the InvestEU fund will be based.
Nevertheless, the German compromise proposal indicates in the annex that the financing of certain strategic investments will be possible under the other components of the future programme, in particular to stimulate green and digital transitions or to increase the EU’s resilience to crises. These include critical infrastructures, physical or virtual, in the energy and sustainable transport sectors. Important Projects of Common European Interest (IPCEI) could also be considered.
It should be noted that the German Presidency also foresees the creation, as the second pillar of the Just Transition Mechanism (see EUROPE 12495/6), of a horizontal regime aimed at fostering a ‘just transition’ through the four investment components of the InvestEU programme: sustainable infrastructure; research, innovation and digitisation; SMEs; social sector and skills.
The Commission will be empowered to draw up guidelines for investments in the four components and on the ‘Just Transition’ investment regime. These guidelines could set restrictions on entities controlled by a non-Member State in the case of investments in the space, defence or cybersecurity sectors.
Subject to a financial contribution, the participation of non-Member States in the InvestEU programme would also not be open solely to candidate countries or those involved in the EU’s neighbourhood policy.
It should be noted that the German authorities do not break down the State guarantee of 23.48 billion from the EU budget into the four investment components. However, the Union will be entitled to participate in possible capital increases of the European Investment Fund, the EIB Group entity in charge of steering the InvestEU programme. (Original version in French by Mathieu Bion)