The EIB continues to play an important role in the implementation of EFSI, and 2017 saw an acceleration of the Bank’s activities towards its objective.

EFSI was launched via the European Commission in 2015 as part of the Investment Plan for Europe. This aims to stimulate growth and economic recovery following years of crisis and stagnation. The EIB Group was given the task of delivering EUR 315 billion of additional investment under EFSI between 2015 and mid-2018, over and above its own operations. The initiative is based on linking a guarantee from the EU’s budget with EIB financing. More specifically, the plan focuses on projects which support R&D and the development of ICT; investments in the energy sector; the provision of financial support for SMEs and mid-caps; the development of transport infrastructure; environment and resource efficiency; and investment in human capital, culture and health.

By the end of 2017, the EIB had approved 358[1] operations for EUR 39.2 billion, expected to mobilise over EUR 165.3 billion. Out of the approved operations, 278 EFSI operations have been signed for EUR 27.4 billion, up from EUR 14.2 billion at the end of 2016, amounting to EUR 131.1 billion of EFSI eligible investment mobilised.

Following a positive evaluation by the European Commission of the use of the EU guarantee and the functioning of the guarantee fund, EFSI has been expanded to reach at least EUR 500 billion of mobilised investments by end-2020.

[1]Approved and not cancelled operations or loan tranches as of 31 December 2017.