Details
- Publication date
- 7 July 2015
- Related department
- Directorate-General for Budget
Description
Commission's proposal: Draft Amending Budget 1/2015, COM(2015) 11 – 13 January 2015
Council's position: 26 June 2015
Parliament's position: 7 July 2015
On 26 November 2014 the Commission proposed "An Investment Plan for Europe"(COM(2014) 903 of 26.11.2014.) aiming at the mobilisation of at least EUR 315 billion in additional investment over the next three years. To this end, a new European Fund for Strategic Investments (EFSI) will be set up in partnership between the Commission and the European Investment Bank (EIB). EFSI will be supported by a guarantee of EUR 16 billion from the EU budget, backed by a guarantee fund covering 50% of the EFSI outstanding liabilities.
The legislative proposal for the establishment of EFSI was adopted by the Commission on 13 January 2015. According to the conclusions of the European Council held on 18 December 2014, the Union legislators are invited to agree on the proposals by June 2015, so that new investment can be activated as early as mid-2015.
In accordance with the legislative proposal, Amending Budget (AB) No 2 for the year 2015 creates the budgetary structure for the provisioning of the guarantee fund, and possible calls on the EU guarantee, as well as the budgeting of the appropriations for the provision of advisory support for investment project identification, preparation and development.
The purpose of AB No 2 is to propose the necessary changes to the budget nomenclature and to make the corresponding reallocation of EUR 1 360 million in commitment appropriations and EUR 10 million in payment appropriations. The overall impact in terms of expenditure or revenue is neutral.