On Tuesday, MEPs adopted the new InvestEU programme, which will mobilise public and private investments and guarantees simplified access to financing.
Parliament endorsed the provisional agreement reached with the Council with 496 votes in favour, 57 against and 144 abstentions.
With €26 billion (in current prices) set aside in the EU budget as a guarantee, InvestEU is expected to mobilise €400 billion to be invested across the European Union from 2021 to 2027. The new programme is part of the €750 billion Next Generation EU recovery package, and will foster strategic, sustainable and innovative investments and address market failures, sub-optimal investments and the investment gap in targeted sector.
InvestEU supports strategic investments in manufacturing of pharmaceuticals, medical devices and supplies - crucial in the midst of a pandemic - as well as the production of Information and Communication Technology, components and devices in the EU.
It will also finance sustainable projects that can prove their positive environmental, climate and social impact. Those projects will be subject to the principle of “do no significant harm”, meaning they must not negatively affect the EU’s environmental and social objectives.
José Manuel Fernandes (EPP, PT), lead MEP from the Budgets Committee said during the debate on Tuesday: “The EU needs public and private investments to become more competitive, productive and to boost its territorial cohesion. Invest EU brings in additional funds to turn projects that otherwise wouldn’t see the light of day into reality. Our strategic sectors, such as pharmaceuticals, should be independent. We need to help regions that suffered the most, and EU citizens deserve investment and high-quality jobs”. /BGNES