The InvestEU Programme proposed by the European Commission aims to bring together under one roof the multitude of EU financial instruments currently available to support investment in the EU, making EU funding for investment projects in Europe simpler, more efficient and more flexible. The InvestEU Programme consists of the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. It will further boost job creation and support investment and innovation in the EU.
The EPP-CoR rapporteur Konstantinos Agorastos welcomes the European Commission’s ambition to further support investment in Europe, by building on the experience acquired with the European Fund for Strategic Investments (EFSI) and the Investment Plan more broadly. However, he stresses that while there has been some improvement in investment conditions in some Member States and regions, the level of gross fixed capital formation as a share of GDP for the whole of the EU has still not recovered to its pre-crisis level, with overall investment remaining around 10% lower than it was before the crisis, with some strong disparities among Member States.
“InvestEU must be geared to results, especially job creation and addressing regional disparities, and this can be more effectively achieved through close coordination with local and regional authorities” said Konstantinos Agorastos during the ECON meeting on the 23rd of October.
The rapporteur highlighted the importance of the Committee of the Regions’ involvement particularly in the Advisory Board of the EU Invest administrative system and recommends introducing fast-track procedures for small-scale projects up to a certain budget, given that in certain regions smaller-scale projects may equate to strategic investments because they can have significant leverage effects.