BETA

Awaiting Council 1st reading position / budgetary conciliation convocation



2016/0281(COD) European Fund for Sustainable Development (EFSD), EFSD Guarantee and EFSD Guarantee Fund
RoleCommitteeRapporteurShadows
Lead AFET KUKAN Eduard (EPP), FRUNZULICĂ Doru-Claudian (S&D), GARDIAZABAL RUBIAL Eider (S&D) PONGA Maurice (EPP), RÜBIG Paul (EPP), POST Soraya (S&D), DEVA Nirj (ECR), VISTISEN Anders Primdahl (ECR), BECERRA BASTERRECHEA Beatriz (ALDE), JÄÄTTEENMÄKI Anneli (ALDE), PAET Urmas (ALDE), BENITO ZILUAGA Xabier (GUE/NGL), LÖSING Sabine (GUE/NGL), SÁNCHEZ CALDENTEY Lola (GUE/NGL), HAUTALA Heidi (Verts/ALE), CASTALDO Fabio Massimo (EFD), CORRAO Ignazio (EFD), ZANNI Marco (ENF)
Opinion AFET
Lead BUDG KUKAN Eduard (EPP), FRUNZULICĂ Doru-Claudian (S&D), GARDIAZABAL RUBIAL Eider (S&D) PONGA Maurice (EPP), RÜBIG Paul (EPP), POST Soraya (S&D), DEVA Nirj (ECR), VISTISEN Anders Primdahl (ECR), BECERRA BASTERRECHEA Beatriz (ALDE), JÄÄTTEENMÄKI Anneli (ALDE), PAET Urmas (ALDE), BENITO ZILUAGA Xabier (GUE/NGL), LÖSING Sabine (GUE/NGL), SÁNCHEZ CALDENTEY Lola (GUE/NGL), HAUTALA Heidi (Verts/ALE), CASTALDO Fabio Massimo (EFD), CORRAO Ignazio (EFD), ZANNI Marco (ENF)
Opinion BUDG GARDIAZABAL RUBIAL Eider (S&D)
Opinion CONT TARAND Indrek (Verts/ALE)
Lead DEVE KUKAN Eduard (EPP), FRUNZULICĂ Doru-Claudian (S&D), GARDIAZABAL RUBIAL Eider (S&D) PONGA Maurice (EPP), RÜBIG Paul (EPP), POST Soraya (S&D), DEVA Nirj (ECR), VISTISEN Anders Primdahl (ECR), BECERRA BASTERRECHEA Beatriz (ALDE), JÄÄTTEENMÄKI Anneli (ALDE), PAET Urmas (ALDE), BENITO ZILUAGA Xabier (GUE/NGL), LÖSING Sabine (GUE/NGL), SÁNCHEZ CALDENTEY Lola (GUE/NGL), HAUTALA Heidi (Verts/ALE), CASTALDO Fabio Massimo (EFD), CORRAO Ignazio (EFD), ZANNI Marco (ENF)
Lead DEVE FRUNZULICĂ Doru-Claudian (S&D)
Opinion ECON
Opinion INTA
Opinion LIBE
Lead committee dossier: CJ31/8/09264
Legal Basis RoP 055, TFEU 209-p1, TFEU 212

Activites

  • 2017/07/06 Decision by Parliament, 1st reading/single reading
    • T8-0311/2017 summary
  • 2017/07/05 Debate in Parliament
  • 2017/07/03 Approval in committee of the text agreed at 1st reading interinstitutional negotiations
  • 2017/04/25 Committee report tabled for plenary, 1st reading/single reading
    • A8-0170/2017 summary
  • 2017/04/24 Committee decision to open interinstitutional negotiations with report adopted in committee
  • 2017/04/24 Vote in committee, 1st reading/single reading
  • 2017/02/16 Referral to joint committee announced in Parliament
  • #3511
  • 2016/12/13 Council Meeting
  • 2016/10/27 Committee referral announced in Parliament, 1st reading/single reading
  • 2016/09/14 Legislative proposal published
    • COM(2016)0586 summary
    • DG {'url': 'http://ec.europa.eu/info/departments/international-cooperation-and-development_en', 'title': 'International Cooperation and Development'}, MIMICA Neven

Documents

AmendmentsDossier
374 2016/0281(COD)
2017/03/27 AFET, DEVE, BUDG 316 amendments...
source: 602.743
2017/03/29 CONT 58 amendments...
source: 602.789

History

(these mark the time of scraping, not the official date of the change)

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  • The European Parliament adopted by 503 votes to 78, with 51 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on the European Fund for Sustainable Development (EFSD) and establishing the EFSD Guarantee and the EFSD Guarantee Fund.

    The position of the European Parliament adopted at first reading following the ordinary legislative procedure amended the Commission proposal as follows:

    Purpose of the EFSD: the EFSD, as a financial instrument, is guided by the objectives of the EU’s external action, set out in Article 21 of the Treaty on European Union (TEU), and by the EU’s development cooperation policy set out in Article 208 TFEU and will contribute to the achievement of the Sustainable Development Goals of the 2030 Agenda, in particular poverty eradication.

    Its objective would be to support investment and better access to finance, first in Africa and in the European neighbourhood in order to foster the development of partner countries, with a focus on sustainable and inclusive growth, job creation, youth and women, socio-economic sectors and support for micro, small and medium-sized enterprises.

    EFSD should also contribute to:

    • addressing the specific socio-economic root causes of migration, including irregular migration, the sustainable reintegration of migrants returning to their countries of origin and the strengthening of transit and reception communities;
    • implementing the Paris Climate Change Agreement (COP 21): a share of at least 28% of the funds allocated under the EFSD should be devoted to financing or investment operations for the sectors of renewable energy and the efficient use of resources.

    Structure: the EFSD would be composed of regional investment platforms which should be established on the basis of the working methods, procedures and structures of the Union’s existing external blending facilities and which should combine their blending operations and the EFSD Guarantee. The EFSD will be managed by the Commission which would work in close collaboration with the EIB.

    Strategic board of the EFSD: the Board shall ensure that investments have an appropriate and diversified geographical and thematic coverage, while giving special attention to the least developed countries and fragile states. It shall also support overall coordination, complementarity and coherence between the regional investment platforms, between the three pillars of the EU’s External Investment Plan (EIP), between the EIP and the Union's other efforts on migration and with the EU’s financing instruments and trust funds.

    The European Parliament shall have observer status. In its strategic guidance, the strategic board shall take into account relevant European Parliament resolutions and Council decisions and conclusions.

    Regional operational boards: the amended text provides that each regional investment platform shall have an operational board which shall support the Commission in defining regional and sectoral investment goals and regional, sectoral and thematic investment windows and shall formulate opinions on blending operations and on the use of the EFSD Guarantee.

    Eligibility criteria for the use of the EFSD Guarantee: the EFSD Guarantee shall support financing and higher risk investment operations which address market failures or sub-optimal investment situations and which:

    ·        respect the principle of additionality by supporting operations that would not have been undertaken without the EFSD guarantee;

    ·        ensure complementarity with other initiatives, making sure that EFSD operations are clearly distinct, in particular from the external lending mandate operations managed by the EIB;

    ·        are economically and financially viable, with due regard to the possible support from, and co-financing by, private and public partners to the project, while taking into account the specific operating environment and capacities of countries identified as experiencing fragility or conflict;

    ·        maximise, where possible, the mobilisation of private sector capital;

    ·        respect the principles of development effectiveness and implement agreed guidelines, principles and conventions including the UN Principles for Responsible Investment, UN Guiding Principles on Business and Human Rights.

    Coverage and conditions of application of the EFSD guarantee: the text stipulates that the Union should release a guarantee of EUR 1,500,000,000 to establish the EFSD guarantee. The EFSD guarantee should not exceed this amount at any time.

    Member States and other contributors would be invited to supplement this contribution to support the EFSD Guarantee Fund in the form of cash (Member States and other contributors) or guarantees (Member States) in order to increase the liquidity reserve and to increase the total volume of the EFSD guarantee.

    • At least EUR 400 000 000 of the EFSD Guarantee coverage would be allocated to investments in partner countries eligible under the 11th EDF throughout the implementation period of the EFSD Guarantee, in line with the objectives of the Cotonou Partnership Agreement.
    • At least EUR 100 000 000 of the EFSD guarantee would be used for investments in partner countries in the Eastern and Southern Neighbourhood.

    The Commission should report annually to the European Parliament and the Council on the financing and investment operations covered by the EFSD guarantee, with a view to ensuring full accountability to European citizens and scrutiny and control by Parliament and the Council.

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    • The Committee on Foreign Affairs and the Committee on Development Committee on Budgets adopted a joint report by Eduard KUKAN (EPP, SK), Doru-Claudian FRUNZULICĂ (S&D, RO) and Eider GARDIAZABAL RUBIAL (S&D, ES) on the proposal for a regulation of the European Parliament and of the Council on the European Fund for Sustainable Development (EFSD) and establishing the EFSD Guarantee and the EFSD Guarantee Fund.

      As a reminder, the EFSD is the first pillar of the External Investment Plan (EIP), under which the Commission also plans to enhance technical assistance in partner countries (pillar 2) and to work towards improving the investment climate and overall policy environment in those countries (pillar 3).

      The committee recommended that the European Parliament’s position adopted at first reading, following the ordinary legislative procedure, should amend the Commission proposal as follows:

      Purpose: the EFSD shall contribute to the achievement of the Sustainable Development Goals of the 2030 Agenda and be guided by the objectives of Union external action set out in Article 21 of the Treaty on European Union (TEU) and of Union development cooperation policy set out in Article 208 TFEU and the internationally agreed development effectiveness principles, thus contributing to the Union's development and neighbourhood policies, with a particular focus on the eradication of poverty, long-term sustainable and inclusive growth, decent job creation, socio-economic sectors and on the support to micro, small and medium sized enterprises.

      It shall also:

      • foster sustainable reintegration of migrants returning to their countries of origin;
      • strengthen resilience of transit and host communities;
      • contribute to the implementation of the Paris Agreement by targeting investments to sectors that advance climate change mitigation and adaptation: at least 35 % of the financing to investments with components that contribute to climate action, renewable energy and resource efficiency.

      The EFSD shall be composed of regional investment platforms. These platforms shall be created by transforming the existing blending facilities created by Commission decisions. The platforms for Africa and the Neighbourhood shall be established first.

      The Commission shall work in close cooperation with the EIB supported by the other eligible counterparts as regards the operational management of the EFSD Guarantee.

      Strategic board of the EFSD: the Board shall ensure that investments have an appropriate and diversified geographical and thematic coverage, while giving special attention to the Least Developed Countries and fragile States. They shall also support overall coordination, complementarity and coherence between the regional investment platforms, between the three pillars of the EIP, between the EIP and the Union's other efforts on migration and financing instruments and trust funds.

      The European Parliament shall have observer status. In its strategic guidance, the strategic board shall take into account relevant European Parliament resolutions and Council decisions and conclusions.

      Regional operational boards: Members proposed that each regional investment platform shall have an operational board which shall support the Commission in defining regional and sectoral investment goals and regional, sectoral and thematic investment windows and shall formulate opinions on blending operations and on the use of the EFSD Guarantee.

      Eligibility criteria for the use of the EFSD Guarantee: the EFSD Guarantee shall support financing and investment operations which address market failures or sub-optimal investment situations and which:

      • respect the principle of additionality of EFSD financing and investment operations, involving a higher risk;
      • ensure complementarity with other initiatives, making sure that EFSD operations are clearly distinct, in particular from the external lending mandate operations managed by the EIB;
      • are economically and financially viable, with due regard to the possible support from, and co-financing by, private and public partners to the project, while taking into account the specific operating environment and capacities of countries identified as experiencing fragility or conflict;
      • respect the principles of development effectiveness and implement agreed guidelines, principles and conventions including the UN Principles for Responsible Investment, UN Guiding Principles on Business and Human Rights.

      At least EUR 100 000 000 of EFSD Guarantee coverage shall be allocated for investments in the partner countries from the Eastern and Southern Neighbourhood.

      Investment windows: the Commission is empowered to adopt, after consultation with the strategic board, delegated acts supplementing this Regulation by establishing a list of investment windows. The choice of investment windows shall be duly justified by an analysis of the market failure or sub-optimal investment situations.

      The Commission shall establish and publish a scoreboard of indicators to be used to ensure an independent and transparent assessment of the potential and actual operations backed by the EFSD Guarantee.

      Transparency and grievance mechanism: Members called on the Commission to publish on its web-portal information on financing and investment operations. The Commission shall establish a Union centralised grievance mechanism for all EFSD-supported projects.

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    • DG: url: http://ec.europa.eu/info/departments/international-cooperation-and-development_en title: International Cooperation and Development Commissioner: MIMICA Neven
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    • body: EP shadows: group: EPP name: PONGA Maurice group: EPP name: RÜBIG Paul group: S&D name: POST Soraya group: ECR name: DEVA Nirj group: ALDE name: BECERRA BASTERRECHEA Beatriz group: ALDE name: JÄÄTTEENMÄKI Anneli group: ALDE name: PAET Urmas group: GUE/NGL name: BENITO ZILUAGA Xabier group: GUE/NGL name: SÁNCHEZ CALDENTEY Lola group: Verts/ALE name: HAUTALA Heidi group: EFD name: CASTALDO Fabio Massimo group: EFD name: CORRAO Ignazio group: EFD name: ZANNI Marco responsible: True committee: AFET date: 2016-10-11T00:00:00 2016-10-11T00:00:00 2016-10-11T00:00:00 committee_full: Foreign Affairs rapporteur: group: EPP name: KUKAN Eduard group: S&D name: FRUNZULICĂ Doru-Claudian group: S&D name: GARDIAZABAL RUBIAL Eider
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    • body: EP shadows: group: EPP name: PONGA Maurice group: EPP name: RÜBIG Paul group: S&D name: POST Soraya group: ECR name: DEVA Nirj group: ECR name: VISTISEN Anders Primdahl group: ALDE name: BECERRA BASTERRECHEA Beatriz group: ALDE name: JÄÄTTEENMÄKI Anneli group: ALDE name: PAET Urmas group: GUE/NGL name: BENITO ZILUAGA Xabier group: GUE/NGL name: LÖSING Sabine group: GUE/NGL name: SÁNCHEZ CALDENTEY Lola group: Verts/ALE name: HAUTALA Heidi group: EFD name: CASTALDO Fabio Massimo group: EFD name: CORRAO Ignazio group: ENF name: ZANNI Marco responsible: True committee: AFET date: 2016-10-11T00:00:00 2016-10-11T00:00:00 2016-10-11T00:00:00 committee_full: Foreign Affairs rapporteur: group: EPP name: KUKAN Eduard group: S&D name: FRUNZULICĂ Doru-Claudian group: S&D name: GARDIAZABAL RUBIAL Eider
    • body: EP responsible: False committee_full: Foreign Affairs committee: AFET
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    • body: EP responsible: False committee: BUDG date: 2017-01-19T00:00:00 committee_full: Budgets rapporteur: group: S&D name: GARDIAZABAL RUBIAL Eider
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    • PURPOSE: to set up the European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund to support investments in regions outside the EU as a means to address root causes of migration.

      PROPOSED ACT: Regulation of the European Parliament and the Council.

      ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

      BACKGROUND: the proposal forms part of the External Investment Plan (EIP) announced in the 7 June 2016 Commission Communication on establishing a new Partnership Framework with third countries under the European Agenda for Migration.  

      It is also in with the EU Global Strategy for Foreign and Security Policy with embeds challenges such as migration in the overall EU foreign policy.

      The EIP will be based on three pillars working hand in hand:

      • a new investment fund (pillar 1);
      • technical assistance (pillar 2), to help local authorities and companies to develop a higher number of sustainable projects and attract investors;
      • and finally a range of dedicated thematic, national and regional EU development cooperation programmes combined with structured political dialogue targeted at improving the investment climate and overall policy environment in the countries concerned (pillar 3).

      Pillar 1 will be implemented through the EFSD. The EFSD will have the key objective of providing an integrated financial package to finance investments starting in the regions of Africa and the Neighbourhood.  The Commission called for a long term strategy by which the EU will promote the sustainable development goals of the 2030 Agenda and thus continue to address root causes of migration. It shall also contribute to the implementation of the Paris Agreement on Climate Change (COP 21).

      According to the Commission, the EFSD is expected to mobilise up to EUR 44 billion investments with funds from the general budget of the Union and other sources of EUR 3 350 million until 2020.

      CONTENT: this draft Regulation seeks to establish the European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund. 

      Purpose: the purpose of the EFSD as an integrated financial package shall be to support through the supply of financing capacity in the form of grants, guarantees and other financial instruments to eligible counterparts investments and increased access to financing starting in African and Neighbourhood partner countries. 

      The EFSD shall contribute to the achievement of the Sustainable Development Goals of the 2030 Agenda with a particular focus on sustainable growth, job creation, socio-economic sectors and on the support to micro, small and medium sized enterprises.

      It should tackle root causes of migration and offering sustainable reintegration to returned migrants in their countries of origin while maximising additionality, delivering innovative products and crowding in private sector funds.

      Regional investment platforms: the EFSD shall be composed of regional investment platforms, which will combine financing from existing blending facilities and the EFSD Guarantee. The management of the EFSD shall be ensured by the Commission. Regional investment platforms will be focused to pursue the achievement of the sustainable development goals and better address root causes of migration.

      Strategic board of the EFSD: the Commission shall be assisted by a strategic board.  It shall provide strategic guidance and support the Commission in setting overall investment goals as regards the use of the EFSD Guarantee. The strategic board shall also support overall coordination and coherence between the regional investment platforms and with the external lending mandate operations managed by the EIB, including the EIB resilience initiative.

      The strategic board shall be composed of representatives of the Commission and of the High Representative of the Union for Foreign Affairs and Security Policy (High Representative), of the Member States and of the EIB. The Commission may invite other contributors to become members of the strategic board having regard where appropriate to the view of the board. Partner Countries and relevant regional organisations, the eligible counterparts and the European Parliament may be given observer status, where appropriate.

      Project assessment: a sound technical assessment and due diligence as well as a swift implementation of individual projects will be ensured. The bankability and risk of the projects will be assessed by the eligible counterparts and verified by independent experts to ensure the credibility vis-à-vis the private sector, before the investment proposals are approved by the Commission.

      The EFSD Guarantee: the Union should make available a guarantee of EUR 1.5 billion to establish the EFSD Guarantee. This fund aims to constitute guarantee capacity for credit enhancement that will ultimately benefit the final investments and allow risk sharing with other investors, notably private actors. It will leverage additional financing, in particular from the private sector, by addressing the key factors that enable crowding-in private investment.

      BUDGETARY IMPLICATIONS: the Union will make available a total of EUR 750 million for the EFSD Guarantee until 2020 stemming both from the Union's general budget and the 11th European Development Fund (EDF). Further financing could be foreseen.

      The Commission intends to propose the mobilisation of the contingency margin to provide EUR 250 000 000. Other contributions from the Union budget would be made by the use of redeployments or refocusing of programmed funds. Further financing could also include other contributions by other contributors, such as Member States.

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