Changes from plenary report to adopted text

C. whereas the EIB maintains solid financial fundamentals and has a ‘triple A’ rating, a cornerstone of its financial credibility and lending capacity, which is essential to preserve investor confidence and ensure low borrowing costs;

D. whereas the EIB supports EU policies and projects and is the main implementing partner to leverage the mandates and guarantees of the EU’s budget and thus to mobilise large-scale public and private investment; whereas the EIB states that approximately 90 % of its annual investment is committed to projects within the EU and 10 % deployed in investments outside the EU;

E. whereas the EIF, as part of the EIB Group, is an entity specialised in supporting the EU’s policy objectives, including in the areas of entrepreneurship, job creation and economic cohesion, and plays a key role in supporting small and medium-sized enterprises (SMEs) by enhancing their access to financial markets, from venture capital to micro-finance; highlights the fact that the EIB Group supports companies at all stages of development;

F. whereas as of June 2024, InvestEU is estimated to have mobilised around EUR 280 billion in additional investments, of which EUR 201 billion originated from the private sector; whereas the InvestEU envelope is almost depleted;

G. whereas the latest reports on the future of the EU call for the EU’s competitiveness and productivity to be strengthened, emphasise the vital role of market integration and underscore the need to accelerate both public and private investment to build a stronger, more secure, autonomous and fair Europe;

H. whereas the Draghi report on European competitiveness assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030; whereas the EIB Group plays a crucial role in helping bridge the gap both through its own lending capacity and by ‘crowding in’ private capital to finance these investment needs;

I. whereas according to the Draghi report, EU companies spend less on research and innovation (R&I) than their US counterparts and Europe persistently fails to translate R&I into commercialisation, particularly in sectors like biotech, artificial intelligence and renewable energy, in the context of the EU’s lack of scale and incomplete single market, banking union and capital markets union; whereas the Draghi report highlights a 30 % EU-US productivity gap in 2023 and points to Europe’s missing out on the digital revolution – driven by the internet and the associated productivity gains – as a key factor, noting that only four of the world’s top 50 tech companies are European;

J. whereas the Letta report estimates that EUR 300 billion of European savings are not invested in Europe, but mainly in the United States, due to the lack of an integrated capital markets union (CMU); whereas the President of the European Central Bank estimates that companies in the EU could raise approximately an additional EUR 470 billion a year in funding from the capital markets if the CMU were completed; whereas the European Parliamentary Research Service estimates the potential benefits of a more fully integrated and more effectively regulated EU financial market of up to EUR 159 billion per year in the long run as well as the benefit of further progress in the integration of the EU banking sector of up to EUR 114 billion per year;

K. whereas the EIB’s operations should contribute to achieving climate neutrality by 2050 at the latest, in line with the Paris Agreement and the UN Sustainable Development Goals (SDGs), and support the implementation of the European Pillar of Social Rights; whereas the EIB has branded itself the EU’s climate bank in view of the investments needed to deliver the fair green transition; whereas the Commission estimates that the EU needs to increase its annual investments in energy, industrial innovation and scale-up, and transport systems by around EUR 480 billion compared to the previous decade;

L. whereas in the light of the current geopolitical context, the development of the European defence technological and industrial base plays an increasingly important role within the internal market; whereas the Commission’s white paper on the future of European defence identifies that an additional EUR 800 billion investment is needed in the defence sector over a four-year period; whereas the EIB announced that it would double its funding for security and defence from EUR 1 billion in 2024 to EUR 2 billion in 2025, while safeguarding its ‘triple A’ credit rating status;

N. whereas the EIB Global lending arm, which was launched in 2022, is of key importance in terms of Europe’s position in the world; whereas EIB Global is expected to facilitate at least one third of the EUR 300 billion in investment that the Global Gateway sets out to generate by the end of 2027;

O. whereas Parliament has repeatedly called for the conclusion of an interinstitutional agreement between Parliament and the EIB; whereas Parliament has signed agreements with various EU bodies; whereas Parliament and the EIB share a long history of intensive cooperation, including (non-)legislative interactions and dialogue;

General remarks

1. Appreciates the EIB’s readiness to adapt to changing EU policy requirements, while respecting its long-term objectives; welcomes the EIB Group 2024-2027 Strategic Roadmap, which reflects the EU’s political priorities; points out that the eight priority areas set out in the strategic roadmap are: the EIB’s role as the climate bank, digitalisation and deployment of new technologies, security and defence industry, modern cohesion policy, agriculture and the bioeconomy, Europe’s social infrastructure, high impact investments outside the EU, and the capital markets union;

2. Highlights the strong call for the EIB to play an even greater role in closing Europe’s investment gap, which Mario Draghi estimated at EUR 800 billion, of which EUR 450 billion is needed for the energy transition alone; calls on the Commission and the EIB to fully leverage the EIB’s potential to provide financial support for the EU’s common priorities and to fulfil its crucial role in driving the necessary investment for fair and inclusive sustainable growth, while maximising innovation gains in key EU policy areas; calls for the EIB Group’s contribution to be further strengthened in the next multiannual financial framework (MFF), particularly through financial instruments and budgetary guarantees that have proven highly effective in advancing key EU policy objectives; urges the Member States to provide sufficient funding for this purpose by assigning mandates to the EIB and through a possible capital increase, thus enabling the EIB to mobilise investments that truly meet pan-European needs and strengthen the EU’s relevance as a global player; recalls that the new Commission has set itself the goal of being an ‘investment Commission’;

3. Stresses that the EIB’s ‘triple A’ rating is essential and a key asset that must be maintained; urges all relevant actors to protect and guarantee this rating when adapting the EIB’s lending policy and mandate; underlines that the rating is based, among other factors, on its solid capital position, excellent asset quality and performance, the creditworthiness of the Member States as its ultimate guarantors, and the fact that the EIB has been responsive to EU policy objectives; notes that, with a solid ‘triple A’ rating and a strong risk management framework, the EIB Group has the financial strength required to steadily increase its annual investments; highlights the fact that the EIB’s rating and financial position also allow it to ensure favourable financing conditions in funding public interest projects compared to private commercial banks, ensuring certainty and cost effectiveness, and allow it to absorb potential fluctuations in returns, retain investor confidence and contain borrowing costs; underlines that the EIB should further leverage its privileged status to take greater risks in funding European public goods and strategic investments; takes note of the decision of the EIB Board of Governors to increase the EIB’s gearing ratio limit from 250 % to 290 %; stresses that the EIB should adequately calibrate its intervention to ensure that it does not crowd out private investment;

5. Stresses the need to simplify, streamline, optimise and consolidate current and future EIB processes and mandates to enhance synergies, effectiveness and efficiency; suggests the development and introduction of a single rule book, with a uniform set of financial rules, to function as a unified framework across multiple EU programmes and simplify implementation for partners, which will contribute to enhancing the EIB’s operations;

6. Stresses the importance of reducing the administrative burden and reporting costs as well as simplifying procedures for EIB-financed projects, in particular for SMEs and smaller-scale innovation-driven initiatives; underlines that a more streamlined process could increase the EIB’s impact and responsiveness; welcomes, in this regard, the establishment of one-stop shops to offer coordinated financial support and technical guidance;

7. Acknowledges the EIB’s commitment to reforms to shorten time-to-market, with a target of a 30 % reduction by the end of 2024 and a 50 % reduction over the 2024-2026 period; notes that the implementation of these reforms is being accelerated to reduce bureaucracy, enhance synergies within the Group, to automate and streamline internal procedures and improve cost efficiency; calls on the Commission and the EIB to further assess how to speed up the EIB’s time-to-market as well as to simplify financing mandates without compromising auditing standards or transparency; calls on the EIB to intensify its efforts in the digitalisation of its operations;

Closing the investment gap and fostering competitiveness

8. Emphasises the important role of the EIB Group as a pan-European and international investment body in mobilising both public and private financing for EU priorities and supporting Member States in financing essential and strategic investments and EU policy goals;

9. Recalls, however, that the EIB’s operations are by nature limited and can only play a supporting role in addressing the significant investment gap; reiterates that a more integrated economic and monetary union and strengthened economic architecture and effective coordination would support the EIB’s operations; calls, therefore, for swift and substantial progress regarding the capital markets union, particularly through concrete steps on the recently launched savings and investments union, the completion of the banking union, as well as, where appropriate, the establishment of EU-level investment instruments and tools designed to minimise the cost for EU taxpayers and maximise efficiency in the provision of European public goods;

10. Affirms that more integrated capital markets and a deeper single market are also essential foundations for the EIB’s operations; welcomes the EIB’s strategic roadmap, which places the capital markets union high on its agenda; considers that a adequately completed savings and investments union will bring benefits to consumers and SMEs alike by providing high-yield investment opportunities in the real economy, and will ultimately strengthen the venture capital market, which is considered riskier than other forms of investment, by facilitating access to more diversified funding sources; emphasises that relevant European public actors should contribute to the savings and investments union and welcomes the EIB’s willingness to launch pilot projects and other concrete initiatives in this area;

11. Calls on the Commission and the EIB Group to enhance efforts to deliver on the agenda for the Competitiveness Compass and the savings and investments union by mobilising private capital for productive investments, supporting innovation throughout companies’ life cycles, venture capital financing and more high-risk equity financing for start-ups and scale-ups; underlines that higher-risk instruments such as equity and venture debt must be used with clear risk frameworks and measurable performance indicators; encourages the EIB to expand financing for women-owned businesses;

12. Recognises the central role of SMEs, as the backbone of the European economy, in driving economic growth, fostering innovation, creating employment and promoting territorial cohesion; recalls, in this regard, that the EU’s 24 million SMEs account for 99 % of all businesses, provide around two-thirds of all jobs and generate over 50 % of the total value added that is produced by EU businesses; underlines that supporting SMEs is a key objective for the EIB Group and that greater access to credit, the creation of tailored financial instruments, and targeted investments in SMEs can have a widespread positive impact by contributing to the Union’s economic resilience, the competitiveness of local production chains, and the digital and sustainable transitions in regional economies;

13. Encourages the EIB to maintain and strengthen its role in facilitating access to finance for SMEs and start-ups, which frequently encounter obstacles when seeking funding from traditional financial institutions, providing targeted financing to ensure sufficient resources to grow and prosper; points out that SMEs continue to face challenges owing to high interest rates and raw materials and energy costs;

14. Welcomes the EIF’s role in financing start-ups and scale-ups in Europe, including through its activities in the European venture capital market; stresses that EIF instruments must remain easily accessible for smaller applicants, and calls on the EIF to streamline its application procedures accordingly; calls for an increase in the budget of the EIF dedicated to the EU venture capital ecosystem, in line with the Draghi report recommendation; calls also for the introduction of first-loss guarantees and convertible instruments targeted at start-ups and scale-ups;

15. Highlights the role of the EIB Group as a major contributor to developing the European venture capital and private equity ecosystem, but notes that further work is needed to support European innovation to provide start-ups with more opportunities to scale up and access funding throughout their life cycle; notes that, although a share of private investment already flows through venture capital funds, it remains insufficient and is unevenly distributed across Member States; underlines that a capital markets union could help address this imbalance and improve access to finance across Member States;

16. Stresses that de-risking instruments and budgetary guarantees provided by the EU have proven to be powerful tools; considers that de-risking should continue effectively, particularly for investments in innovative and strategic sectors; is concerned that, according to the interim evaluation of the InvestEU programme, envelopes for many financial products may run out by the end of 2025 without budgetary reinforcements; welcomes, in this regard, the Commission’s proposal of 26 February 2025 to provide additional funding to InvestEU; calls for a balanced geographical distribution of financing under InvestEU, particularly with respect to smaller Member States;

17. Recalls that EU budgetary guarantees are underpinned by taxpayer funds and that defaults on EIB-backed projects could directly impact the EU budget;

18. Welcomes the continued expansion of the EIB’s network of European promotional banks and other international financial institutions to help to further leverage public and private investment, and to ensure broad geographical and sectoral coverage; recalls that InvestEU is 75 % implemented by the EIB; calls for the financial instrument component of the Competitiveness Fund to make use of the expertise of national promotional banks and institutions (NPBIs), particularly their knowledge of local and regional actors; in that context, calls for the blending of instruments between the EIB and NPBIs to be explored further, ensuring that such instruments do not compromise the funds already dedicated to NPBIs;

19. Asks the EIB to increase its concessional loans to local and national financial intermediaries, including to credit guarantee consortia, microfinance institutions, ethical banks and collective guarantee structures working to facilitate access to credit for SMEs, with a particular focus on rural areas, inland and island areas, the outermost regions, and areas undergoing economic and environmental transitions;

Consolidating the EIB’s role as the EU’s climate bank

20. Acknowledges the EIB’s role as a climate bank and its alignment with the EU sustainable finance framework, including the integration, where applicable, of taxonomy criteria, supporting the transition by providing financing in sustainable and clean technologies and backing the Union’s efforts to decarbonise the EU economy; recalls that the EIB’s financial flows must be consistent with the EU’s goal of climate neutrality by 2050 and climate objectives for 2030; notes that all corporate clients of EIB financing are contractually required to publish a credible Paris alignment strategy (‘decarbonisation plans’);

26. Notes that, in a world full of uncertainty, investments should be focused on the EU’s preparedness to face shocks; stresses the need for increased investment in climate adaptation and resilience; encourages further research and development, including of innovative technologies, for climate preparedness; calls for access to finance for SMEs in innovative green technologies to be enhanced; recalls that clean technology strengthens EU sovereignty and is essential for competitiveness, yet faces even greater funding challenges due to the green premium compared to incumbent technologies; highlights the Draghi report’s call for more public guarantee and counter-guarantee schemes to cover the investment risks of clean technology manufacturing projects;

27. Recalls that the EIB was the first issuer of green bonds and is now the largest multi-currency issuer of green bonds; welcomes the fact that on 2 April 2025 the EIB issued its first Climate Awareness Bond aligned with the EU Green Bond Standard Regulation; highlights the key role of the EIB in developing the green-bond market, providing financing solutions to sustainable companies; calls on the Commission and the EIB Group to maintain the EU’s leadership in green and digital bonds;

28. Recalls the EIB’s commitment to the Convention on Biological Diversity and the post-2020 Global Biodiversity Framework and supports the EIB’s investments in biodiversity protection and the preservation of natural resources; welcomes the EIB and European Environment Agency agreement to deepen their collaboration on biodiversity and climate actions; emphasises that, in order to achieve the long-term benefits of restoration, conservation and protection of biodiversity and nature, attractive financing schemes should be made available to potential beneficiaries to engage in such practices on a voluntary basis;

Financing peace, security and defence

Addressing challenges in social infrastructure, cohesion policy and housing

37. Welcomes the EIB’s core strategic priorities to reinforce Europe’s social infrastructure and a modern cohesion policy for inclusive and sustainable growth across Europe; appreciates that in its Cohesion Orientation 2021-2027, the EIB committed to dedicating at least 40 % of its total financing in the EU between 2022 and 2024 to projects in cohesion regions, and that in 2024, such financing accounted for 48 % of total EU lending; calls on the EIB to continue to support infrastructure development, including investments in railways, healthcare and social infrastructure, which are crucial for social and economic cohesion, resilience and inclusive growth; underlines that, amid the geopolitical and economic uncertainties, the EIB can provide long-term solutions to address the cost of living crisis;

38. Highlights the crucial role of skills development in driving long-term sustainable growth, employment and competitiveness in the EU; underlines that financing initiatives aimed at boosting human capital not only foster innovation and productivity and address labour market needs, but also strengthen social cohesion and economic resilience; calls on the EIB to step up investments in education, training, upskilling and reskilling, and health, in close coordination and cooperation with Member State initiatives in those areas, aiming to complement and enhance their impact;

39. Welcomes the EIB’s commitment to addressing the challenge of the double market failure in the housing sector, including the insufficient provision of affordable and energy-efficient housing, as well as the market failure to increase the energy efficiency of the existing housing stock; notes the differences between Member States in both policies and the magnitude of the aforementioned market failures;