The European Fund for Strategic Investments (EFSI), launched in 2015, has exceeded the target of 500 billion euros ($564 billion) months earlier than expected, the European Commission said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 02nd July, 2020) The European Fund for Strategic Investments (EFSI), launched in 2015, has exceeded the target of 500 billion euros ($564 billion) months earlier than expected, the European Commission said on Thursday.
The fund is part of the Investment Plan for Europe initiative, also known as the Juncker Plan, which was launched under the previous commission to spur investment that plunged after the 2008 crisis with a view to mobilizing 500 billion euros by the end of 2020.
"The European Commission and the European Investment Bank (EIB) Group have delivered on their pledge to mobilise 500 billion in investment under the Investment Plan for Europe," the press release said.
According to it, some 1,400 operations have been approved under EFSI, which are supposed to trigger about 514 billion euros in additional investment across the bloc and benefit 1.4 million small- and medium-sized businesses.
Commenting on the news, European Commission chief Ursula von der Leyen called EFSI a "success," noting that it "will also play a key role in the NextGenerationEU package of measures to rebuild the European economy after the coronavirus shock."
EIB Group President Werner Hoyer, in turn, noted that EFSI "can serve as a blueprint for action during the coronavirus response." According to the official, the bloc reaching the investment target ahead of schedule proves "the power of partnership."
