The European Parliament announced the adoption of the InvestEU programme, triggering hundreds of billions of euros over the next several years towards sustainable investment, innovation and job creation in Europe.
According to the EU Parliament, with €26 billion 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.
In addition to supporting supports strategic investments in manufacturing of pharmaceuticals, medical devices and supplies, InvestEU will also finance sustainable projects that can prove their positive environmental, climate and social impact, aligning with EU targets of spending at least 30% of EU funds on climate objectives by 2027 and to provide support for SMEs negatively affected by the pandemic. Investment allotments for specific policy objectives include 38% to sustainable infrastructure, 25% to research, innovation and digitalization, 26% to SMEs and 11% to social development and skills.
European Parliament Member Irene Tinagli (S&D, IT) said:
“We diverted more funds to meet environmental targets, to support SMEs, which suffered because of the pandemic, and we succeeded in placing Invest EU at the heart of NextGenerationEU. Since InvestEU will also help us to recover from the pandemic, we created synergies with the Recovery and Resilience Facility, allowing member states to implement part of their recovery and resilience plans through InvestEU.”