What changed between the plenary report and the adopted text

Removed:Recital -1 (new): (-1) The Union’s external financing instruments, including the EFSD+, continue to be guided by the Union’s foreign policy objectives as set out in Article 21 of the Treaty on European Union, notably the promotion of democracy, the rule of law, human rights and respect for the principles of the United Nations Charter, while also reinforcing the Union’s capacity to act as a global strategic player , safeguarding partners’ sovereignty, countering external interference, and strengthening resilience to geopolitical and economic shocks. Measures to enhance the efficiency of the External Action Guarantee should be pursued in a manner fully consistent with those objectives while ensuring greater alignment between Union policies and partner countries’ own priorities. Such measures are also crucial to positioning the Union as a reliable and sustainable partner and promoting Union values and standards in global investment. Funds allocated under Regulation (EU) 2021/947 of the European Parliament and of the Council1a have the primary objective of reducing and, in the long term, eradicating poverty, in accordance with Article 208 of the TFEU, as also laid down in the European Consensus on Development, and in alignment with the UN's 2030 Agenda for Sustainable Development. / 1a Regulation (EU) 2021/947 of the European Parliament and of the Council of 9 June 2021 establishing the Neighbourhood, Development and International Cooperation Instrument – Global Europe, amending and repealing Deci…

Added:P10_TC1-COD(2025)0262

Removed:Recital 1: (1) The global geopolitical and geoeconomic context requires that the Union reaffirms its commitment to establish mutually beneficial partnerships with partner countries, in order to consolidate democratic institutions and strengthen regional stability and security, thereby tackling the root causes of migration and human trafficking. At the same time, such partnerships should aim to diversify supply chains and uphold the rules-based international order, taking into account factors such as stances towards Russia’s war of aggression against Ukraine, thereby fostering sustainable prosperity and advancing human development. Concrete action to face challenges related to climate change, biodiversity, gender equality and respect for human rights should be mainstreamed in the Union’s external action as they have significant implications for stability and sustainable development.

Added:Position of the European Parliament adopted at first reading on 10 March 2026 with a view to the adoption of Regulation (EU) 2026/… of the European Parliament and of the Council amending Regulation (EU) 2021/947 as regards increased efficiency of the External Action Guarantee

Removed:Recital 1 a (new): (1a) The Union’s strategic ambitions under Regulation (EU) 2021/947 of the European Parliament and of the Council require not only financial and technical delivery but also strong public and diplomatic visibility in order to maximise geopolitical impact and citizen engagement. The Union and its Member States collectively remain the world’s largest providers of official development assistance. That fact, however, is not sufficiently visible, especially when using indirect management with implementing partners such as blended finance operations with many stakeholders within the EFSD+. Accordingly, communication regarding Union-funded actions should be strengthened and greater coherence between the Union and its Member States is needed to present external action as a unified Union effort. Doing so requires systematically displaying the EU flag and logo and agreeing visibility strategies with Member States and delegations. In particular, the Union must manage potential tensions between national visibility objectives and the collective European narrative, as uncoordinated or competing communication risks diluting the Union’s identity and weakening the strategic impact of its engagement worldwide.

Added:(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) 2026/995.)

Removed:Recital 2: (2) The Draghi report recommends ensuring greater involvement of the private sector. The report further advises to reduce excessive external dependencies by securing supply of raw materials, clean energy, sustainable transport fuels, and clean tech from across the world, thereby upgrading and leveraging the Global Gateway1 as well giving specific priority to the growth plans for the enlargement countries, which require additional resources. At the same time, the challenges related to the growing reliance on private financing to tackle global development shortfalls must be taken into account. The report further highlights the need to accelerate efforts to reduce reliance on Russian energy and to strengthen Europe’s resilience by diversifying away from excessive dependencies, particularly on China.

Removed:Recital 3: (3) In addition to a more focused approach to enlargement, the political guidelines of the 2024-2029 Commission recognise the importance of a more focused approach to our wider neighbourhood, especially the Middle East, North Africa and the Gulf as well as Central Asia and the Southern Caucasus. The strategic relevance should be supported by concrete projects and strategic investments, both at regional level, e.g. T-MED, and at bilateral level through the implementation of Strategic Partnerships. Depending on the evolution of the situation on the ground, additional resources might also be required to maintain stability and support early recovery among key partners in the Middle East.

Removed:Recital 3 a (new): (3a) The political guidelines also set the goal of creating long-term, mutually beneficial partnerships and recognise the need for a new impetus in Union’s partnership with Africa. Furthermore, Article 6(2), point (a), of Regulation (EU) 2021/947 of the European Parliament and of the Council stipulates a minimum financial envelope for Sub-Saharan Africa which is currently not being attained.

Removed:Recital 3 b (new): (3b) In partner and enlargement countries, Union financial support under the External Action Guarantee should explicitly promote reform in the areas of rule of law, democratic governance and the fight against corruption, thereby underpinning credibility and public trust in the accession processes.

Removed:Recital 3 c (new): (3c) It is essential that the External Action Guarantee strengthens the human development dimension, ensuring that supported projects have a positive impact on education, health, social inclusion and poverty reduction in partner countries, in line with the UN 2030 Agenda. To that end, the implementation of the External Action Guarantee should promote local ownership and ensure complementarity with the national development strategies of partner countries, while adopting a differentiated approach that reflects the specific needs, vulnerabilities and development priorities of low- and middle-income countries.

Removed:Recital 4: (4) An important Union financing instrument to deliver on the Global Gateway objectives and the strategic investments is the European Fund for Sustainable Development Plus (EFSD+), and notably its budgetary guarantee, a component of the External Action Guarantee established by Regulation (EU) 2021/947 of the European Parliament and of the Council2. Efficiency gains on the External Action Guarantee would allow funding EU external action priorities, including possibly scaling up the Global Gateway, taking into account that the EFSD+ requires additional effort from Union delegations to deal with guarantee operations. In those operations, attention is expected to be paid to the specific investment priorities of EU enlargement countries and the distinct nature and needs of fragile contexts, less developed countries, low income countries and countries in debt distress, including small island states, which face specific vulnerabilities related to climate change, food insecurity, and political instability etc.

Removed:Recital 4 a (new): (4a) The EU and beneficiary partners should ensure that Chinese companies and entities do not secure funds under the EFSD+, particularly where such companies are associated with the Chinese Belt and Road Initiative or owned by the Chinese state or influenced by the Chinese Communist Party.

Removed:Recital 5 a (new): (5a) In view of the negotiations on the post-2027 multiannual financial framework, in line with Article 42(5) of Regulation (EU) 2021/947 and following the recommendation of ECA Opinion 03/2024, the Commission should consider preparing an evaluation of the External Action Guarantee, with emphasis not only on the use of the Guarantee but also on project delivery and impact on the ground, including the Guarantee’s contribution to the overarching objectives of the Neighbourhood, Development and International Cooperation Instrument (NDICI). The Commission should apply the lessons learnt to its next proposals. It should in particular evaluate whether the current maximum guarantee capacity and the levels of provisioning are adequate, taking into account the escalated geopolitical risks and volatile global environments. That evaluation should be prepared by early 2027 and should be carried out in close consultation with the European Parliament, Member States and relevant stakeholders, in order to ensure transparency and accountability.

Removed:Recital 5 b (new): (5b) While efficiency and simplification of procedures for implementing partners are necessary, they must be accompanied by enhanced transparency and accountability in the financing of the EU’s external actions. Reporting obligations should therefore continue to provide clear information on risk exposure, development impact and the geopolitical relevance of the operations concerned. The European Parliament should receive a detailed annual report on the use of resources from the EFSD+ guarantee including a breakdown by sectors and regions, the impact on the sustainable Development goals and the level of participation of civil society organisations.

Removed:Recital 6: (6) The guarantee cover of EFSD+ could be increased until 2027 with surpluses from the European Sustainable Development Fund (EFSD) and by using more efficiently the Union guarantee by reducing its EU liability under the EIB’s exclusive dedicated investment window for operations with sovereign counterparts and non-commercial sub-sovereign counterparts from 65 % to 60 %. The latter would only come into effect after amending the corresponding guarantee agreement between the Commission and the EIB. The assignment of surpluses from legacy instruments to the benefit of EFSD+ is without prejudice to the negotiations on the post-2027 multiannual financial framework. At the same time, the increased reliance on the External Action Guarantee and financial instruments to advance geopolitical goals and to achieve the sustainable development goals and the objectives of Regulation (EU) 2021/947 require enhanced democratic accountability. Simplification of procedures should not weaken transparency or the Commission’s accountability towards the European Parliament as budgetary authority. The European Parliament should be duly informed of the implementation and outcomes of the simplification process. The European Parliament and the Council, as the budgetary authority of the Union, should therefore, in a timely manner, be systematically, comprehensively and regularly informed about the performance of EFSD and EFSD+, including clear information on the fund leveraging, the fund allocation to pro…

Removed:Recital 8 a (new): (8a) The reassignments of the EFSD guarantee surpluses are particularly pertinent in view of the Union’s geostrategic interests and the stability of partner countries, as well as the increased scarcity of resources to fund development cooperation and humanitarian aid.

Removed:Recital 9: (9) The capacity of the EIB, the EBRD and the DFIs to efficiently implement additional resources should be increased by the simplification of the framework for blending operations, the consolidation of guarantee and technical assistance agreements with the same implementing partner and the reduction of the financial reporting from a quarterly frequency to a semi-annual one. Such simplification is crucial to mobilise private investment at scale, increase the leverage effect of Union funds and create a more predictable environment for private partners willing to co-invest in sustainable development.

Removed:Recital 10 a (new): (10a) Article 2(10) of Regulation (EU) 2021/947 provides a precise definition of additionality, a key evaluation requirement for EFSD+. In its Opinion 03/2024, on the Commission’s evaluation of the External Action Guarantee, the European Court of Auditors (ECA) noted that the Commission has yet to demonstrate to what extent the External Action Guarantee has mobilised additional investment beyond what would otherwise have occurred. In future, the Commission should provide clear and regular reporting on the additionality of EFSD+ operations, including evidence that supported portfolios carry a higher risk profile than comparable normal investment activities of implementing partners.

Removed:Recital 10 b (new): (10b) Furthermore, the ECA found insufficient evidence that current spending under the EFSD+ contributes to the objectives of Regulation (EU) 2021/947, particularly the eradication of poverty.