What changed between the draft committee report and the plenary report

Added:– having regard to the Commission communication of 19 March 2025 entitled ‘Savings and Investments Union – A Strategy to Foster Citizens’ Wealth and Economic Competitiveness in the EU’ (COM(2025)0124),

Added:– having regard to Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility,

Added:– having regard to Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017,

Added:– having regard to 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 Decision No 466/2014/EU of the European Parliament and of the Council and repealing Regulation (EU) 2017/1601 of the European Parliament and of the Council and Council Regulation (EC, Euratom) No 480/2009,

Added:– having regard to Regulation (EU) 2021/1056 of the European Parliament and of the Council of 24 June 2021 establishing the Just Transition Fund,

Added:– having regard to Regulation (EU) 2021/1229 of the European Parliament and of the Council of 14 July 2021 on the public sector loan facility under the Just Transition Mechanism,

Added:– having regard to Regulation (EU) 2024/795 of the European Parliament and of the Council of 29 February 2024 establishing the Strategic Technologies for Europe Platform,

Added:– having regard to the Commission proposal for a regulation of the European Parliament and of the Council of 26 February 2025 amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements (COM(2025)0084),

Added:– having regard to its resolution of 12 March 2025 on the white paper on the future of European defence,

– having regard to Rule 55 of its Rules of Procedure,

– having regard to the opinion of the Committee on Budgets,

Changed:– having regard to the report of the Committee on Economic and Monetary Affairs (A10-0000/2025),(A10-0112/2025),

Change 1

Removed:A. whereas the EIB Group has a balance sheet of close to EUR 600 billion;

Added:A. whereas the EIB Group includes the EIB and the European Investment Fund (EIF); whereas the EIB, entirely owned by the Member States, is the largest multilateral financial institution in the world, operating in international capital markets and offering competitive terms to clients on favourable conditions in order to contribute to the achievement of the EU’s objectives and support EU policies and projects both within and outside the EU, in accordance with Article 309 TFEU; whereas the EIF is owned by the EIB (59.8 %), by the EU (29.7 %) and by financial institutions (10.5 %) from the Member States, the United Kingdom and Türkiye;

Removed:B. whereas the EIB, entirely owned by the Member States, is tasked with contributing to the achievement of the EU’s objectives;

Added:B. whereas the EIB Group has a balance sheet of close to EUR 600 billion; whereas the EIB Group states that its total investment reached a record level of EUR 88.8 billion in 2024, of which EUR 50.7 billion related to climate and the environment, EUR 16.2 billion to SMEs and mid-caps, EUR 14.4 billion to digitalisation and technological innovation and EUR 1 billion to enhancing Europe’s security and defence; whereas the EIB’s gearing ratio has been increased to 290 %, providing additional room for the EIB to invest and support the achievement of the EU’s objectives and support EU policies; whereas the EIB Group’s total investment is expected to increase to EUR 95 billion in 2025;

Change 2

Changed:C. whereas the EIB statesmaintains thatsolid itsfinancial totalfundamentals investmentand reachedhas a record level of EUR‘triple 88.8A’ billionrating, ina 2024,cornerstone of which EUR 50.7 billion relatedits tofinancial climatecredibility and environment; whereas the EIB’slending totalcapacity, investmentwhich is expectedessential to increasepreserve toinvestor EURconfidence 95and billionensure inlow 2025;borrowing costs;

Change 3

Added: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;

Added: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;

Added: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;

Added: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;

Added: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;

Added: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;

Added: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;

Added: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;

Added: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;

Added:M. whereas housing prices in the EU rose by an average of 48 % between 2015 and 2023, and the housing crisis affects nearly all of Europe, increasingly impacting the middle class and not just the most vulnerable; whereas EIB data indicates a yearly need to build 1.5 million new homes and renovate five million more, requiring EUR 300-400 billion in annual investment; whereas the housing sector is of general interest but faces reduced public investment, which makes continued EIB investment crucial for this sector; whereas the EIB’s new action plan envisages investment of EUR 10 billion over the next two years;

Added: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;

Added: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

Change 4

Removed:1. Welcomes the EIB’s strategic priorities for 2024 to 2027, which reflect the EU’s political priorities, including competitiveness, the green and digital transitions, regional cohesion, social infrastructure such as housing, education and health, as well as security and defence;

Added: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;

Change 5

Changed:2. Highlights the strong call for the EIB to play an even greater role in closing Europe’s investment gap;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;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;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’;

Change 6

Removed:3. Stresses that the EIB’s ‘triple A’ rating is an important asset; underlines that the rating stems, among other reasons, from the fact that the EIB has been responsive to EU policy objectives, notably by becoming a ‘climate bank’;

Added: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;

Removed:4. Stresses the need to simplify, optimise and consolidate current and future EIB processes and mandates to enhance synergies, effectiveness and efficiency;

Added:4. Notes that the EIB investment volume relative to GDP among European countries ranges from 0.1 % to 1.4 % for 2024; calls on the EIB Group to ensure a more balanced geographical distribution of investments aiming to maximise its impact across all EU regions to promote cohesive and inclusive growth throughout the EU, with particular attention on under-represented and less developed areas; calls on the EIB to keep focusing on investment plans aimed at closing the gap between the more developed EU regions and island areas, inland areas, the outermost regions, economically depressed areas and all areas of the EU at a disadvantage owing to natural factors;

Added: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;

Added: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;

Added: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

Change 7

Changed:5.8. 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;investments and EU policy goals;

Change 8

Changed:6.9. RecallsRecalls, 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 Economiceconomic and Monetarymonetary Unionunion and strengthened economic architecture and effective coordination would support the EIB’s operations; calls, therefore, for swift and substantial progress regarding the Capitalcapital Marketsmarkets Unionunion, particularly through concrete steps on the recently launched savings and investments union, the completion of the Bankingbanking Union,union, as well asas, where appropriate, the establishment of permanent EUEU-level investment instruments and tools;tools designed to minimise the cost for EU taxpayers and maximise efficiency in the provision of European public goods;

Change 9

Removed:7. Calls on the Commission and the EIB Group to enhance efforts to mobilise savings for productive investments, supporting innovation throughout companies’ life cycles, including more scale-ups with higher-risk equity and venture debt, and strengthening the EU’s leadership in green and digital bonds;

Added: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;

Removed:8. Stresses that de-risking financial instruments and budgetary guarantees have proven to be powerful tools; 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;

Added: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;

Removed:Promoting the digital transformation

Added: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;

Removed:9. Calls on the EIB to strengthen financing for the EU’s open strategic autonomy in the digital field and to promote European digital infrastructure, new and disruptive technologies, and research;

Added: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;

Removed:10. Supports the EIB’s expansion of the European Tech Champions Initiative to attract private capital for scaling innovative start-ups into successful global leaders;

Added: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;

Added: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;

Added: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;

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

Added: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;

Added: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

Change 10

Changed:11.20. WelcomesAcknowledges the EIB’s role as a climate bank and its alignment with the EU sustainable finance framework, including the integrationintegration, where applicable, of taxonomy criteria;criteria, recallssupporting thatthe alltransition ofby 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 fully 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’);