opinion parliamentary committee draft, 22 April 2025

On the proposal for a regulation of the European Parliament and of the Council 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

Document TRAN-PA-771947 · (COM(2025)0084 – C100036/2025 – 2025/0040(COD))

Committee on Transport and Tourism · Rapporteur: Elissavet VozembergVrionidi

Where the law stands · dossier 2025/0040 →

AI:In short

The draft opinion amends the proposed regulation to ensure that funds from the Connecting Europe Facility (CEF) Debt Instrument are used exclusively for transport investments under the Sustainable Infrastructure window of InvestEU. It also adds military mobility and dual-use infrastructure to the eligible areas under InvestEU's transport window.

Position. The Committee on Transport and Tourism proposes amendments to ensure CEF Debt Instrument funds are used only for transport investments under the Sustainable Infrastructure window, and to include military mobility infrastructure.

Key points

Calls for reallocated CEF resources to preserve their sectoral focus and not be diverted to non-infrastructure policy windows.
Notes that transport is crucial for competitiveness and security, with up to 90% of transport infrastructure for military operations being dual-use.
Requires that contributions from the CEF Debt Instrument be used exclusively for financial products within the Sustainable Infrastructure policy window.
Adds military mobility and dual-use infrastructure to the list of eligible investments under the Sustainable Infrastructure window.
Specifies that unused amounts of the CEF Debt Instrument guarantee may cover losses only for operations within the Sustainable Infrastructure window.

Who is affected

The European Investment Bank and the European Investment Fund, which implement InvestEU financial products.
Transport infrastructure projects, including military mobility and dual-use infrastructure, which gain eligibility for InvestEU support.

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Full text

Jump to an amendment (12)

Amendment 1
Amendment 2
Amendment 3
Amendment 4
Amendment 5
Amendment 6
Amendment 7
Amendment 8
Amendment 9
Amendment 10
Amendment 11
Amendment 12

Text 80 paragraphs

AMENDMENTS

The Committee on Transport and Tourism submits the following to the Committee on Budgets and the Committee on Economic and Monetary Affairs, as the committees responsible:

Amendment 1

Proposal for a regulation

Recital 1 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(1a) The Connecting Europe Facility (CEF) Debt Instrument, established under the 2014–2020 Multiannual Financial Framework (MFF), was designed to support Union objectives in transport, energy and digital infrastructure, and unspent resources from this instrument will now be reallocated as provisioning for the EU guarantee under the InvestEU Programme. The potential use of the legacy instruments to support projects that fall outside the scope of the instruments, such as CEF, including under non-infrastructure-related policy windows of InvestEU, would risk to undermine the original sectoral focus and strategic purpose of the CEF, weakening its contribution to Union infrastructure policy goals and as such creating the false perception that dedicated infrastructure funding can be readily reallocated elsewhere. Such a reallocation, if not properly guided, could set a precedent for the diversion of earmarked funds, harm budgetary discipline, and weaken the credibility of the Union’s long-term infrastructure and military mobility investment strategy. The latter is particularly true as CEF includes a dedicated allocation for military mobility, supporting dual-use infrastructure that is essential for both civilian and defence objectives, which is a priority that is also eligible under the Sustainable Infrastructure window of InvestEU. In the run up to the new post-2027 MFF, this risks weakening the visibility and credibility of the CEF that should on the contrary remain the cornerstone of the EU’s military mobility strategy.

Text proposed by the Commission

Amendment

(1a) The Connecting Europe Facility (CEF) Debt Instrument, established under the 2014–2020 Multiannual Financial Framework (MFF), was designed to support Union objectives in transport, energy and digital infrastructure, and unspent resources from this instrument will now be reallocated as provisioning for the EU guarantee under the InvestEU Programme. The potential use of the legacy instruments to support projects that fall outside the scope of the instruments, such as CEF, including under non-infrastructure-related policy windows of InvestEU, would risk to undermine the original sectoral focus and strategic purpose of the CEF, weakening its contribution to Union infrastructure policy goals and as such creating the false perception that dedicated infrastructure funding can be readily reallocated elsewhere. Such a reallocation, if not properly guided, could set a precedent for the diversion of earmarked funds, harm budgetary discipline, and weaken the credibility of the Union’s long-term infrastructure and military mobility investment strategy. The latter is particularly true as CEF includes a dedicated allocation for military mobility, supporting dual-use infrastructure that is essential for both civilian and defence objectives, which is a priority that is also eligible under the Sustainable Infrastructure window of InvestEU. In the run up to the new post-2027 MFF, this risks weakening the visibility and credibility of the CEF that should on the contrary remain the cornerstone of the EU’s military mobility strategy.

Or. en

Amendment 2

Proposal for a regulation

Recital 2

Text proposed by the Commission	Amendment
Text proposed by the Commission(2) The Draghi report assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030. This includes a substantial amount for the green and digital transition. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.	Amendment(2) The Draghi report assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030. This includes a substantial amount for the green and digital transition. It notes that well-functioning transport networks and services and a prosperous transport industry are crucial to the competitiveness of the entire economy. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors. Besides from being a priority sector for the EU’s transition to a net-zero economy, transport industry is key to security and defence: the Draghi report notes that up to 90% of transport infrastructure needed for large military operations is dual use.

Text proposed by the Commission

Amendment

(2) The Draghi report assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030. This includes a substantial amount for the green and digital transition. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.

(2) The Draghi report assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030. This includes a substantial amount for the green and digital transition. It notes that well-functioning transport networks and services and a prosperous transport industry are crucial to the competitiveness of the entire economy. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors. Besides from being a priority sector for the EU’s transition to a net-zero economy, transport industry is key to security and defence: the Draghi report notes that up to 90% of transport infrastructure needed for large military operations is dual use.

Or. en

Read the rest (68 paragraphs)

Amendment 3

Proposal for a regulation

Recital 4

Text proposed by the Commission	Amendment
Text proposed by the Commission(4) The financial capacity of InvestEU Fund should be increased and used even more efficiently in combination with resources that will become available under the European Fund for Strategic Investments (EFSI) and other legacy instruments (CEF Debt Instrument and InnovFin Debt Facility) implemented by the EIB Group. These combinations potentially reduce the budget revenues from legacy instruments. However, they would also create the possibility for an increased volume of guarantee cover to be provided for strategic investments in key Union priority areas for an additional investment of around EUR 25 billion that can be expected to be mobilised and by leading to an increased diversification of risks and thus not substantially increasing the risks for the Union budget.	Amendment(4) The financial capacity of InvestEU Fund should be increased and used even more efficiently in combination with resources that will become available under the European Fund for Strategic Investments (EFSI) and other legacy instruments (CEF Debt Instrument and InnovFin Debt Facility) implemented by the EIB Group. It should be avoided that these combinations potentially reduce the budget revenues from legacy instruments. They would also create the possibility for an increased volume of guarantee cover to be provided for strategic investments in key Union priority areas for an additional investment of around EUR 25 billion that can be expected to be mobilised and by leading to an increased diversification of risks and thus not substantially increasing the risks for the Union budget.

Text proposed by the Commission

Amendment

(4) The financial capacity of InvestEU Fund should be increased and used even more efficiently in combination with resources that will become available under the European Fund for Strategic Investments (EFSI) and other legacy instruments (CEF Debt Instrument and InnovFin Debt Facility) implemented by the EIB Group. These combinations potentially reduce the budget revenues from legacy instruments. However, they would also create the possibility for an increased volume of guarantee cover to be provided for strategic investments in key Union priority areas for an additional investment of around EUR 25 billion that can be expected to be mobilised and by leading to an increased diversification of risks and thus not substantially increasing the risks for the Union budget.

(4) The financial capacity of InvestEU Fund should be increased and used even more efficiently in combination with resources that will become available under the European Fund for Strategic Investments (EFSI) and other legacy instruments (CEF Debt Instrument and InnovFin Debt Facility) implemented by the EIB Group. It should be avoided that these combinations potentially reduce the budget revenues from legacy instruments. They would also create the possibility for an increased volume of guarantee cover to be provided for strategic investments in key Union priority areas for an additional investment of around EUR 25 billion that can be expected to be mobilised and by leading to an increased diversification of risks and thus not substantially increasing the risks for the Union budget.

Or. en

Amendment 4

Proposal for a regulation

Recital 6

Text proposed by the Commission	Amendment
Text proposed by the Commission(6) In order to enhance the attractiveness of the Member State compartment under the InvestEU Fund, it should be made possible for Member States to contribute also in a fully funded manner through an InvestEU financial instrument in addition to the existing option of contributing to the EU guarantee. The support from InvestEU financial instrument should, to the extent possible, be implemented following the same principles as those of the EU guarantee. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency.	Amendment(6) In order to enhance the attractiveness of the Member State compartment under the InvestEU Fund, it should be made possible for Member States to contribute also in a fully funded manner through an InvestEU financial instrument in addition to the existing option of contributing to the EU guarantee. The support from InvestEU financial instrument should, to the extent possible, be implemented following the same principles as those of the EU guarantee and the legacy instruments used. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency. Given that part of the increase of the EU guarantee originates from the transport component of the CEF Debt Instrument, and in order to preserve the policy priorities of this instrument, such contributions should be solely used to support investments in the transport sector under the Sustainable Infrastructure window of InvestEU.

Text proposed by the Commission

Amendment

(6) In order to enhance the attractiveness of the Member State compartment under the InvestEU Fund, it should be made possible for Member States to contribute also in a fully funded manner through an InvestEU financial instrument in addition to the existing option of contributing to the EU guarantee. The support from InvestEU financial instrument should, to the extent possible, be implemented following the same principles as those of the EU guarantee and the legacy instruments used. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency. Given that part of the increase of the EU guarantee originates from the transport component of the CEF Debt Instrument, and in order to preserve the policy priorities of this instrument, such contributions should be solely used to support investments in the transport sector under the Sustainable Infrastructure window of InvestEU.

Or. en

Amendment 5

Proposal for a regulation

Article 1 – paragraph 1 – point 5 – point b

Regulation (EU) 2021/523

Article 7 – paragraph 1

Text proposed by the Commission	Amendment
Text proposed by the CommissionSupport from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation.;	Amendment‘Support from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation. In the case of contributions stemming from the CEF Debt Instrument, such support shall be used exclusively for financial products or portfolios within the Sustainable Infrastructure policy window’;

Text proposed by the Commission

Amendment

Support from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation.;

‘Support from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation. In the case of contributions stemming from the CEF Debt Instrument, such support shall be used exclusively for financial products or portfolios within the Sustainable Infrastructure policy window’;

Or. en

Amendment 6

Proposal for a regulation

Article 1 – paragraph 1 – point 5 – point c

Regulation (EU) 2021/523

Article 7 – paragraph 4

Text proposed by the Commission	Amendment
Text proposed by the CommissionSupport from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under these instruments and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing exclusively financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation.;	Amendment‘Support from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under these instruments and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing exclusively financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation. Any support stemming from the CEF Debt Instrument and released from operations approved under that instrument shall be reused exclusively for financial products or portfolios within the Sustainable Infrastructure policy window’

Text proposed by the Commission

Amendment

Support from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under these instruments and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing exclusively financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation.;

‘Support from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under these instruments and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing exclusively financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation. Any support stemming from the CEF Debt Instrument and released from operations approved under that instrument shall be reused exclusively for financial products or portfolios within the Sustainable Infrastructure policy window’

Or. en

Amendment 7

Proposal for a regulation

Article 1 – paragraph 1 – point 5 a (new)

Regulation (EU) 2021/523

Article 8 – paragraph 6 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(6a) ‘Notwithstanding Article 8(8), contributions to the EU guarantee stemming from the CEF Debt Instrument shall be used exclusively for financial products or portfolios within the Sustainable Infrastructure policy window.’

Or. en

Amendment 8

Proposal for a regulation

Article 1 – paragraph 1 – point 13 – point b – point iii a (new)

Regulation (EU) 2021/523

Article 17 – paragraph 2 – point i a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(ia) provisions to help ensure contributions indirectly stemming from the CEF Debt Instrument are used exclusively for financial products or portfolios within the Sustainable Infrastructure policy window;’

Or. en

Amendment 9

Proposal for a regulation

Article 1 – paragraph 1 – point 14 – point e a (new)

Regulation (EU) 2021/523

Article 18 – Paragraph 4 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(4a) Contributions indirectly stemming from the CEF Debt Instrument shall be used exclusively for financial products or portfolios within the Sustainable Infrastructure policy window.

Or. en

Amendment 10

Proposal for a regulation

Article 1 – paragraph 1 – point 22 a (new)

Regulation (EU) 2021/523

Annex II – Paragraph 2 – introductory part

Present text	Amendment
Present text	Amendment(22a) the introductory part of paragraph 2 is amended as follows:
Present textthe development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies in accordance with Union transport priorities and the commitments taken under the Paris Agreement, in particular through:	Amendment"the development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies, including military mobility infrastructure and dual-use infrastructure, in accordance with Union transport and defence priorities and the commitments taken under the Paris Agreement, in particular through:

Or. en

(32021R0523)

Amendment 11

Proposal for a regulation

Article 1 – paragraph 1 – point 22 b (new)

Regulation (EU) 2021/523

Annex II – paragraph 2 – point a

Present text	Amendment
Present text	Amendment(22b) point (a) is amended as follows:
Present text(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, including infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, airports, multimodal terminals and the connection of such multimodal terminals to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council;	Amendment"(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, including infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, airports, multimodal terminals and the connection of such multimodal terminals, military mobility infrastructure, to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council; "

Present text

Amendment

(22b) point (a) is amended as follows:

(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, including infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, airports, multimodal terminals and the connection of such multimodal terminals to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council;

"(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, including infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, airports, multimodal terminals and the connection of such multimodal terminals, military mobility infrastructure, to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council; "

Or. en

(32021R0523)

Amendment 12

Proposal for a regulation

Article 3 – paragraph 1

Regulation (EU) 2021/1153

Article 29 – paragraph 5

Text proposed by the Commission	Amendment
Text proposed by the Commission5. The guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) for the purpose of combination referred to in Article 7 of that Regulation and may cover losses in relation to the financing and investment operations covered by the combined support.’;	Amendment5. Unused amounts of the guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) for the purpose of combination referred to in Article 7 of that Regulation, and may be used exclusively within the Sustainable Infrastructure policy window. The funds may also cover losses in relation to the financing and investment operations covered by the combined support.

Text proposed by the Commission

Amendment

5. The guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) for the purpose of combination referred to in Article 7 of that Regulation and may cover losses in relation to the financing and investment operations covered by the combined support.’;

5. Unused amounts of the guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) for the purpose of combination referred to in Article 7 of that Regulation, and may be used exclusively within the Sustainable Infrastructure policy window. The funds may also cover losses in relation to the financing and investment operations covered by the combined support.

Or. en

On the proposal for a regulation of the European Parliament and of the Council 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

AIAI:In short

Key points

Who is affected

Full text

Amendment 1

Amendment 2

Amendment 3

Amendment 4

Amendment 5

Amendment 6

Amendment 7

Amendment 8

Amendment 9

Amendment 10

Amendment 11

Amendment 12

AI:In short