The InvestEU programme

The successor to the Juncker Plan for the period 2021-2027, InvestEU is the programme to increase private investment in the EU to boost competitiveness and long-term growth.

The Programme consists of three pillars:

• The InvestEU Fund offering an EU budget guarantee - amounting to approximately €26.2bn - to cover the resources provided by the financial partners. The Fund supports projects that have a high added value and are in line with EU policy objectives, but which would find it difficult to access funding due to their risk profile.
• The Advisory Hub, which provides assistance and support throughout the investment cycle, facilitating the conception and development of projects and access to finance.
• The InvestEu Portal, which provides easily accessible data to promote projects that are seeking funding.

The Fund's Windows

The InvestEU Guarantee Fund operates through four windows:

• Sustainable infrastructures
• Research, innovation and digitisation
• SMEs
• Social investment and skills

The programme guarantees up to  €26.1 billion through agreements signed between the Commission and implementing partners such as CDP. 75% of the resources are channelled through the European Investment Bank Group (EIB and EIF) and the remaining 25% directly through the other implementing partners.

The “Pillar Assessment” accreditation process

The CDP Group became an implementing partner of the European Commission following an accreditation process that verified the compliance of its systems, rules and procedures with European legislation (the so-called “Pillar Assessment”). CDP SpA and CDP Equity were considered suitable for the management of European programmes that the Commission delegates to implementing partners.

Governance of the InvestEU Programme

InvestEU Steering Board

The Steering Board oversees the implementation of the Programme and provides strategic and operational guidance to the implementing partners. On 29 April 2021, the 10 members of the Board were appointed, including 4 representatives of the European Commission, 1 representative of the European Parliament, 3 representatives of the EIB Group and 2 representatives of the implementing partners other than the EIB.
CDP and PMV (a Belgian national promotion institute) were appointed by the European Commission as the representative members of the thirty or so potential implementing partners of the InvestEU Programme other than the EIB, on the unanimous proposal of the latter, with a two-year mandate.
In particular, CDP SpA represents large and medium-sized (including potential) implementing partners (Bpifrance, BGK, CDC, ICO, KfW), the Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD) and the Nordic Investment Bank (NIB). PMV, on the other hand, represents potential small implementing partners (such as, among others, Banco Português de Fomento - Bpfomento, Malta Development Bank - MDB, Strategic banking corporation of Ireland - SBCI, Ceskomoravska zarucni a rozvojova banka - CMZRB)
 
InvestEU Advisory Board

The Advisory Board formulates recommendations on the implementation and working of the InvestEU Programme for consideration by the Steering Board, and also provides advisory support on the design of financial products to be implemented, market developments and sub-optimal investment conditions.
The Advisory Board consists of one representative from each EU country and each implementing partner, plus one expert appointed by the European Economic and Social Committee and one appointed by the Committee of the Regions. The Advisory Committee is chaired by a representative of the European Commission, while the vice-chairman is a representative of the EIB Group.
CDP SpA and CDP Equity, as implementing partners of the Programme, participate in the work of the Advisory Board with one representative each.

InvestEU Investment Committee

An independent Investment Committee approves the use of the EU guarantee for financing and investment operations proposed by the implementing partners, taking its decision on the basis of the due diligence presented by the implementing partner in the so-called scoreboard and guarantee request form. In doing this, it verifies the compliance with the regulation and the investment guidelines, giving particular attention to the requirements of (i) additionality and (ii) crowding in private investment, as well with all the other relevant prerequisites.

The Investment Committee meets in four different configurations, corresponding to the four policy windows. The Investment Committee is fully independent. When participating in the activities of the Investment Committee, its members, who have experience in investment in sectors covered by the relevant policy window, perform their duties impartially and in the sole interest of the InvestEU Fund.
 

The role of the CDP Group

CDP Group Participation in the 2021 Call for Expression of Interest
During 2021, the CDP Group participated in the Call for Expression of Interest launched by the European Commission, presenting financial products and an advisory initiative, covering three of the four windows of the programme:

• Sustainable infrastructures
• Research, innovation and digitisation
• Social investment and skills

CDP SpA and CDP Equity participated as two separate (potential) implementing partners so as to maximise the amount of guarantees available for Italy.