Sittings · Document

Draft report (COM(2025)0084 – 2025/0040(COD)) 2025-05-08

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

Committee on Budgets Committee on Economic and Monetary Affairs

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Amendment 24

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.	(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the green and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed. In this context, enhancing the Union’s autonomy, particularly in the area of energy, by supporting investments that strengthen a resilient, renewable based and efficient energy system, is essential to reduce dependencies and safeguard economic and political stability.

Or. en

Amendment 25

Pierre Pimpie

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.	(1) The Union faces massive financing needs, which should be addressed in a proportionate manner that respects the budgetary constraints of the Union and avoids excessive reliance on increased financial guarantees, to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.

Or. en

Amendment 26

Angéline Furet

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.	(1) Although the Union should firstly redirect its budget towards its own competences, it has massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.

Or. fr

Amendment 27

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.	(1) The Union faces massive financing needs to deliver on its objectives in the areas of defence, innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.

Or. en

Amendment 28

Markus Ferber

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.	(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the clean and digital transition, and investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed.

Or. en

Amendment 29

Sirpa Pietikäinen

Proposal for a regulation

Recital 1 a (new)

Text proposed by the Commission	Amendment
	(1 a) The foundation of both the EFSI and InvestEU programmes lies in the additionality and the leveraging effect of the EU budget guarantee, enabling especially the scaling up of new and innovative technologies and companies as well as de-risking investment for private investors. However, the actualisation of these programmes happens via the risk profile of the implementing partners and often includes far more risk averse instrumentation and financing conditions than what the regulation calls for as the purpose of the EU programmes. As the InvestEU programme is the only equity and debt funding programme of the European Union, the European Parliament should have better oversight that the EU guarantee is used according to its original purpose of fostering sustainable growth and competitiveness with genuine additionality compared to private investors.

Or. en

Amendment 30

Pierre Pimpie

Proposal for a regulation

Recital 2

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. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals across economic sectors, including SMEs, which face specific barriers to accessing financing and whose contribution to innovation and local economic resilience should be better supported, 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.

Or. en

Amendment 31

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 2

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, with EUR 450 billion needed for the energy transition alone. 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.

Or. en

Amendment 32

Bruno Gonçalves

Proposal for a regulation

Recital 2

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. 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 and increase availability of affordable housing, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.

Or. en

Amendment 33

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Recital 2

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. 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, substantially strengthening 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.

Or. en

Amendment 34

Gerben-Jan Gerbrandy, Stine Bosse, Stéphanie Yon-Courtin

Proposal for a regulation

Recital 2

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. 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 sustainable building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.

Or. en

Amendment 35

Karlo Ressler

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) In the light of Russia’s war of aggression against Ukraine, increased national and European spending is required to enhance European defence capabilities and to support the European Defence Technological and Industrial Base (EDTIB). Most recently, the Commission has presented the Readiness 2030 plan to significantly step up Europe’s spending on security and defence. InvestEU enables financing and investment operations to develop the Union defence industry and military mobility, including financial support to small and medium-sized enterprises (SMEs) and mid-caps. Increasing the amount available under the relevant windows would allow greater support from InvestEU for this key priority. A possibility should be explored to channel resources from SAFE into the Member State compartment of InvestEU in order to allow for greater investments in defence projects.

Or. en

Amendment 36

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) Europe is experiencing a housing crisis which consists in two market failures: a shortage of affordable and social housing, and a failure to bridge the energy efficiency gap. According to analysis conducted by the EIB Group, an estimated annual investment of EUR 300 to 400 billion is needed for construction and renovation only. In that regard, the Commission will present a first-ever European Affordable Housing Plan and is partnering with the EIB Group, national promotional banks, and international financial institutions to develop a European investment platform for affordable and sustainable housing. Increasing the amount available under the social investment and skills policy window, would allow greater support from InvestEU for these challenges, while promoting public-private partnerships and international collaborations to address them effectively.

Or. en

Amendment 37

Niels Fuglsang, Eero Heinäluoma

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) The Union’s evolving security environment requires urgent and strategic investment in the European Defence Technological and Industrial Base (EDTIB). Building on the Commission’s Readiness 2030 Plan and complementary initiatives such as the European Defence Industry Reinforcement through Common Procurement Act (EDIRPA) and the European Defence Investment Programme (EDIP), InvestEU should mobilise increased financial resources to support the development, scaling, and deployment of defence technologies. In particular, the Commission and implementing partners should enhance the visibility and accessibility of financing instruments for SMEs, mid-caps, and start-ups in the defence supply chain, including those developing in dual-use and emerging disruptive technologies.

Or. en

Amendment 38

Lucia Yar, Gerben-Jan Gerbrandy, Stine Bosse

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) Europe is experiencing a housing crisis which consists in two market failures: a shortage of affordable and social housing, and a failure to bridge the energy efficiency gap. According to analysis conducted by the EIB Group, an estimated annual investment of EUR 300 to 400 billion is needed for construction and renovation only. In that regard, the Commission will present a first-ever European Affordable Housing Plan and is partnering with the EIB Group, national promotional banks and international financial institutions to develop a European investment platform for affordable and sustainable housing. Proportionately increasing the amount available under the social investment and skills policy window would allow greater support from InvestEU for that key priority.

Or. en

Amendment 39

Evelyn Regner

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) The Union is confronted with a housing crisis, characterised by two persistent structural market failures: a chronic shortage of affordable housing, and an insufficient rate of energy-efficient renovation. According to estimates by the European Investment Bank Group, annual investment needs to address these challenges range between EUR 300 and 400 billion. In response, the Commission has launched the European Affordable Housing Initative. In this context, affordable housing projects developed by limited-profit entities offering rents based on cost-recovery principles constitute an essential instrument for promoting social cohesion and ensuring effective access to adequate housing, in line with the objectives of the European Pillar of Social Rights.

Or. en

Amendment 40

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) The EU is facing an acute housing crisis. According to Eurostat, from 2010 to 2022, housing prices have surged by 47%, depriving many Europeans from accessing an affordable home. Besides, 46 million Europeans are living in energy poverty. The investment needs to promote affordable and sustainable housing is massive. The Commission and EIB group pan-European investment platform for affordable and sustainable housing is expected to provide EUR 10 billion of investments in the next two years. Nonetheless, additional investments are needed and increasing the amount available under the social investment and skills window would enable InvesEU to further contribute to filling this gap.

Or. en

Amendment 41

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) Small and medium-sized enterprises (SMEs), which are the backbone of Europe’s economy, contributing significantly to innovation, productivity and growth, face growing competitiveness challenges, including exaggerated red tape, high energy prices, unfriendly business environment and complicated access to finance. Those barriers seriously hinder their ability to scale up and innovate.

Or. en

Amendment 42

Gerben-Jan Gerbrandy, Stine Bosse, Stéphanie Yon-Courtin

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2 a) Energy dependence on imported fossil fuels is an existential economic and security threat. InvestEU plays an important role in unlocking the significant investments needed to ensure a transition to a renewable, independent energy system.

Or. en

Amendment 43

Lucia Yar, Gerben-Jan Gerbrandy, Stine Bosse

Proposal for a regulation

Recital 2 b (new)

Text proposed by the Commission	Amendment
	(2 b) In the light of Russia’s war of aggression against Ukraine, increased national and European spending is required to enhance European defence capabilities and to support the European Defence Technological and Industrial Base (EDTIB). Most recently, the Commission has presented the Readiness 2030 plan to significantly step up Europe’s spending on security and defence. InvestEU enables financing and investment operations to develop the Union defence industry and military mobility, including financial support to small and medium-sized enterprises (SMEs) and mid-caps. Proportionately increasing the amount available under the relevant windows would allow greater support from InvestEU for this key priority.

Or. en

Amendment 44

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová

Proposal for a regulation

Recital 2 b (new)

Text proposed by the Commission	Amendment
	(2 b) Due the serious competitiveness challenges and complicated access to finance for SMEs, it is necessary to increase the guarantee provided under the SME policy window by at least 50% of the additional EUR 2.5 billion guarantee introduced by this Regulation. Such an increase should ensure that SMEs receive the financial support needed to overcome their challenges, grow, and contribute to the EU's economic competitiveness.

Or. en

Amendment 45

Bruno Gonçalves

Proposal for a regulation

Recital 3

Text proposed by the Commission	Amendment
(3) The InvestEU Fund is the main EU-level tool to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation highlighted that budgetary guarantees are inherently efficient for the EU budget and confirmed that the programme is well on track to mobilise investment, with a notable expected impact on the real economy. However, approvals of financing and investment operation under InvestEU were heavily frontloaded, and as a result, if no action is taken to address the issue, new approvals for some financial products may cease after 2025.	(3) The InvestEU Fund is the main EU-level tool to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation highlighted that budgetary guarantees are inherently efficient for the EU budget and confirmed that the programme is well on track to mobilise investment, with a notable expected impact on the real economy. Since approvals of financing and investment operations under InvestEU were heavily frontloaded, as a result, if no action is taken to address the issue, new approvals for some financial products may cease after 2025. This performance indicates that current administrative procedures are not acting as a barrier to approvals under the programme, which suggests that, while welcome and desirable, simplification efforts should be carefully targeted and duly justified.

Or. en

Amendment 46

Angéline Furet

Proposal for a regulation

Recital 3

Text proposed by the Commission	Amendment
(3) The InvestEU Fund is the main EU-level tool to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation highlighted that budgetary guarantees are inherently efficient for the EU budget and confirmed that the programme is well on track to mobilise investment, with a notable expected impact on the real economy. However, approvals of financing and investment operation under InvestEU were heavily frontloaded, and as a result, if no action is taken to address the issue, new approvals for some financial products may cease after 2025.	(3) The InvestEU Fund is the main EU-level tool to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation highlighted that budgetary guarantees are inherently efficient for the EU budget and confirmed that the programme is well on track to mobilise investment, with a notable expected impact on the real economy. However, increasing the budgetary guarantees will serve only to increase the EU's potential debts.

Or. fr

Amendment 47

Pierre Pimpie

Proposal for a regulation

Recital 4

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 used more efficiently and better targeted to address real investment gaps, particularly in regions and sectors where market failures are well identified, 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.

Or. en

Amendment 48

Angéline Furet

Proposal for a regulation

Recital 4

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. 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 to increased non-repayment of loans.

Or. fr

Amendment 49

Angéline Furet

Proposal for a regulation

Recital 5

Text proposed by the Commission	Amendment
(5) With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 50 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.	deleted

Or. fr

Amendment 50

Niels Fuglsang, Eero Heinäluoma

Proposal for a regulation

Recital 5

Text proposed by the Commission	Amendment
(5) With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 50 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.	(5) With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 50 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them. This additional investment capacity should prioritise strategic sectors essential to the Union’s resilience and security, notably defence, space, and dual-use technologies, renewables and energy efficiency, in line with the Union’s strategic autonomy objectives.

Or. en

Amendment 51

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Recital 5

Text proposed by the Commission	Amendment
(5) With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 50 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.	(5) With the EUR 4.75 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1.9 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 72.5 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them. The indicative distribution of the EU guarantee between the four policy windows, as laid down in Annex I, is increased proportionately to the increase of the EU guarantee.

Or. en

Amendment 52

Nils Ušakovs

Proposal for a regulation

Recital 5

Text proposed by the Commission	Amendment
(5) With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 50 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.	(5) With the EUR 3.625 billion increase of the EU guarantee underpinned by additional reflows of EUR 1.45 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 72,3 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.

Or. en

Amendment 53

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5 a) The Commission’s interim evaluation of InvestEU programme highlighted the positive impact of InvestEU Advisory hub on the quality of the projects. By contrast, the InvestEU Portal seems to have played a more limited role. The lack of visibility of certain investment projects led to missing financing opportunities. The interaction between the different components of InvestEU needs to be enhanced. A structured feedback mechanism between the InvestEU Portal, the Advisory Hub and the Fund should be implemented to enable the Portal to fully play its role as an entry point for project development and financing. Implementing and advisory partners should contribute to this feedback mechanism by sharing their experience and assessment of investment projects. Moreover, as those advisory services are particularly useful in new and complex areas, such as affordable social housing and defence, it would therefore be appropriate to use EUR 200 million in reflows to increase the amount made available for such services.

Or. en

Amendment 54

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5 a) In order to maximise budgetary efficiency while preserving prudent risk management, the confidence level applied to the calculation of life-time losses under InvestEU should be set at 90 % of the value-at-risk (VaR). This level is consistent with the methodology already used for Union external-policy guarantees and in the light of the portfolio-performance data observed so far provides an adequate safety margin for the Union budget. Aligning InvestEU to a 90 % confidence level would release provisioning capacity and thereby enable a larger volume of financing and investment operations in support of the Union’s strategic priorities.

Or. en

Justification

Lowering the confidence level from 95% to 90% brings InvestEU in line with other EU guarantee schemes, frees scarce budgetary resources locked in over-provisioning and increases the programme’s fire-power, without materially increasing residual risk for the EU budget.

Amendment 55

Denis Nesci, Ruggero Razza

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5 a) In order to maximise budgetary efficiency while preserving prudent risk management, the confidence level applied to the calculation of life-time losses under InvestEU should be set at 90 % of the value-at-risk (VaR). This level is consistent with the methodology already used for Union external-policy guarantees and—in the light of the portfolio-performance data observed so far—provides an adequate safety margin for the Union budget. Aligning InvestEU to a 90 % confidence level would release provisioning capacity and thereby enable a larger volume of financing and investment operations in support of the Union’s strategic priorities.

Or. en

Amendment 56

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5 a) InvestEU advisory services play a crucial role in the development of a pipeline of projects, particularly in new and complex areas such as affordable social housing and defence. These services should be strengthened in outermost regions and islands, which face specific challenges due to their insularity, such as geographic isolation and limited administrative capacity. Therefore, it would be appropriate to use EUR 100 million in reflows to increase the available resources for these services, with priority given to insular areas and the most vulnerable regions.

Or. en

Amendment 57

Lucia Yar, Gerben-Jan Gerbrandy, Stine Bosse

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5 a) InvestEU advisory services play an important role in the development of a pipeline of projects. Those advisory services are particularly useful in new and complex areas, such as affordable social and sustainable housing, sustainable infrastructure and grids, and defence. It would therefore be appropriate to use EUR 100 million in reflows to increase the amount made available, proportionately in support of the advisory initiatives under the four InvestEU policy windows as well as under the cross-sectoral/horizontal advisory component.

Or. en

Amendment 58

Nils Ušakovs

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5 a) InvestEU advisory services play an important role in the development of a pipeline of projects. Those advisory services are particularly useful in new and complex areas, such as affordable social housing and defence. It would therefore be appropriate to use EUR 200 million in reflows to increase the amount made available for such services.

Or. en

Amendment 59

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 5 b (new)

Text proposed by the Commission	Amendment
	(5 b) To promote balanced territorial development and reduce regional disparities, InvestEU advisory services should be strengthened, with particular attention to less developed regions, including outermost regions and islands, which are characterized by limited administrative and project capacities. In these contexts, strategic support for the preparation of investment projects in socially important sectors, such as affordable social housing, which is structurally lacking, becomes crucial. Targeted strengthening of technical assistance services in these areas will contribute significantly to overcoming territorial disparities, supporting the economic, social, and territorial cohesion of the Union.

Or. en

Amendment 60

Markus Ferber

Proposal for a regulation

Recital 6

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. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency.	(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. The InvestEU financial instrument should also provide a further incentive for responsibly increasing the risk appetite of the implementing partners by allowing support for quasi and indirect equity investments and subordinated debt in a funded manner, thereby contributing to crowd in private capital.

Or. en

Amendment 61

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová

Proposal for a regulation

Recital 6

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. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency.	(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, from shared management funds, from the Recovery and Resilience Facility or from Member States resources, 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.

Or. en

Amendment 62

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Recital 6

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. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency.	(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 in full respect of fair competition and the integrity of the internal market. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency.

Or. en

Amendment 63

Lucia Yar, Gerben-Jan Gerbrandy, Stine Bosse

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission	Amendment
	(6 a) It is possible to combine amounts allocated to the Member State compartment with resources under the EU compartment in a layered structure to achieve a better risk coverage, in particular with a first loss tranche covered by national resources. Member States should further explore that possibility to mobilise more investments in strategic areas. To ensure coherence with the objectives of the InvestEU Programme, such combinations should strictly respect the principles of EU value-added, fair competition, and the integrity of the internal market, and should support cross-border cooperation where relevant.

Or. en

Amendment 64

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission	Amendment
	(6 a) New InvestEU financial instruments should respect the principles of EU value-added, fair competition, and the integrity of the internal market, and should support cross-border cooperation where relevant. They should also provide a further incentive for responsibly increasing the risk appetite of the implementing partners by allowing support for quasi and indirect equity investments and subordinated debt in a funded manner, thereby contributing to crowd in private capital.

Or. en

Amendment 65

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission	Amendment
	(6 a) Member States should be able to combine (“layer”) their own resources with the EU compartment so that the national contribution covers the first-loss tranche, while the InvestEU EU-compartment guarantee provides the upper layer of risk coverage. This risk-sharing structure increases leverage, protects the Union budget and mobilises additional private capital, while fully respecting Union value-added, fair competition and the integrity of the internal market.

Or. en

Justification

Allowing a formal first-loss / second-loss layering between Member-State resources and the EU guarantee multiplies the impact of both envelopes. The national tranche acts as a buffer, reducing expected losses for the Union budget, while the InvestEU guarantee amplifies investment capacity. This model is already standard in many blended-finance facilities and will encourage more Member States to channel additional funds into strategic projects without breaching budgetary constraints.

Amendment 66

Denis Nesci, Ruggero Razza

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission	Amendment
	(6 a) Member States should be able to combine their guarantee with the EU compartment so that the national contribution covers the first-loss tranche, while the InvestEU EU-compartment guarantee provides an additional risk coverage. This risk-sharing structure increases leverage, protects the Union budget and mobilises additional private capital, while fully respecting Union value-added, fair competition and the integrity of the internal market.

Or. en

Amendment 67

Jonás Fernández

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	deleted

Or. en

Amendment 68

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. While keeping the current definition of an SME, some flexibility to reduce administrative burdens and unneccessary complexities should be introduced, while at the same time ensuring the programme is delivering on its objectives and is solidly evaluated. Specific attention should be paid to social economy enterprises and micro finance institutions.

Or. en

Amendment 69

Bruno Gonçalves

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations, and paying specific attention to social economy enterprises and micro finance institutions. A temporary and adjusted application of the definition of an SME, in order to remove complexities to the extent possible, should be enabled for operations involving a total financial support below a threshold of 100 000 EUR, without removing the possibility for implementing partners to request information on the ownership structure of SMEs for the purpose of calculating the headcount.

Or. en

Amendment 70

Pierre Pimpie

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions. Particular care should be taken to ensure that simplification does not lead to a loss of accountability, especially in operations involving high levels of public guarantees.

Or. en

Amendment 71

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations, while ensuring the programme is delivering on its objectives and it is solidly evaluated. Specific attention should be paid to social economy enterprises and micro finance institutions. Simplification could be enhanced in the future through the introduction of a list of standardized, pre-approved assets.

Or. en

Amendment 72

Markus Ferber

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be significantly reduced, in particular those that affect small businesses and small-size operations. It is appropriate to exempt intermediaries receiving financing of less than EUR 500 000 from the reporting requirements relating to key performance and monitoring indicators. The application of the definition of an SME should be adjusted to remove complexities.

Or. en

Amendment 73

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Recital 7 a (new)

Text proposed by the Commission	Amendment
	(7 a) On 18 April 2019, the Commission declared that ‘without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact (SGP), one-off contributions by Member States, either by a Member State or by national promotional banks classified in the general government sector or acting on behalf of a Member State, into thematic or multi-country investment platforms should in principle qualify as one-off measures within the meaning of Articles 5(1) and 9(1) of Council Regulation (EC) No 1466/97 (13) and Article 3(4) of Council Regulation (EC) No 1467/97 (14). In addition, without prejudice to the prerogatives of the Council in the implementation of the SGP, the Commission will consider to what extent the same treatment as for the EFSI in the context of the Commission communication on flexibility can be applied to the InvestEU Programme as the successor instrument to the EFSI with regard to one-off contributions provided by Member States in cash to finance an additional amount of the EU guarantee for the purposes of the Member State compartment’. While the new economic governance framework entered into application on 30 April 2024, Member States contributions should still be considered as one-off measures.

Or. en

Amendment 74

Lucia Yar, Gerben-Jan Gerbrandy, Stine Bosse

Proposal for a regulation

Recital 7 a (new)

Text proposed by the Commission	Amendment
	(7 a) This Regulation should be complemented by further non-legislative measures to be undertaken by the Commission, aimed at simplification, such as reducing the frequency of progress reports to be submitted by implementing partners. These simplification measures should not undermine the quality of the data received from final recipients or the ability to effectively monitor and evaluate the programme’s overall performance, particularly its contribution to the Union’s climate, energy and social objectives.

Or. en

Amendment 75

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 7 a (new)

Text proposed by the Commission	Amendment
	(7 a) This Regulation should be complemented by further non-legislative measures to be undertaken by the Commission, aimed at simplification, such as reducing the frequency of progress reports to be submitted by implementing partners. Notwithstanding these efforts, they should not compromise the effectiveness of auditing and monitoring mechanisms necessary to ensure alignment with the Union’s policy objectives.

Or. en

Amendment 76

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Recital 7 a (new)

Text proposed by the Commission	Amendment
	(7 a) Implementing partners should take into account the principle of proportionality for SMEs, notably by adapting documentary requirements and assessment criteria in light of their administrative capacity. Without prejudice to legal requirements, SMEs applying for the first time should also benefit from a right to correct non-material errors within a reasonable period before any definitive rejection.

Or. en

Amendment 77

Markus Ferber

Proposal for a regulation

Recital 7 a (new)

Text proposed by the Commission	Amendment
	(7 a) The Commission should explore further non-legislative measures to simplify the InvestEU regime thereby increasing its attractiveness and ultimately its uptake and effectiveness.

Or. en

Amendment 78

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Recital 7 b (new)

Text proposed by the Commission	Amendment
	(7 b) It is important that State aid procedures applicable to InvestEU-supported operations are proportionate, predictable, and efficient. In that context, it is also essential that the Commission explore all available avenues to simplify and accelerate State aid assessments, leveraging the principle of market conformity more effectively. Furthermore, where appropriate, the Commission should provide timely, clear guidance and further streamline the application of State aid rules to national financial instruments.

Or. en

Amendment 79

Gerben-Jan Gerbrandy, Lucia Yar, Stine Bosse

Proposal for a regulation

Recital 7 b (new)

Text proposed by the Commission	Amendment
	(7 b) It is important that State aid procedures applicable to InvestEU-supported operations be proportionate, predictable, and streamlined. Furthermore, it is necessary that, where appropriate, the Commission provide timely guidance and further clarify and simplify the application of State aid rules to national financial instruments.

Or. en

Amendment 80

Markus Ferber

Proposal for a regulation

Recital 8

Text proposed by the Commission	Amendment
(8) The frequency and scope of reports should also be reduced for the InvestEU programme and its predecessor, the EFSI programme.	(8) In line with the objective of reducing administrative burden, the frequency and scope of reports should also be significantly reduced for the InvestEU programme and its predecessor, the EFSI programme.

Or. en

Amendment 81

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Recital 8 a (new)

Text proposed by the Commission	Amendment
	(8 a) SMEs often face significant challenges in accessing advisory support due to their smaller scale and resource constraints stemming from the unbearable red tape. In order to streamline the process and ensure that projects with a total cost of less than EUR 5 million can efficiently benefit from advisory services, it is necessary to establish automatic eligibility for support from the InvestEU Advisory Hub. This will ensure that smaller-scale projects are not excluded from essential advisory support.

Or. en

Amendment 82

Nils Ušakovs

Proposal for a regulation

Recital 11 a (new)

Text proposed by the Commission	Amendment
	(11 a) Repayment of the EURI borrowing costs is a legal obligation for the Union and a non-discretionary expenditure item in the EU budget. In accordance with the Interinstitutional Agreement adopted as part of the 2020 MFF agreement, expenditure to cover NGEU financing costs “shall aim at not reducing programmes and funds”. In that light, EUR 350 million from reflows should be used for InvestEU provisioning to reach the original target of InvestEU provisioning with lower contributions from voted budget appropriations in 2026 and 2027, thereby making available a corresponding amount of EUR 350 million of released appropriations, notably for the EURI cascade, in line with the MFF Regulation.

Or. en

Amendment 83

Nils Ušakovs

Proposal for a regulation

Recital 11 b (new)

Text proposed by the Commission	Amendment
	(11 b) In line with the objective of the InvestEU Programme to address market failures and suboptimal investment situations, it is essential to prioritise areas where persistent underinvestment undermines social cohesion and sustainable development. The housing sector is a clear example of such a challenge, as access to affordable housing has increasingly deteriorated in recent years. Reinforced and targeted support under the InvestEU framework is therefore necessary to help mobilise investment in this sector. This would contribute not only to the Union’s social and territorial cohesion goals, but also to the implementation of the European Pillar of Social Rights, while also promoting its climate and energy objectives under the European Green Deal, through the promotion of sustainable and energy-efficient housing.

Or. en

Amendment 84

Nils Ušakovs

Proposal for a regulation

Recital 11 c (new)

Text proposed by the Commission	Amendment
	(11 c) In light of the persistent market failure relating to access to affordable and social housing across the Union, and in pursuit of the Union’s objectives to promote social inclusion, territorial cohesion, it is necessary to strengthen support for investments in the housing sector. To address this persistent investment gap — estimated by the European Investment Bank to be between EUR 300 and 400 billion per year — and to mobilise risk capital in this underserved area, a dedicated European Housing Facility should be established as part of the investment facilitation activities under the InvestEU Programme. This Facility should provide equity, debt, and blending instruments in cooperation with the European Investment Bank Group and other implementing partners, including national promotional banks. It should support the construction, renovation, and retrofitting of affordable and social housing, promote innovation in sustainable housing, and facilitate access to finance for local authorities, SMEs, and social economy actors engaged in housing development. The Facility should also contribute to the achievement of the Union’s climate and energy targets by prioritizing energy-efficient and sustainable housing.

Or. en

Amendment 85

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 1

Article 1 – paragraph 1

Text proposed by the Commission	Amendment
This Regulation establishes the InvestEU Fund, which shall provide for an EU guarantee and an InvestEU financial instrument to support financing and investment operations carried out by the implementing partners that contribute to objectives of the Union’s internal policies.;	deleted
	(Regulation (EU) 2021/523)

Or. fr

(Regulation (EU) 2021/523, Article 1, paragraph 1)

Justification

This amendment maintains the existing provisions.

Amendment 86

Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point a

Regulation (EU) 2021/523

Article 2 – paragraph 1 – point 5

Text proposed by the Commission	Amendment
(5) ‘blending operation’ means, under the EU compartment, an operation supported by the Union budget that combines non-repayable forms of support, repayable forms of support, or both, from the Union budget with repayable forms of support from development or other public finance institutions, or from commercial finance institutions and investors; for the purposes of this definition, Union programmes financed from sources other than the Union budget, such as the EU ETS Innovation Fund, may be assimilated to Union programmes financed by the Union budget;;	(5) ‘blending operation’ means, under the EU compartment, an operation supported by the Union budget that combines non-repayable forms of support, repayable forms of support, or both, from the Union budget with repayable forms of support from development or other public finance institutions, or from commercial finance institutions and investors; for the purposes of this definition, Union programmes financed from sources other than the Union budget, such as the EU ETS Innovation Fund, may only be assimilated to Union budget programmes where they are subject to equivalent governance, transparency and accountability requirements;;

Or. en

Amendment 87

Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) 2021/523

Article 2 – paragraph 1 – point 11

Text proposed by the Commission	Amendment
(11) ‘funds under shared management’ means funds that provide for the possibility of allocating a portion of those funds to the provisioning for a budgetary guarantee or to a financial instrument under the Member State compartment of the InvestEU Fund, namely the European Regional Development Fund (ERDF) and the Cohesion Fund established by Regulation (EU) 2021/1058 of the European Parliament and of the Council3 , the European Social Fund Plus (ESF+) established by Regulation (EU) 2021/1057 of the European Parliament and of the Council4 (the ‘ESF+ Regulation for 2021-2027’), the European Maritime, Fisheries and Aquaculture Fund (EMFAF) established by Regulation (EU) 2021/1139 of the European Parliament and of the Council5 and the European Agriculture Fund for Rural Development (EAFRD) established by Regulation (EU) 2021/2115 of the European Parliament and of the Council6 (the ‘CAP Strategic Plans Regulation’);;	(11) ‘funds under shared management’ means funds that provide for the possibility of allocating a portion of those funds to the provisioning for a budgetary guarantee or to a financial instrument under the Member State compartment of the InvestEU Fund, namely the European Regional Development Fund (ERDF) and the Cohesion Fund established by Regulation (EU) 2021/1058 of the European Parliament and of the Council3 , the European Social Fund Plus (ESF+) established by Regulation (EU) 2021/1057 of the European Parliament and of the Council4 (the ‘ESF+ Regulation for 2021-2027’), the European Maritime, Fisheries and Aquaculture Fund (EMFAF) established by Regulation (EU) 2021/1139 of the European Parliament and of the Council5 and the European Agriculture Fund for Rural Development (EAFRD) established by Regulation (EU) 2021/2115 of the European Parliament and of the Council6 (the ‘CAP Strategic Plans Regulation’). The use of these funds for provisioning shall be conditional upon a clear demonstration that such financial engineering delivers equivalent or greater added value for the policy objectives of the original fund, in particular with regard to social cohesion, territorial balance and support for vulnerable regions;;
_________________
3 Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund (OJ L 231, 30.6.2021, p. 60).
4 Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) 1296/2013 (OJ L 231, 30.6.2021, p. 21).
5 Regulation (EU) 2021/1139 of the European Parliament and of the Council of 7 July 2021 establishing the European Maritime, Fisheries and Aquaculture Fund and amending Regulation (EU) 2017/1004 (OJ L 247, 13.7.2021, p. 1).
6 Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013 (OJ L 435, 6.12.2021, p. 1).

Or. en

Amendment 88

Jussi Saramo, Manon Aubry, Pasquale Tridico

on behalf of The Left Group

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 1 – point 21

Text proposed by the Commission	Amendment
(e) point 21 is replaced by the following:	deleted
‘‘(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;’
_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 89

Jonás Fernández

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(e) point 21 is replaced by the following:	deleted
‘‘(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;’
_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 90

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	deleted
_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

('SME recommendation has been there since 2003 and is consistent across all EU programmes and State Aid regulations, we think that revamping it for a programme that will last in 2027 is not ideal. Moreover, the ownership of SMEs is a key element for competition policy to make sure the internal market is working efficiently.)

Amendment 91

Bruno Gonçalves

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7. As a derogation from the general rule, and only until the end of the programming period, in the case of financial products not conferring advantage in State aid terms and whose support remains below EUR 100 000, this definition shall apply to an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250 persons, and which have an annual turnover not exceeding EUR 50 million, and/or an annual balance sheet total not exceeding EUR 43 million.
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 92

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement; The Commission shall proceed on a regular basis to a permanent adjustment of the two financial thresholds laid down in the Annex to Commission Recommendation 2003/361/EC. Such adjustments shall reflect cumulative inflation or other objective economic indicators and shall be based on research and analytical work demonstrating the exact adjustments needed.
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Justification

Given that the three criteria used to define an SME were set in 2003, the two financial thresholds should be permanently indexed and reviewed at regular intervals (e.g. in line with cumulative inflation) on the basis of robust analytical evidence, while the employee headcount threshold must remain unchanged

Amendment 93

Denis Nesci, Ruggero Razza

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement. The Commission shall proceed on a regular basis to a permanent adjustment of the two financial thresholds laid down in the Annex to Commission Recommendation 2003/361/EC. Such adjustments shall reflect cumulative inflation or other objective economic indicators and shall be based on research and analytical work demonstrating the exact adjustments needed.
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 94

Stine Bosse, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 95

Evelyn Regner

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC, excluding the application of Article 3(4) thereof, or as otherwise defined in the guarantee agreement;
_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Justification

The reference to Article 3(4) of Commission Recommendation 2003/361/EC excludes SMEs with public or municipal ownership from the SME definition, even when they meet all objective size criteria. Removing this reference ensures a level playing field by allowing all enterprises – regardless of ownership structure – to access financial products under equal conditions. This is particularly important given the crucial role of municipalities in delivering public services and driving the socio-ecological transition on the ground across Europe.

Amendment 96

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of financial products, where the applicable State aid rules require the use of the SME definition in Annex I to the Commission Recommendation 2003/361/EC7, a micro, small or medium-sized enterprise within the meaning of that Annex;;
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 97

Markus Ferber

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – Point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 500, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 98

Karlo Ressler

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 500, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 99

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 3 – point a – point i

Article 4 – paragraph 4 – subparagraph 1

Text proposed by the Commission	Amendment
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 28 652 310 073 in current prices.;	The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be maintained at EUR 26 152 310 073 in current prices.
	(Regulation (EU) 2021/523)

Or. fr

(Regulation (EU) 2021/523, Article 4, paragraph 1)

Justification

Maintains the existing guarantee.

Amendment 100

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point a – point i

Regulation (EU) 2021/523

Article 1 – paragraph 1 – subparagraph 1

Text proposed by the Commission	Amendment
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 28 652 310 073 in current prices.;	The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 30 902 310 073 in current prices.;

Or. en

Amendment 101

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point a – point i

Regulation (EU) 2021/523

Article 1 – paragraph 1 – subparagraph 1

Text proposed by the Commission	Amendment
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 28 652 310 073 in current prices.;	The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 29 777 310 073 in current prices.;

Or. en

Amendment 102

Karlo Ressler

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point a – point ii

Regulation (EU) 2021/523

Article 4 – paragraph 1 – subparagraph 2

Text proposed by the Commission	Amendment
An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in point (b) of Article 9(1) of this Regulation, subject to the allocation by Member States, pursuant to Article 14 of Regulation (EU) 2021/1060 of the European Parliament and of the Council (8 ) (the ‘Common Provisions Regulation for 2021-2027’) and Article 81 of the CAP Strategic Plans Regulation, of the corresponding amounts.;	An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in point (b) of Article 9(1) of this Regulation, subject to the allocation by Member States, pursuant to Article 14 of Regulation (EU) 2021/1060 of the European Parliament and of the Council (8 ) (the ‘Common Provisions Regulation for 2021-2027’) and Article 81 of the CAP Strategic Plans Regulation, as well as the relevant article in the SAFE Regulation of the corresponding amounts.
_________________	_________________
8 Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy (OJ L 231, 30.6.2021, p. 159).	8 Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy (OJ L 231, 30.6.2021, p. 159).

Or. en

Amendment 103

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 3 – point b

Article 4 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
An amount of EUR 13 827 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).;	The same amount of EUR 11 327 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).;

Or. fr

Amendment 104

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b

Regulation (EU) 2021/523

Article 4 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
An amount of EUR 13 827 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).;	An amount of EUR 16 077 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).;

Or. en

Amendment 105

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b a (new)

Regulation (EU) 2021/523

Article 4 – paragraph 3

Text proposed by the Commission	Amendment
	(b a) paragraph 3 is replaced by the following:
	'3. The financial envelope for the implementation of the measures provided in Chapters VI and VII shall be EUR 630 000 000 in current prices.';

Or. en

Amendment 106

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b a (new)

Regulation (EU) 2021/523

Article 4 – paragraph 3

Text proposed by the Commission	Amendment
	(b a) paragraph 3 is replaced by the following:
	‘3. The financial envelope for the implementation of the measures provided in Chapters VI and VII shall be EUR 630 000 000 in current prices.’;

Or. en

Justification

We support the overall approach outlined in the rapporteurs’ draft. However, considering the clear added value of the InvestEU Advisory Hub—particularly in ensuring a stable and high-quality project pipeline that strengthens the EU value added of the instrument—we propose increasing its allocation by €200 million. This increase would be offset by a corresponding €200 million reduction in the guarantee, with all related figures adjusted accordingly in the European Parliament's reading.

Amendment 107

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b a (new)

Regulation (EU) 2021/523

Article 4 – paragraph 3

Text proposed by the Commission	Amendment
	(b a) paragraph 3 is replaced by the following: '3. The financial envelope for the implementation of the measures provided in Chapters VI and VII shall be EUR 530 000 000 in current prices.';

Or. en

Amendment 108

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b a (new)

Regulation (EU) 2021/523

Article 4 – paragraph 4 a (new)

Text proposed by the Commission	Amendment
	(b a) the following paragraph is added:
	‘4a. The policy window laid down in Article 8(1), point (c), of this Regulation shall be increased by at least 50% of the additional 2,5 billion EUR guarantee laid down in point (a) of Article 1 (3) of the Regulation (EU) ..../.... of the European Parliament and the Council of [date entry into force]*’;
	_________________
	* Regulation (EU) ..../.... of the European Parliament and the Council of [date entry into force] 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

Or. en

Amendment 109

Evelyn Regner

Proposal for a regulation

Article 1 – paragraph 1 – point 4

Regulation (EU) 2021/523

Article 6 – paragraph 1

Text proposed by the Commission	Amendment
The EU guarantee and the InvestEU financial instrument shall be implemented in indirect management with the bodies referred to in points (c)(ii), (c)(iii), (c)(v) and (c)(vi) of Article 62(1) of the Financial Regulation.;	The EU guarantee and the InvestEU financial instrument shall be implemented in indirect management with the bodies referred to in points (c)(ii), (c)(iii), (c)(v) and (c)(vi) of Article 62(1) of the Financial Regulation in a manner that avoids duplication of structures and ensures efficient coordination.

Or. en

Justification

Implementation should be coordinated and user-friendly, to ensure that beneficiaries are supported in a simple and effective way. Implementing bodies should cooperate closely and provide clear, streamlined access, ideally following a one-stop-shop approach. Their role should be to support beneficiaries.

Amendment 110

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 5

Article 7

Text proposed by the Commission	Amendment
(5) Article 7 is amended as follows:	deleted
	(Regulation (EU) 2021/523)

Or. fr

(Regulation (EU) 2021/523, Article 7)

Amendment 111

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Article 1 – paragraph 1 – point 5 – point d

Regulation (EU) 2021/523

Article 7 – paragraph 7 – subparagraph 3

Text proposed by the Commission	Amendment
The terms and conditions of the financial products referred to in paragraphs 1 and 4 of this Article and of the portfolios concerned, including the respective pro rata shares of losses, revenues, repayments and recoveries or the respective non pro rata shares in accordance with the second subparagraph of paragraph 3, shall be set out in the guarantee agreement referred to in Article 17.;	The terms and conditions of the financial products referred to in paragraphs 1 and 4 of this Article and of the portfolios concerned, including the respective pro rata shares of losses, revenues, repayments and recoveries or the respective non pro rata shares in accordance with the second subparagraph of paragraph 3, shall be set out in the guarantee agreement referred to in Article 17. The impact of the implementation of combinations of financial instruments on the budget shall be assessed and made publicly available, with a view to informing the design of the next Multiannual Financial Framework instrument.

Or. en

Amendment 112

Markus Ferber

Proposal for a regulation

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

Regulation (EU) 2021/523

Article 8 – paragraph 6

Text proposed by the Commission	Amendment
	(5 a) In Article 8, paragraph 6 is deleted;

Or. en

Justification

To further simplify the regime, the empowerment for the Commission to develop sustainability guidance, including on the "Do No Significant Harm" principle is removed.

Amendment 113

Markus Ferber

Proposal for a regulation

Article 1 – paragraph 1 – point 6

Regulation (EU) 2021/523

Article 8 – paragraph 8 – subparagraph 2

Text proposed by the Commission	Amendment
The Commission, together with implementing partners, shall seek to ensure that the part of the EU guarantee under the EU compartment used for the sustainable infrastructure policy window is distributed with the aim of achieving a balance between the different areas referred to in point (a) of paragraph 1.;	deleted

Or. en

Justification

This requirement complicates the process and runs counter to the simplification agenda.

Amendment 114

Evelyn Regner

Proposal for a regulation

Article 1 – paragraph 1 – point 6

Regulation (EU) 2021/523

Article 8 – paragraph 8 – subparagraph 2

Text proposed by the Commission	Amendment
The Commission, together with implementing partners, shall seek to ensure that the part of the EU guarantee under the EU compartment used for the sustainable infrastructure policy window is distributed with the aim of achieving a balance between the different areas referred to in point (a) of paragraph 1.;	The Commission, together with implementing partners, shall seek to ensure that the part of the EU guarantee under the EU compartment used for the sustainable infrastructure policy window is distributed with the aim of achieving a balance between the different areas referred to in point (a) of paragraph 1. Particular attention shall be given to regional providers of services of general interest, especially those operating in both regulated and non-regulated sectors. Those entities shall benefit from lower financial eligibility thresholds and a proportionate, simplified application procedure.

Or. en

Justification

The amendment aims to ensure that municipal and regional utilities—particularly those entrusted with services of general interest—have effective access to the Union’s funding instruments. In practice, complex application procedures often prevent small-scale projects from receiving support. Lower thresholds and simplified procedures are therefore intended to reduce these barriers in a targeted and effective manner.

Amendment 115

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) 2021/523

Article 8 a (new)

Text proposed by the Commission	Amendment
	(6 a) The following Article is inserted:
	‘Article 8a
	European Housing Facility
	1. A European Housing Facility is established as a dedicated investment facility within the framework of the InvestEU, aimed at supporting access to affordable social housing across the Union.
	2. The European Housing Facility shall be implemented in cooperation with the European Investment Bank Group and other implementing partners, including national promotional banks and institutions, in line with the provisions of this Regulation.
	3. The Facility shall support projects and operations that contribute to:
	(a) the construction and renovation of affordable social housing units;
	(b) the energy-efficient retrofitting of residential buildings, in line with the Union’s climate objectives;
	(c) the development and scaling of innovative housing solutions, including community-led and cooperative models;
	(d) access to finance for local authorities, SMEs, and social economy entities active in the housing sector.
	4. Financial support shall be provided through a combination of instruments including equity, debt, guarantees, and blended finance, and may be complemented by advisory and technical assistance services.
	5. The Commission, in coordination with the implementing partners, shall ensure the provision of targeted support and clear guidance, particularly for SMEs and local public authorities, to facilitate access to the Facility.
	6. This Facility shall be equipped with a dedicated budgetary allocation of at least EUR [...] million under the InvestEU Programme, with a view to mobilising additional public and private investment.

Or. en

Justification

There is a persistent and well-documented investment gap in affordable and social housing across the Union, estimated at EUR 300–400 billion annually. A dedicated European Housing Facility under the InvestEU Programme would help mobilise much-needed capital in this underserved sector, while contributing to social cohesion, territorial balance, and the Union’s climate goals. We are ready to discuss the exact figures and parameters of this Facility with all parliamentary groups and the Commission to ensure a targeted, effective, and ambitious response to the housing crisis.

Amendment 116

Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 7

Regulation (EU) 2021/523

Article 9 – paragraph 1 – point (b)

Text proposed by the Commission	Amendment
(b) the Member State compartment shall address specific market failures or suboptimal investment situations in one or several regions or Member States to deliver the policy objectives of the contributing funds under shared management or of the additional amount provided by a Member State under Article 4(1), third subparagraph, or under Article 10a(1), second subparagraph, in particular to strengthen economic, social and territorial cohesion in the Union by addressing imbalances between its regions.;	deleted

Or. en

Amendment 117

Evelyn Regner

Proposal for a regulation

Article 1 – paragraph 1 – point 7

Regulation (EU) 2021/523

Article 9 – paragraph 1 – point (b)

Text proposed by the Commission	Amendment
(b) the Member State compartment shall address specific market failures or suboptimal investment situations in one or several regions or Member States to deliver the policy objectives of the contributing funds under shared management or of the additional amount provided by a Member State under Article 4(1), third subparagraph, or under Article 10a(1), second subparagraph, in particular to strengthen economic, social and territorial cohesion in the Union by addressing imbalances between its regions.;	(b) the Member State compartment shall address specific market failures or suboptimal investment situations in one or several regions or Member States to deliver the policy objectives of the contributing funds under shared management or of the additional amount provided by a Member State under Article 4(1), third subparagraph, or under Article 10a(1), second subparagraph, in particular to strengthen economic, social and territorial cohesion in the Union by addressing imbalances between its regions, specifically in the provision of services of general interest. Particular attention shall be given to providers of services of general interest, with the aim of providing them with easier access to investments.

Or. en

Justification

This amendment places a particular emphasis on providers of services of general interest (SGI). By strengthening support for such providers, it contributes to the Union’s objectives of promoting social cohesion and ensuring the accessibility of essential services throughout the Union. It also helps guarantee that underserved or vulnerable populations can benefit equitably from these services.

Amendment 118

Ruggero Razza, Denis Nesci

Proposal for a regulation

Article 1 – paragraph 1 – point 7 a (new)

Regulation (EU) 2021/523

Article 9 – paragraph 2

Text proposed by the Commission	Amendment
	(7 a) In Article 9, paragraph 2 is replaced by the following:
	‘2. Where appropriate, the instruments identified in paragraph 1—including the InvestEU Financial Instrument under Article 10a—may be used jointly to back funding or investment activities, by blending support from both items within a tiered framework. In that framework, the first loss shall be borne by the Member State's guarantee.’;

Or. en

Amendment 119

Karlo Ressler

Proposal for a regulation

Article 1 – paragraph 1 – point 8 – point a a (new)

Regulation (EU) 2021/523

Article 10 – paragraph 1

Text proposed by the Commission	Amendment
	(a a) paragraph 1 is replaced by the following:
	"1. Amounts allocated by a Member State on a voluntary basis pursuant to the provisions on the use of the ERDF, the ESF +, the Cohesion Fund and the EMFAF delivered through the InvestEU Programme laid down in the Common Provisions Regulation for 2021-2027 or to the provisions on the use of the EAFRD delivered through the InvestEU Programme laid down in the CAP Strategic Plans Regulation or amounts provided in cash in accordance with the third subparagraph of Article 4(1) of this Regulation or resources dedicated by Member States through the loans provided in the SAFE regulation shall be used for the provisioning for the part of the EU guarantee under the Member State compartment covering financing and investment operations in the Member State concerned or for the possible contribution to the InvestEU Advisory Hub. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in the provisions on the preparation and submission of the Partnership Agreement laid down in the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plan established under Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed.”;

Or. en

Amendment 120

Karlo Ressler

Proposal for a regulation

Article 1 – paragraph 1 – point 8 – point a b (new)

Regulation (EU) 2021/523

Article 10 – paragraph 2 – subparagraph 3

Text proposed by the Commission	Amendment
	(a b) in paragraph 2, the third subparagraph is replaced by the following:
	'The provisions in this Article relating to amounts allocated pursuant to the provisions on the use of the ERDF, the ESF+, the Cohesion Fund and the EMFAF delivered through the InvestEU Programme laid down in the Common Provisions Regulation for 2021-2027 or to the provisions on the use of the EAFRD delivered through the InvestEU Programme laid down in the CAP Strategic Plans Regulation and resources dedicated by Member States through the loans provided by way of the SAFE regulation are not applicable to a contribution agreement concerning an additional amount by a Member State, referred to in the third subparagraph of Article 4(1) of this Regulation.';

Or. en

Amendment 121

Karlo Ressler

Proposal for a regulation

Article 1 – paragraph 1 – point 8 – point b

Regulation (EU) 2021/523

Article 10 – paragraph 2 – subparagraph 4

Text proposed by the Commission	Amendment
The Member State and the Commission shall conclude a contribution agreement or an amendment to it following the Commission Decision approving the Partnership Agreement pursuant to the Common Provisions Regulation for 2021-2027 or the CAP Strategic Plan under the CAP Strategic Plans Regulation or simultaneously to the Commission Decision amending a programme in accordance with the Common Provisions Regulation for 2021-2027 or a CAP Strategic Plan in accordance with the provisions on the amendment to the CAP Strategic Plan laid down in the CAP Strategic Plans Regulation.;	The Member State and the Commission shall conclude a contribution agreement or an amendment to it following the Commission Decision approving the Partnership Agreement pursuant to the Common Provisions Regulation for 2021-2027 or the CAP Strategic Plan under the CAP Strategic Plans Regulation or simultaneously to the Commission Decision amending a programme in accordance with the Common Provisions Regulation for 2021-2027 or a CAP Strategic Plan in accordance with the provisions on the amendment to the CAP Strategic Plan laid down in the CAP Strategic Plans Regulation or the provisions in the SAFE regulation.

Or. en

Amendment 122

Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 9

Regulation (EU) 2021/523

Article 10a – paragraph 1 – subparagraph 3

Text proposed by the Commission	Amendment
Amounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used for supporting financing and investment operations in the Member State concerned. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 11(1)(a) of the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plans in accordance with Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed.	Amounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used exclusively for supporting financing and investment operations in the Member State concerned. These amounts shall be used in line with the objectives clearly identified in the contributing Member State’s Partnership Agreement, national programmes or CAP Strategic Plan, without prejudice to national priorities and with full respect for the principle of subsidiarity. The use of such funds shall not entail any obligation of alignment with broader political or ideological orientations not explicitly endorsed by the Member State.

Or. en

Amendment 123

Marco Falcone, Fulvio Martusciello

Proposal for a regulation

Article 1 – paragraph 1 – point 9

Regulation (EU) 2021/523

Article 10a – paragraph 3a (new)

Text proposed by the Commission	Amendment
	3 a. Where a Member State decides to combine its contribution with the EU compartment in a layered structure, the contribution agreement and the related guarantee agreement shall specify:
	(a) the first-loss tranche to be absorbed by national or regional resources;
	(b) the subsequent loss tranche covered by the EU-compartment guarantee;
	(c) the pro-rata or non-pro-rata sharing of recoveries and revenues;
	(d) safeguards ensuring EU value-added, non-distortion of competition and, where relevant, promotion of cross-border projects.

Or. en

Justification

Amendment 124

Denis Nesci, Ruggero Razza

Proposal for a regulation

Article 1 – paragraph 1 – point 9

Regulation (EU) 2021/523

Article 10a – paragraph 3a (new)

Text proposed by the Commission	Amendment
	3 a. Where a Member State decides to combine its contribution with the EU compartment in a layered structure, the contribution agreement and the related guarantee agreement shall specify:
	(a) the first-loss tranche to be absorbed by national or regional resources;
	(b) the subsequent loss tranche covered by the EU-compartment guarantee;
	(c) the pro-rata or non-pro-rata sharing of recoveries and revenues;
	(d) safeguards ensuring EU value-added, non-distortion of competition and, where relevant, promotion of cross-border projects.

Or. en

Amendment 125

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 9

Regulation (EU) 2021/523

Article 10a – paragraph 5

Text proposed by the Commission	Amendment
5. Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028.;	5. Support under the InvestEU financial instrument may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028.;

Or. en

Amendment 126

Irene Tinagli, Aura Salla

Proposal for a regulation

Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) 2021/523

Article 11 – paragraph 1 – point (d) – point (i)

Text proposed by the Commission	Amendment
	(9 a) In Article 11(1), point (d)(i) is replaced by the following:
	‘be allocated an amount of up to EUR 375 000 000 for the advisory initiatives referred to in Article 25 and operational tasks referred to in point (ii) of this point out of the financial envelope referred to in Article 4(3);’;

Or. en

Amendment 127

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 11

Regulation (EU) 2021/523

Article 13 – paragraph 4 – sentences 1 and 2

Text proposed by the Commission	Amendment
75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 21 489 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 372 308 139.;	75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 22 332 982 554, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 583 245 638.;

Or. en

Amendment 128

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 11

Article 13 – paragraph 4 – sentences 1 and 2

Text proposed by the Commission	Amendment
75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 21 489 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 372 308 139.;	75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 19 489 232 555, shall continue to be granted to the EIB Group. The aggregate financial contribution of the EIB Group shall be maintained at EUR 4 903 558 139.;

Or. fr

Amendment 129

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 11

Regulation (EU) 2021/523

Article 13 – paragraph 4 – sentences 1 and 2

Text proposed by the Commission	Amendment
75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 21 489 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 372 308 139.;	75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 23 176 732 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 794 183 139.;

Or. en

Amendment 130

Evelyn Regner

Proposal for a regulation

Article 1 – paragraph 1 – point 12 – point a

Regulation (EU) 2021/523

Article 16 – paragraph 1 – subparagrah 2

Text proposed by the Commission	Amendment
In order to be covered by the EU guarantee or the InvestEU financial instrument, the financing referred to in the first and second subparagraph shall be granted, acquired or issued for the benefit of financing and investment operations referred to in Article 14(1), where the financing by the implementing partner was granted in accordance with a financing agreement or transaction signed or entered into by the implementing partner after the signature of the guarantee agreement and that has not expired or been cancelled.;	In order to be covered by the EU guarantee or the InvestEU financial instrument, the financing referred to in the first and second subparagraph shall be granted, acquired or issued for the benefit of financing and investment operations referred to in Article 14(1), where the financing by the implementing partner was granted in accordance with a financing agreement or transaction signed or entered into by the implementing partner after the signature of the guarantee agreement and that has not expired or been cancelled. Affordable housing projects, especially those led by limited-profit housing associations providing cost-covering prices, shall be eligible for simplified procedures to facilitate their access to financing under this Regulation.

Or. en

Justification

This amendment targets affordable housing projects carried out by limited-profit associations and aims to simplify their access to EU funding under instruments such as the EU guarantee and InvestEU. By improving accessibility, the amendment helps advance the EU’s goals of social cohesion and affordable housing, ensuring that projects with strong social impact are not excluded due to administrative or procedural barriers.

Amendment 131

Evelyn Regner

Proposal for a regulation

Article 1 – paragraph 1 – point 12 – point b

Regulation (EU) 2021/523

Article 16 – paragraph 2

Text proposed by the Commission	Amendment
Financing and investment operations through funds or other intermediate structures shall be supported by the EU guarantee or the InvestEU financial instrument in accordance with the provisions laid down in the investment guidelines, as applicable, even if such structures invest a minority of their invested amounts outside the Union and in third countries referred to Article 14(2) or invest a minority of their invested amounts into assets other than those eligible under this Regulation.;	Financing and investment operations through funds or other intermediate structures shall be supported by the EU guarantee or the InvestEU financial instrument in accordance with the provisions laid down in the investment guidelines, as applicable, even if such structures invest a minority of their invested amounts outside the Union and in third countries referred to Article 14(2) or invest a minority of their invested amounts into assets other than those eligible under this Regulation. Affordable housing projects, particularly those led by limited-profit associations providing cost-covering prices, shall be prioritised, ensuring that these providers benefit from access to financing through a simplified procedure.

Or. en

Justification

This amendment concerns affordable housing projects carried out by limited-profit associations and aims to simplify their access to funding under the EU guarantee or the InvestEU financial instrument. It supports the Union’s objectives of promoting social cohesion and affordable housing, while ensuring that projects with significant social impact can effectively benefit from EU financial instruments.

Amendment 132

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

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

Regulation (EU) 2021/523

Article 17 – paragraph 2 – points l a and l b (new)

Text proposed by the Commission	Amendment
	(iii a) the following points are added:
	‘(la) the commitment of the implementing partner to take into account the principle of proportionality by adapting documentary requirements and assessment criteria in light of the administrative capacity of SMEs;
	‘(lb) the right, without prejudice to legal requirements, for first-time SME applicants to correct non-material errors within a reasonable period before any definitive rejection.’;

Or. en

Amendment 133

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

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

Regulation (EU) 2021/523

Article 17 – paragraph 5a (new)

Text proposed by the Commission	Amendment
	(b a) the following paragraph is added:
	‘The Commission shall provide the European Parliament and the Council information on the guarantee agreements upon conclusion, including at least the identification of the implementing partners and the revenue-sharing mechanism.';

Or. en

Amendment 134

Niels Fuglsang, Eero Heinäluoma

Proposal for a regulation

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

Regulation (EU) 2021/523

Article 18a (new)

Text proposed by the Commission	Amendment
	(14 a) The following Article is inserted:
	‘Article 18a
	Operational Defence Investment Guidance
	1. No later than 31 December 2025, the Commission shall, in cooperation with implementing partners and relevant Union bodies, including the European Defence Agency, publish operational guidance on the implementation of InvestEU support for defence-related and dual-use investments.
	2. The guidance shall clarify eligibility conditions, applicable Union law requirements, and selection criteria for investments contributing to the development of the European Defence Technological and Industrial Base (EDTIB), including those involving SMEs, mid-caps, and start-ups.
	3. The guidance shall also promote best practices for accelerating the deployment of dual-use technologies and address mechanisms for improving access to finance for strategic defence innovation.
	4. The Commission shall ensure consistency between this guidance and Union policy priorities, including the Readiness 2030 Plan and the European Defence Industrial Strategy.’;

Or. en

Amendment 135

Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 15 – point d

Regulation (EU) 2021/523

Article 19 – paragraph 2a – subparagraph 3a (new)

Text proposed by the Commission	Amendment
	The Union's budgetary exposure under this financial instrument shall remain strictly limited to the amounts voluntarily allocated by the contributing Member State. The terms and scope of the coverage shall be clearly defined in the relevant contribution agreements and investment guidelines, ensuring that risks are not mutualised beyond national compartments.

Or. en

Amendment 136

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Article 1 – paragraph 1 – point 19 a (new)

Regulation (EU) 2021/523

Article 25 – paragraph 3 – subparagraph 1 a (new)

Text proposed by the Commission	Amendment
	(19 a) in Article 25(3), the following subparagraph is added:
	‘Projects with a total cost of less than EUR 5 million shall be deemed automatically eligible for standardised support from the InvestEU Advisory Hub’;

Or. en

Amendment 137

Jussi Saramo, Manon Aubry, Pasquale Tridico, Gaetano Pedulla'

on behalf of The Left Group

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
(a) in paragraph 2, the following second subparagraph is added:	deleted
‘Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;’

Or. en

Amendment 138

Jonás Fernández

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
(a) in paragraph 2, the following second subparagraph is added:	deleted
‘Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;’

Or. en

Amendment 139

Stine Bosse, Gerben-Jan Gerbrandy, Fabienne Keller, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 4.5, 4.8, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned, where the final recipient is an enterprise which, according to its most recent annual or consolidated accounts, employs fewer than 250 persons on average during the financial year, provided that the financial product does not confer an advantage in State aid terms.

Or. en

Amendment 140

Jussi Saramo, Manon Aubry, Pasquale Tridico, Gaetano Pedulla'

on behalf of The Left Group

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall report on KPIs and on key monitoring indicators linked with the environmental and social objectives based on the EIB's own criteria, such as the already existing Path Framework, including the indicators laid down in 3.1, 3.2, 3.5, 4.1, 4.3, 6.1, 7.1 for all financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary.;

Or. en

Amendment 141

Damian Boeselager, Rasmus Nordqvist

on behalf of the Greens/EFA Group

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempted from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.2, 3.3, 3.4, 3.5, 4.1, 4.2, 4.3, 5.2, 6.1, 6.3, 7.1 and 7.2 as far as financing or investments operations benefiting SME final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;

Or. en

Amendment 142

Bruno Gonçalves

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	As a derogation from the previous subparagraph and only until the end of the programming period, implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.1, 3.2, 3.3, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;

Or. en

Amendment 143

Aurore Lalucq

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.1, 3.2, 3.3, 3.4, 3.5, 4.1, 5.2, 6.1, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 50 000 are concerned.;

Or. en

Amendment 144

Markus Ferber

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 500 000 are concerned.;

Or. en

Amendment 145

Karlo Ressler

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 500 000 are concerned.;

Or. en

Amendment 146

Gerben-Jan Gerbrandy, Stine Bosse

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 4.5, 4.8, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;

Or. en

Amendment 147

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2 and 6.3, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 300 000 are concerned.;

Or. en

Amendment 148

Damian Boeselager

on behalf of the Greens/EFA Group

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point b

Regulation (EU) 2021/523

Article 28 – paragraph 3

Text proposed by the Commission	Amendment
3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 241 and 250 of the Financial Regulation. In accordance with Article 41(5) of the Financial Regulation, the annual report shall provide information on the level of implementation of the Programme with respect to its objectives and performance indicators. For that purpose, each implementing partner shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations, including information on the operation of the EU guarantee or the InvestEU financial instrument.’	3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 241 and 250 of the Financial Regulation. In accordance with Article 41(5) of the Financial Regulation, the annual report shall provide information on the level of implementation of the Programme with respect to its objectives and performance indicators. For that purpose, each implementing partner shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations, including information on the operation of the EU guarantee or the InvestEU financial instrument. The Commission shall report publicly once a year on the impact of the implementation of combinations of financial instruments on the budget, with a view to informing the design of the next Multiannual Financial Framework.

Or. en

Amendment 149

Niels Fuglsang, Eero Heinäluoma

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point b

Regulation (EU) 2021/523

Article 28 – paragraph 4a (new)

Text proposed by the Commission	Amendment
	4 a. The annual report shall include a dedicated section detailing the support provided under the InvestEU programme to defence and dual-use investments. This section shall include qualitative and quantitative information on the volume of financing, the number and type of supported projects, and the involvement of small and medium-sized enterprises (SMEs) and mid-caps. It shall also assess the contribution of those investments to the strengthening of the European Defence Technological and Industrial Base and to the Union’s strategic autonomy objectives.

Or. en

Amendment 150

Damian Boeselager

on behalf of the Greens/EFA Group

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point b

Regulation (EU) 2021/523

Article 28 – paragraph 4a (new)

Text proposed by the Commission	Amendment
	4 a. The final evaluation report on the InvestEU Programme in Article 29(3) shall also include an evaluation of the effectiveness and impact of the derogations introduced in Article 28(2). This evaluation shall, in particular, assess the extent to which the derogations have facilitated access to finance for the intended target groups, most notably SMEs, while safeguarding the principles of transparency, accountability, and robust performance monitoring underpinning the Programme and its policy goals.

Or. en

Amendment 151

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point b

Regulation (EU) 2021/523

Article 28 – paragraph 4a (new)

Text proposed by the Commission	Amendment
	4 a. The final evaluation report on the InvestEU Programme in Article 29((3) shall also include an evaluation of the effectiveness and impact of the derogations introduced in Article 28(2). This evaluation shall, in particular, assess the extent to which the derogations have facilitated access to finance for the intended target group, most notably SMEs, while safeguarding the principles of transparency, accountability, and robust performance monitoring underpinning the Programme.

Or. en

Amendment 152

Jussi Saramo, Manon Aubry, Pasquale Tridico, Gaetano Pedulla'

on behalf of The Left Group

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point b

Regulation (EU) 2021/523

Article 28 – paragraph 4a (new)

Text proposed by the Commission	Amendment
	4 a. The report shall include the environmental and social performance of completed operations at project level, based on the list of KPIs and monitoring of indicators set out in Annex III including on the environmental and social results of financed operations.

Or. en

Amendment 153

Bruno Gonçalves

Proposal for a regulation

Article 1 – paragraph 1 – point 20 a (new)

Regulation (EU) 2021/523

Article 29 – paragraph 5 a (new)

Text proposed by the Commission	Amendment
	(20 a) In Article 29, the following paragraph is inserted:
	‘5a. By the end of the programming period, the Commission shall evaluate the effectiveness of the derogations introduced in Article 2, point 21, and Article 28(2). This evaluation shall assess whether these derogations have contributed to enhanced access to financing for target beneficiaries without undermining the Programme’s transparency, accountability, and performance monitoring framework. The results of that assessment shall inform any future revisions to the Programme's regulatory framework and implementation practices.’

Or. en

Amendment 154

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point a

Text proposed by the Commission	Amendment
(a) up to EUR 10 832 884 564 for objectives referred to in point (a) of Article 3(2);	(a) up to EUR 10 700 000 000 for objectives referred to in point (a) of Article 3(2);

Or. en

Amendment 155

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point a

Text proposed by the Commission	Amendment
(a) up to EUR 10 832 884 564 for objectives referred to in point (a) of Article 3(2);	(a) up to EUR 11 683 566 069 for objectives referred to in point (a) of Article 3(2);

Or. en

Amendment 156

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 22

Annex I – point a

Text proposed by the Commission	Amendment
(a) up to EUR 10 832 884 564 for objectives referred to in point (a) of Article 3(2);	(a) up to EUR 7 387 682 891 for objectives referred to in point (a) of Article 3(2);

Or. fr

Amendment 157

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point b

Text proposed by the Commission	Amendment
(b) up to EUR 7 204 245 489 for objectives referred to in point (b) of Article 3(2);	(b) up to EUR 6 5000 000 000 for objectives referred to in point (b) of Article 3(2);

Or. en

Amendment 158

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point b

Text proposed by the Commission	Amendment
(b) up to EUR 7 204 245 489 for objectives referred to in point (b) of Article 3(2);	(b) up to EUR 7 769 978 315 for objectives referred to in point (b) of Article 3(2);

Or. en

Amendment 159

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 22

Annex I – point b

Text proposed by the Commission	Amendment
(b) up to EUR 7 204 245 489 for objectives referred to in point (b) of Article 3(2);	(b) up to EUR 6 575 653 460 for objectives referred to in point (b) of Article 3(2);

Or. fr

Amendment 160

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point c

Text proposed by the Commission	Amendment
(c) up to EUR 7 566 973 583 for objectives referred to in point (c) of Article 3(2);	(c) up to EUR 8 161 190 612 for objectives referred to in point (c) of Article 3(2);

Or. en

Amendment 161

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 22

Annex I – point c

Text proposed by the Commission	Amendment
(c) up to EUR 7 566 973 583 for objectives referred to in point (c) of Article 3(2);	(c) up to EUR 9 406 732 440 for objectives referred to in point (c) of Article 3(2);

Or. fr

Amendment 162

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point c

Text proposed by the Commission	Amendment
(c) up to EUR 7 566 973 583 for objectives referred to in point (c) of Article 3(2);	(c) up to EUR 7 5000 000 000for objectives referred to in point (c) of Article 3(2);

Or. en

Amendment 163

Nils Ušakovs

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point d

Text proposed by the Commission	Amendment
(d) up to EUR 3 048 206 437 for objectives referred to in point (d) of Article 3(2).;	(d) up to EUR 5 000 000 000 for objectives referred to in point (d) of Article 3(2).;

Or. en

Amendment 164

Stine Bosse, Fabienne Keller, Gerben-Jan Gerbrandy, Lucia Yar

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point d

Text proposed by the Commission	Amendment
(d) up to EUR 3 048 206 437 for objectives referred to in point (d) of Article 3(2).;	(d) up to EUR 3 287 575 077 for objectives referred to in point (d) of Article 3(2).;

Or. en

Amendment 165

Angéline Furet

Proposal for a regulation

Article premier – paragraph 1 – point 22

Annex I – point d

Text proposed by the Commission	Amendment
(d) up to EUR 3 048 206 437 for objectives referred to in point (d) of Article 3(2).;	(d) up to EUR 2 782 241 282 for objectives referred to in point (d) of Article 3(2);

Or. fr

Amendment 166

Jussi Saramo, Manon Aubry, Pasquale Tridico, Gaetano Pedulla'

on behalf of The Left Group

Proposal for a regulation

Article 1 – paragraph 1 – point 23

Regulation (EU)2021/523

Annex III – point 1

Text proposed by the Commission	Amendment
By way of derogation from Article 222(3) of the Financial Regulation, the financing and investment operations providing performance guarantees shall not be required to achieve multiplier effect.;	deleted

Or. en

Amendment 167

Bruno Gonçalves

Proposal for a regulation

Article 1 – paragraph 1 – point 23

Regulation (EU) 2021/523

Annex III – point 1

Text proposed by the Commission	Amendment
By way of derogation from Article 222(3) of the Financial Regulation, the financing and investment operations providing performance guarantees shall not be required to achieve multiplier effect.;	By way of derogation from Article 222(3) of the Financial Regulation, while the financing and investment operations providing performance guarantees shall achieve a global investment exceeding the size of the Union contribution or guarantee, it shall not be required to pre-emptively demonstrate a multiplier effect.;

Or. en

Amendment 168

Damian Boeselager

Proposal for a regulation

Article 1 – paragraph 1 – point 24 a (new)

Regulation (EU) 2021/523

Annex V – Section A – paragraph 2 – point 2(1)

Text proposed by the Commission	Amendment
	(24 a) In Annex V, Section A, paragraph 2, point 2(1) is replaced by the following:
	‘(1) to be considered additional to the private sources referred to in point (b) of Article 209(2) of the Financial Regulation, the InvestEU Fund shall support the financing and investment operations of the implementing partners by targeting investments which, due to their characteristics (public good nature, externalities, information asymmetries, socio-economic cohesion considerations or other) are unable to generate sufficiently attractive risk/return profiles (compared to the risk/return levels that the relevant private entities are willing to accept). Because of those characteristics, such financing and investment operations cannot access market financing at reasonable conditions in terms of pricing, collateral requirements, the type of finance, the tenor of financing provided or other conditions, and would not be undertaken in the Union at all or to the same extent without public support;’

Or. en

Amendment 169

Jussi Saramo, Manon Aubry, Pasquale Tridico, Gaetano Pedulla'

on behalf of The Left Group

Proposal for a regulation

Article 1 – paragraph 1 – point 24 a (new)

Regulation (EU) 2021/523

Annex V – Section B – paragraph 1 – point 12

Text proposed by the Commission	Amendment
	(24 a) In Annex V, Section B, paragraph 1, point (12) is replaced by the following:
	‘(12) investments related to mining or to the extraction, processing, distribution, storage or combustion of solid fuels and oil, as well as investments related to the extraction of gas.’

Or. en

Amendment 170

Angéline Furet

Proposal for a regulation

Article 3

Regulation (EU) 2021/1153

Text proposed by the Commission	Amendment
Article 3	deleted
Amendments to Regulation (EU) 2021/1153 [CEF]
In Article 29 of Regulation (EU) 2021/1153, the following paragraph is added:
‘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.’;
(*) 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 (OJ L 107, 26.3.2021, p. 30, ELI: http://data.europa.eu/eli/reg/2021/523/oj).

Or. fr

Amendment 171

Angéline Furet

Proposal for a regulation

Article 4

Regulation (EU) 2021/695

Text proposed by the Commission	Amendment
Article 4	deleted
Amendments to Regulation (EU) 2021/695 [Horizon Europe]
In Article 57 of Regulation (EU) 2021/695, the following paragraph is added:
‘3.
The guarantee supported by the Union budget and provided by the EIB through the InnovFin Debt Facility established under Regulations (EU) 1290/2013 and 1291/2013 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 and may cover losses of the financial product containing the financing and investment operations and covered by the combined support.’:
(*) 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 (OJ L 107, 26.3.2021, p. 30, ELI: http://data.europa.eu/eli/reg/2021/523/oj).

Or. fr

Amendment 172

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Proposal for a regulation

Article 4 a (new)

Text proposed by the Commission	Amendment
	Article4a
	Evaluation of the simplification measures
	1. By 31 July 2028, the Commission shall provide the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions with an independent evaluation report on the simplification measures laid down in this amending Regulation.
	2. The evaluation report shall, in particular, assess the commitments of the Commission to reduce the administrative burden and reporting obligations by at least 25 % for all business and by 35 % for small and medium-sized enterprise. It shall also asses the spillover effects on implementing partners, financial intermediaries and final recipients, especially with regard to the mobilisation of the additional EUR 50 billion of unlocked investments. The report shall also examine the possibility of further simplification mesures.
	3. Where appropriate, the evaluation shall be accompanied by a proposal for amendments to Regulation (EU) 2021/523.

Or. en