rec_63

(63) Given its role under the Treaties and its experience over the last decades in supporting Union policies, the EIB should remain a natural partner of the Commission for the implementation of operations under the External Action Guarantee. The EIB and the Commission should enhance their cooperation and coordination throughout the implementation of the External Action Guarantee under the EFSD+, including during the programming process and in the field. The EIB should be entrusted with the implementation of a dedicated investment window covering comprehensive risk cover for operations with sovereign counterparts and non-commercial sub-sovereign counterparts, which should be exclusive except for operations that the EIB cannot carry out or decides not to carry out. Additional non-exclusive dedicated investment windows should be established for the EIB, if appropriate, to provide comprehensive risk cover for operations with commercial sub-sovereign counterparts, and operations for the promotion of foreign direct investment, trade and the internationalisation of partner countries’ economies, including through inward foreign direct investments, as well as other Union thematic priorities in support of the objectives of the Instrument and in line with the SDGs, including with, but not limited to, European Development Finance Institutions and Union private sector entities. The EU guarantee should only provide a political risk cover for private sector operations, which should be coherent with those of the export credit agencies of Member States. Those investment windows, which should constitute the dedicated mandates required by the EIB to operate outside the Union, should apply the same rules and conditions as any other investment window under the EFSD+, including the rules of governance, and, except for the exclusive investment window, should be established in accordance with the procedure for eligibility and selection of operations and counterparts for the External Action Guarantee under the EFSD+ provided by this Regulation. For those three EIB-dedicated investment windows, the overall indicative amount should be EUR 26725000000. The amounts for each of the investment windows should be substantiated and confirmed as a result of the programming process at the beginning of the multiannual financial framework and during the reviews of programming. The objectives, priorities and amounts for each of the investment windows and their implementation should ensure full policy alignment with the Union priorities and comply with this Regulation and the relevant multiannual indicative programmes, including its geographic and thematic priorities. The risk assessment and remuneration methodology under the EFSD+ should be consistently applied to all investment windows, including those dedicated to the EIB, in order to ensure a level playing field. The investment windows implemented by the EIB should be able to cover any of the countries eligible for the External Action Guarantee, in particular where most needed and in accordance with the geographical priorities of the Instrument and, where relevant, the IPA III Regulation. EFSD+ guarantees for EIB operations with commercial sub-sovereign counterparts and private sector operations should be undertaken on terms similar to guarantees provided to other eligible counterparts. It should be possible for EFSD+ guarantees for operations with sovereign counterparts and non-commercial sub-sovereign counterparts and operations with commercial sub-sovereign counterparts that do not generate substantial revenues, undertaken by the EIB or other eligible counterparts, to be non-remunerated to help reduce the cost of financing for public sector investments undertaken by partner countries. In compliance with the objectives and general principles of the Instrument, the relevant indicative programming documents as well as, where relevant, the IPA III Regulation, the Commission and the EIB should conclude dedicated External Action Guarantee agreements for the EIB dedicated investment windows.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-02 · Text as adopted (Official Journal); later amendments are not incorporated in this text.