The guarantee available under the InvestEU Fund is implemented via selected financial partners, or ‘implementing partners’. The main partner is the EIB Group, which signed a guarantee agreement with the Commission in March 2022 covering 75% of the EU guarantee.
For the first time, the EU guarantee is open also to national promotional banks and institutions as well as international financial institutions. Until now several of these institutions have signed a guarantee agreement under InvestEU.
How to become an Implementing Partner
Assessing capacity to manage the EU budget
Interested parties must undergo a screening process (‘pillar assessment’) to assess their eligibility for managing EU funds. The assessment takes place in 3 main steps:
- Application: potential implementing partners need to submit an application form for the ‘pillar assessment’ to the European Commission to ec-investeu-pillarassessment
ec [dot] europa [dot] eu (this email address). - Eligibility: the Commission checks the eligibility of applicants.
- Pillar assessment: eligible applicants must complete a screening process, a ‘pillar assessment’, to ensure EU funds are properly managed. The assessment is an independent external audit, guided by its Terms of Reference, and carried out to ensure compliance with the rules and procedures for managing EU funds. The Commission concludes its assessment based on the findings of the auditor’s report.
Selection of implementing partners under InvestEU
To become an InvestEU implementing partner, interested parties need to respond to a Call for Expression of Interest. The Commission then enters into negotiations with them to define the type of financial product(s) they wish to implement and the conditions attached to it. The negotiations are concluded by signing a guarantee agreement granting the status of InvestEU implementing partner.
In 2021, a number of potential implementing partners responded to the 1st Call for Expression of Interest.
The 2nd Call for Expression of Interest for the InvestEU Fund has been published on 25 October 2023. The call is addressed to both (i) already selected implementing partners under the EU compartment of the InvestEU Fund and to (ii) new potential implementing partners.
The amount of EU guarantee available under this call for the InvestEU Fund is EUR 1.37 billion. The EU guarantee amount of the 2nd call might be increased at a later stage subject to the availability of further EU guarantee under InvestEU.
Applications can be submitted at any time on a rolling basis and will be evaluated on a bi-annual basis on each cut-off date of the call. Applications shall be submitted either until the budgetary envelope is exhausted, or until 28 February 2026, whichever happens first. At least 30% of the budget available per each cut-off date may be allocated to applicants that have not already signed a guarantee agreement with the EU under the 1st Call for Expression of Interest.
For more information on the 2nd call, please see the documents below.
The following documents:
- Template guarantee agreement for the InvestEU Programme - Indicative main terms and conditions
- Template guarantee agreement for the InvestEU Programme - Indicative specific terms and conditions for intermediated equity products with pari passu coverage
- Template guarantee agreement for the InvestEU Programme - Indicative specific terms and conditions for direct debt products with portfolio FLP coverage
- Template guarantee agreement for the InvestEU Programme - Indicative specific terms and conditions for direct debt products with pari passu coverage
dated 16 January 2024 are obsolete. Please refer only to the updated versions of the documents dated 31 July 2024.