Plan Juncker, “the fund is to mobilize private, do not work … – Il Sole 24 Ore

Plan Juncker, "the fund is to mobilize private, do not work … – Il Sole 24 Ore

European funds

In Rome Commission Vice President Jyrki Katainen delegated investment – “Italy has not yet decided whether to adhere to the bottom” – “The Efsi give loans at low interest rates and high risk ‘

Alexander Arona History article January 15, 2015

This article was published on 15 January 2015 to 15:12 hours.

The fund Efsi (European fund for strategic investment), operational tool of the “Plan Juncker “of the European Commission to stimulate investment,” will finance investments both public and private, that PPP “(public private partnership),” but the Efsi give loans, there will be a grant, its goal is primarily to push private investment, especially those at high risk “(that the market does not fund).
This was explained in a press conference in Rome, the vice-president of the European Commission, Jyrki Katainen (delegated to the investment plan), responding to a question of the Sole 24 Ore (Construction and Territory).

Katainen had been earlier in hearing committees gathered Budget, Production, Labor and EU Policies of the House and Senate.

“Many of the proposed projects from Italy – we asked – but also from other countries, including 100% of public infrastructure, such as roads and railways, it is possible that the fund directly Efsi States? “.
In this specific question Katainen did not respond, but explained that “usually funding to public gives them in the ordinary Bei. The idea is to mobilize new dell’Efsi private investors, otherwise if if puntassimo on public investment that we would put further pressure on budgets. “

” It’s true – said Katainen – that level European were reduced public investment, but, because of the constraints and the economic situation, but it is sad to note that many Member States, when they cut budgets in recent years have actually given priority in cuts in public investment ( rather than current spending, ed ), and this has reduced so much the level of investment. ”

“The Fund risks will be complete by June, but we will start lending activity before
summer.” He explained, adding. “I met the Minister Padoan: Italy has not yet decided whether and in what amount to contribute to the fund.”

The Feis, Katainen said the parliamentary hearing, “is similar to Bei but with a difference: assume a greater share of risk. This is the secret of the Fund. We do not want to increase the burden on taxpayers for investment. We want the private capital that is beginning to become mobile working and producing investments. ” “The important thing – he added – is that there is a list of projects transparent, without influence of politics in choosing which projects to fund and which not.”

“I met investors, investment banks, funds board of various countries, – reported the European head of the work and growth – and tell us: ‘Our duty is to invest in European infrastructure, we have a lot of liquidity, the problem is that we do not find sustainable projects
and profitable … may seem surprising, but this is what they tell us. “

Katainen has also stated that:” The private sector has made us understand that they want to rely on the investment policy of the Feis, they want to be certain that there is no political interference in the selection of projects, or they can not rely on the sustainability and profitability of the projects. “

Katainen dwelt at length on the situation of small and medium enterprises, pointed out, the opposite of what happens in the US, they are forced to resort to banks to 80% of their financial needs and for the rest relying on other channels. To increase support to SMEs’ would be positive if the Member States gave their contribution. ”
Funding for growth, he said, as well as “infrastructure, energy networks, railways, highways and research centers”, will also go to this sector.

“The SMEs – insisted the Commission Vice – suffer from lack of liquidity and this new Fund will have to finance or co-finance projects, or
finance its needs.” But the Feis, pointed out, “does not distribute a grant, but a lower rate than the market and aimed at sharing the risk.” Katainen has announced the release of “junior tranche” but “the private sector will have to finance the bulk of the project.” And, he assured, “if there are losses, the Fund will suffer the first losses, public funding will be the first to suffer, to suffer the loss.” This, too, has observed,
is “to encourage individuals to invest,” while, guaranteed, “the pipe line project will be transparent.”

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