28 May 2020
Invest Europe, the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors, today welcomed the European Commission’s ‘Next Generation EU’ initiative, a recovery instrument of €750 billion in addition to a 2021-2027 EU budget of €1.1 trillion. In a significant and historical leap forward for the European Union, the instrument (two-thirds in loans, one-third in grants), will consist of capital borrowed directly by the European Commission and will help thousands of companies to weather the crisis and form the backbone of a European economic recovery, whilst avoiding unfair competition within the EU.
Invest Europe’s members stand fully behind the plan’s objective to deliver a common European response to the coronavirus crisis, and to enable Member States to recover while ensuring the protection of the Single Market. This audacious initiative creates a momentum to help recovery efforts at a time when European companies are suffering the devastating impact of the COVID-19 pandemic. Indeed, Invest Europe’s members commit to pick up the gauntlet and deliver our part.
Over €1.5 trillion of additional investment will be required in the next two years to support the recovery and the second pillar of the framework will be specifically aimed at incentivising private investments.
As an industry committing long-term and active capital to businesses across Europe, and investing in sectors as diverse as innovative technology, life sciences, infrastructure or consumer goods, private equity and venture capital investors are uniquely placed to adopt a significant role in ensuring the foundations of recovery, as well as the transition towards a more sustainable future.
“This is a clear response to the call for European action and mirrored new initiatives from member states,” commented Eric de Montgolfier, Invest Europe CEO, adding “now that the plan’s outline has been defined, the coming weeks and months will be crucial to determine the exact structure of the programme.”
De Montgolfier concluded: “The private equity sector is ready to help the Commission address some of the challenges the new plan will inevitably create. For example, assisting with our knowledge and expertise, so that the upgraded InvestEU - the EU’s flagship investment programme - can be tailored to ensure continuous support to EU start-ups, scale-ups and SMEs - the companies we will need to not only recover, but prosper.”
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