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Parliamentary questions
9 August 2018
E-003129/2018
Answer given by Ms Creţu on behalf of the European Commission

A major component of the Portuguese proposals under the current reprogramming exercise of ‘Portugal 2020’ is the reduction of the amount allocated to financial instruments. In this respect, the Commission reminds that its communication ‘An Investment Plan for Europe’ establishes as an objective that ‘Member States should commit to increase significantly their use of innovative financial instruments in key investment areas (…). This would achieve at least an overall doubling in the use of financial instruments under the European Structural and Investment Funds for the programming period from 2014 to 2020’, which should be considered as a minimum threshold.

Several factors could explain the low implementation rate for financial instruments in Portugal. For instance, the current situation in the financial markets (and access of Small and medium-sized enterprises (SMEs) to the banking system) is now very different from the one of 2013-2014 (period of negotiations of ‘Portugal 2020’). Nonetheless, the Commission considers that financial instruments are the best tool to support viable projects that do not receive sufficient funding from market sources (e.g. to ensure that promising SME can be supported).

In the next multiannual financial framework, financial instruments' role as a key delivery mechanism for the Commission will further increase — for efficiency reasons they will be integrated under one instrument, the InvestEU. The rules for their use will be strengthened, in order to ensure a better and easier implementation and a quicker set-up in all Member States, including Portugal.

Last updated: 9 August 2018Legal notice