The Europe 2020 Strategy for smart, sustainable and inclusive growth sets out a vision of Europe's economy over the next decade. To underpin the Europe 2020 and in order to complete the internal market, record investment volumes will be needed over the next decade in Europe's transport, energy, information and communication networks. Preliminary estimates point to investment needs of EUR 1.5 to 2 trillion This reality, combined with the fact that government budgets face severe pressures, make it crucial to foster the participation of the private sector in the financing of infrastructure projects.
The principal idea behind the Europe 2020 Project Bond Initiative is to provide EU support to project companies issuing bonds to finance large-scale infrastructure projects. The Initiative aims to attract additional private sector financing of individual infrastructure projects by improving the rating of the senior debt of project companies, thereby ensuring that this can be placed as bonds with institutional investors. The Commission's key role will be risk-sharing with the EIB (or other financing partners), enabling them to provide the described credit enhancement. No bond issuance will be required by Member States' governments, the EU or the EIB for this purpose
The purpose of the consultation was to obtain market participants' and decision makers' feedback on the chosen mechanism and its essential terms and conditions, to gauge demand for the initiative in terms of market volumes and the depth of the investor base.
These documents are available for further information:
We thank you for your participation. We have received a total of 131 answers, of which 31 answers were received from the online survey and 100 are written contributions, submitted by a wide variety of stakeholders. The results are available here:
The issues raised in the responses are currently being studied by the Commission services with a view to incorporate them into the legislative proposal and the impact assessment as necessary, before the end of the year.