Regulation (EU) 2018/409 amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions

Background and further information:

This proposal forms part of the ambitious External Investment Plan (EIP) announced in the Commission Communication of 7 June 2016 on establishing a new partnership framework with third countries under the European Agenda on Migration. The EIP initiative was subsequently endorsed by the European Council on 28 June 2016 and aims to address root causes of migration, while contributing to the achievement of sustainable development goals.

The proposal introduces two amendments to Regulation (EC, Euratom) No 480/2009. Together with a separate legislative proposal to amend Decision No 466/2014/EU on granting an EU guarantee to the European Investment Bank (EIB) against losses under financing operations supporting investment projects outside the Union, the proposal will enable the EIB to contribute to the EIP by expanding both quantitatively and qualitatively the EIB External Lending Mandate (ELM). This will enable the EIB to rapidly contribute to the EIP's objectives, in particular by providing additional financing to private-sector beneficiaries.

The European Commission adopted on 14 September 2016 a proposal to amend Regulation (EC, Euratom) No 480/2009 as an integral part of the External Investment Plan, a key policy of the Union. The proposal contains ancillary provisions necessary for the functioning of the EIP, in particular the new private sector lending mandate to the European Investment Bank (EIB).

The European Parliament and the Council adopted a Regulation approving the amendment on 14 March 2018.

• Primary Source

EUR-Lex: COM(2016)582: Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2016:582:FIN

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