Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017

In order to be covered by the EU guarantee or the InvestEU financial instrument, the financing referred to in the first and second subparagraph of this paragraph shall be granted, acquired or issued for the benefit of financing and investment operations referred to in Article 14(1), where the financing by the implementing partner was granted in accordance with a financing agreement or transaction signed or entered into by the implementing partner after the signature of the guarantee agreement and that has not expired or been cancelled.

Article 17

Guarantee agreements

In the event that implementing partners form a group, a single guarantee agreement shall be concluded between the Commission and each implementing partner within the group or with one implementing partner on behalf of the group.

• (a) the amount and the terms of the financial contribution which is to be provided by the implementing partner;

• (b) the terms of the funding or the guarantees which are to be provided by the implementing partner to another legal entity participating in the implementation, whenever that is the case;

• (c) detailed rules on the provision of the EU guarantee or of support under the InvestEU financial instrument in accordance with Article 19, including on the coverage of financing and investment operations or portfolios of specific types of instruments and on the respective events that trigger possible calls on the EU guarantee or on the use of the InvestEU financial instrument;

• (d) the remuneration for risk-taking that is to be allocated in proportion to the respective share of the risk-taking of the Union and of the implementing partner or as reduced in duly justified cases pursuant to Article 13(2);

• (e) the payment conditions;

• (f) the commitment of the implementing partner to accept the decisions by the Commission and the Investment Committee as regards the use of the EU guarantee or of the InvestEU financial instrument for the benefit of a proposed financing or investment operation, without prejudice to the decision-making of the implementing partner in respect of the proposed financing or investment operation without the EU guarantee or the InvestEU financial instrument;

• (g) provisions and procedures relating to the recovery of claims that is to be entrusted to the implementing partner;

• (h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee and the InvestEU financial instrument;

• (i) key performance indicators, in particular as regards the use of the EU guarantee and the InvestEU financial instrument, the fulfilment of the objectives and criteria laid down in Articles 3, 8 and 14, and the mobilisation of private capital;

• (j) where applicable, provisions and procedures relating to blending operations;

• (k) other relevant provisions in compliance with the requirements of Article 155(2) and Title X of the Financial Regulation;

• (l) the existence of adequate mechanisms for addressing the potential concerns of private investors.

Article 18

Requirements for the use of the EU guarantee and the InvestEU financial instrument

Notwithstanding the first subparagraph, implementing partners are entitled to appropriate fees in relation to the management of fiduciary accounts relating to the InvestEU financial instrument.

Article 19

Coverage and terms of the EU guarantee and of the InvestEU financial instrument

The implementing partner shall have appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee or by the InvestEU financial instrument, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it.

• (a) for debt products referred to in Article 16(1), first subparagraph, point (a):
• (i) the principal and all interest and amounts due to the implementing partner but not received by it in accordance with the terms of the financing operations prior to the event of default;
• (ii) restructuring losses;
• (iii) losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited;

• (b) for equity or quasi-equity investments referred to in point (a) of Article 16(1): the amounts invested and the associated funding costs and losses arising from fluctuations of currencies other than the euro;

• (c) for funding or guarantees by an implementing partner to another financial institution in accordance with point (b) of Article 16(1): the amounts used and their associated funding costs.

For the purposes of point (a)(i) of the first subparagraph, for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default.

2a. The InvestEU financial instrument shall cover:

• (a) for debt products consisting of guarantees and counter-guarantees referred to in Article 16(1), first subparagraph, point (a):
• (i) the principal and all interest and amounts due to the implementing partner but not received by it in accordance with the terms of the financing operations prior to the event of default;
• (ii) restructuring losses;
• (iii) losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited;

• (b) for other eligible types of financing referred to in Article 16(1), first subparagraph, point (a): the amounts invested or lent by the implementing partner.

For the purposes of the first subparagraph, point (a)(i), for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default.

The Invest EU financial instrument shall cover the entire exposure of the Union with respect to the relevant financing and investment operations.

The implementing partner shall pursue the recovery of claims for the subrogated amounts on behalf of the Union and shall reimburse the Union from the amounts recovered.

CHAPTER V Governance

Article 20

Advisory Board

• (a) one representative of each implementing partner;

• (b) one representative of each Member State;

• (c) one expert appointed by the European Economic and Social Committee;

• (d) one expert appointed by the Committee of the Regions.

The Advisory Board shall meet regularly, at least twice a year, at the request of the Chairperson.

• (a) provide advice to the Commission and the Steering Board on the design of financial products to be deployed under this Regulation;

• (b) provide advice to the Commission and the Steering Board about market developments, market conditions, market failures and suboptimal investment situations;

• (c) exchange views on market developments and share best practices.

The Commission shall establish the operating rules and procedures for the Advisory Board and shall manage the secretariat of the Advisory Board. All relevant documentation and information shall be made available to the Advisory Board to enable it to exercise its tasks.

Article 21

Steering Board

Members of the Steering Board shall be appointed for a term of four years, renewable once, with the exception of the representatives of the implementing partners other than the EIB Group, who shall be appointed for a term of two years.

Detailed minutes of Steering Board meetings shall be published as soon as they have been approved by the Steering Board.

• (a) provide strategic and operational guidance for the implementing partners, including guidance on the design of financial products and on other operating policies and procedures necessary for the operation of the InvestEU Fund;

• (b) adopt the risk methodological framework developed by the Commission in cooperation with the EIB Group and the other implementing partners;

• (c) oversee the implementation of the InvestEU Programme;

• (d) be consulted, reflecting the views of all its member, on the shortlist of candidates for the Investment Committee before their selection in accordance with Article 24(2);

• (e) adopt the rules of procedure of the secretariat to the Investment Committee referred to in Article 24(4).

• (f) adopt the rules applicable to the operations with investment platforms.

Article 22

Scoreboard

• (a) a description of the proposed financing or investment operation;

• (b) how the proposed financing or investment operation contributes to EU policy objectives;

• (c) a description of additionality;

• (d) a description of the market failure or suboptimal investment situation;

• (e) the financial and technical contribution by the implementing partner;

• (f) the impact of the investment;

• (g) the financial profile of the financing or investment operation;

• (h) complementary indicators.

Article 23

Policy check

Article 24

Investment Committee

• (a) examine the proposals for financing and investment operations submitted by implementing partners for coverage under the EU guarantee or for support from the InvestEU financial instrument that have passed the policy check referred to in Article 23(1) of this Regulation or that have received a favourable opinion within the framework of the procedure provided for in Article 19 of the EIB Statute;

• (b) verify the compliance of the proposals referred to in point (a) with this Regulation and the relevant investment guidelines; and

• (c) check whether the financing and investment operations that would benefit from the support under the EU guarantee or the InvestEU financial instrument comply with all relevant requirements.

When performing the tasks referred to in the first subparagraph of this paragraph, the Investment Committee shall give particular attention to the additionality requirements set out in point (b) of Article 209(2) of the Financial Regulation and in Annex V to this Regulation and to the requirement to crowd in private investment set out in point (d) of Article 209(2) of the Financial Regulation.

Each configuration of the Investment Committee shall be composed of six remunerated external experts. The experts shall be selected and shall be appointed by the Commission, at the recommendation of the Steering Board. The experts shall be appointed for a term of up to four years, renewable once. They shall be remunerated by the Union. The Commission, at the recommendation of the Steering Board, may decide to renew the term of office of an incumbent member of the Investment Committee without following the procedure laid down in this paragraph.

The experts shall have a high level of relevant market experience in project structuring and financing or financing of SMEs or corporates.

The composition of the Investment Committee shall ensure that it has a wide knowledge of the sectors covered by the policy windows referred to in Article 8(1) and a wide knowledge of the geographic markets in the Union, and shall ensure that the Investment Committee as a whole is gender-balanced.

Four members of the Investment Committee shall be permanent members of each of the four configurations of the Investment Committee. At least one of the permanent members shall have expertise in sustainable investment. In addition, each of the four configurations shall have two experts with experience in investment in sectors covered by the corresponding policy window. The Steering Board shall assign the Investment Committee members to the appropriate configuration or configurations. The Investment Committee shall elect a chairperson from among its permanent members.

The curricula vitae and declarations of interest of each member of the Investment Committee shall be made public and kept up to date. Each member of the Investment Committee shall without delay communicate to the Commission and the Steering Board all information needed to confirm the absence of any conflict of interest on an ongoing basis.

The Steering Board may recommend to the Commission that it remove a member from his or her functions if that member does not comply with the requirements laid down in this paragraph or for other duly justified reasons.

The documentation to be provided by the implementing partners shall comprise a standardised request form, the Scoreboard referred to in Article 22 and any other document the Investment Committee considers relevant, in particular a description of the character of the market failure or suboptimal investment situation and how it will be alleviated by the financing or investment operation, as well as a reliable assessment of the operation that demonstrates the additionality of the financing or investment operation. The secretariat shall check the completeness of the documentation provided by implementing partners other than the EIB Group. The Investment Committee may seek clarifications from the implementing partner concerned in relation to a proposal for an investment or financing operation, including by requesting the direct presence of a representative of the implementing partner concerned during the discussion of the aforementioned operation. Any project assessment conducted by an implementing partner shall not be binding on the Investment Committee for the purposes of granting a financing or investment operation coverage by the EU guarantee or support from the InvestEU financial instrument.

The Investment Committee shall use the Scoreboard referred to in Article 22 in its assessment and verification of the proposed financial and investment operations.

Conclusions of the Investment Committee approving the coverage of the EU guarantee or support from the InvestEU financial instrument for a financing or investment operation shall be publicly accessible and shall include the rationale for the approval and information on the operation, in particular its description, the identity of the promoters or financial intermediaries, and the objectives of the operation. The conclusions shall also refer to the global assessment stemming from the Scoreboard.

The relevant Scoreboard shall be made publicly accessible after the signature of the financing or investment operation or sub-project, if applicable.

Information to be made publicly accessible under the second and third subparagraphs shall not contain commercially sensitive information or personal data that are not to be disclosed under the Union data protection rules. Commercially sensitive parts of the conclusions of the Investment Committee shall be forwarded by the Commission to the European Parliament and to the Council upon request subject to strict confidentiality requirements.

Twice a year, the Investment Committee shall submit to the European Parliament and to the Council a list of all conclusions of the Investment Committee in the preceding six months, as well as the published Scoreboards relating thereto. That submission shall include any decisions rejecting the use of the EU guarantee or support from the InvestEU financial instrument. Those decisions shall be subject to strict confidentiality requirements.

Conclusions of the Investment Committee shall be made available in a timely manner to the implementing partner concerned by the secretariat of the Investment Committee.

The secretariat of the Investment Committee shall record all information related to proposals for financing and investment operations provided to the Investment Committee and the conclusions of the Investment Committee on those proposals in a central repository.

CHAPTER VI InvestEU Advisory Hub

Article 25

InvestEU Advisory Hub

The Commission shall conclude advisory agreements with the EIB Group and other potential advisory partners and task them with the provision of advisory support as referred to in the first subparagraph of this paragraph and of the services referred to in paragraph 2. The Commission may also implement advisory initiatives, including through contracting external service providers. The Commission shall establish a central entry point to the InvestEU Advisory Hub and shall allocate requests for advisory support to be dealt under the appropriate advisory initiative. The Commission, the EIB Group and the other advisory partners shall cooperate closely with a view to ensuring efficiency, synergies and effective geographic coverage of support across the Union, while taking due account of existing structures and work.

Advisory initiatives shall be available as a component under each policy window referred to in Article 8(1), covering sectors under that window. In addition, advisory initiatives shall be available under a cross-sectoral component.

• (a) provide a central point of entry, managed and hosted by the Commission, for project development assistance under the InvestEU Advisory Hub for public authorities and for project promoters;

• (b) disseminate to public authorities and project promoters all available additional information regarding the investment guidelines, including information on their application or on the interpretation provided by the Commission;

• (c) where appropriate, assist project promoters in developing their projects so that they fulfil the objectives set out in Articles 3 and 8 and the eligibility criteria set out in Article 14, and facilitate the development of among others important projects of common European interest and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee or the InvestEU financial instrument with respect to such projects;

• (d) support actions and leverage local knowledge to facilitate the use of InvestEU Fund support across the Union and contribute actively where possible to the objective of the sectorial and geographical diversification of the InvestEU Fund by supporting implementing partners in originating and developing potential financing and investment operations;

• (e) facilitate the establishment of collaborative platforms for peer-to-peer exchanges and the sharing of data, knowhow and best practices to support project pipeline and sector development;

• (f) provide proactive advisory support with respect to the establishment of investment platforms, including cross-border and macro-regional investment platforms and investment platforms that bundle small and medium-sized projects in one or more Member States by theme or by region;

• (g) support the use of blending with grants or financial instruments funded by the Union budget or by other sources in order to strengthen synergies and complementarities between Union instruments and to maximise the leverage and impact of the InvestEU Programme;

• (h) support capacity building actions to develop organisational capacities, skills and processes and to accelerate the investment readiness of organisations in order for public authorities and project promoters to build investment project pipelines, develop financing mechanisms and investment platforms and to manage projects and for financial intermediaries to implement financing and investment operations for the benefit of entities that face difficulties in obtaining access to finance, including through support for developing risk assessment capacity or sector specific knowledge;

• (i) providing advisory support for start-ups, especially when they seek to protect their research and innovation investments by obtaining intellectual property titles, such as patents.

Where relevant, the implementing partners and advisory partners shall also inform the project promoters of the possibility of listing their projects on the InvestEU Portal referred to in Article 26.

CHAPTER VII InvestEU Portal

Article 26

InvestEU Portal

CHAPTER VIII Accountability, monitoring and reporting, evaluation and control

Article 27

Accountability

Article 28

Monitoring and reporting

Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.1, 3.2, 5.2, 6.3 and 7.2 thereof, insofar as financing or investment operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 300 000 are concerned.

Article 29

Evaluation

Article 30

Audits

Audits of the use of the Union funding carried out by persons or entities, including by persons or entities other than those mandated by Union institutions or bodies, shall form the basis of the overall assurance pursuant to Article 127 of the Financial Regulation.

Article 31

Protection of the financial interests of the Union

Where a third country participates in the InvestEU Programme by means of a decision adopted pursuant to an international agreement or on the basis of any other legal instrument, the third country shall grant the necessary rights and access required for the authorising officer responsible, OLAF and the Court of Auditors to comprehensively exercise their respective competences. In the case of OLAF, such rights shall include the right to carry out investigations, including on-the-spot checks and inspections, as provided for in Regulation (EU, Euratom) No 883/2013.

CHAPTER IX Transparency and visibility

Article 32

Information, communication and publicity

The application of the requirements under the first subparagraph to projects in defence and space sectors and in cybersecurity shall be subject to respect for any confidentiality or secrecy obligations.

CHAPTER X Participation of the European Union in the capital increase of the European Investment Fund

Article 33

Participation in a capital increase of the EIF

In addition to its shareholding in the EIF at 3 December 2020, the Union shall subscribe for up to 853 shares in the EIF, each of a nominal value of EUR 1 000 000 , so that its relative share in the capital remains at a level equivalent to that on 3 December 2020. The subscription of the shares and the payment of up to EUR 375 000 000 for the paid-in part of the shares and for the share premium shall be carried out in accordance with terms and conditions that shall be approved by the General Meeting of the EIF and before 31 December 2021. The resulting subscribed but not paid-in part of the shares acquired under this Article shall not exceed EUR 682 400 000 .

CHAPTER XI Transitional and final provisions

Article 34

Exercise of the delegation

Article 35

Transitional and other provisions

By way of derogation from Article 214(4), point (d), of Regulation (EU, Euratom) 2024/2509, any revenues from the EU guarantee established by Regulation (EU) 2015/1017 received in 2027 may be used for the provisioning of the EU guarantee under this Regulation.

• (a) for the provisioning of the EU guarantee under this Regulation with an amount of EUR 5 930 000 000 in current prices, in addition to the resources mentioned in the first subparagraph of Article 211(4) of the Financial Regulation;

• (b) for the implementation of the measures provided in Chapters VI and VII of this Regulation and the measures referred to in the second sentence of Article 1(3) of Regulation (EU) 2020/2094, subject to Article 3(4) and (8) of that Regulation, with an amount of EUR 142 500 000 in current prices.

That amount shall constitute an external assigned revenue in accordance with Article 21(5) of the Financial Regulation.

Article 36

Amendment of Regulation (EU) 2015/1017

The following article is inserted in Regulation (EU) 2015/1017:

‘Article 11a

Combination of EFSI portfolio with other portfolios

By way of derogation from Article 11(6) of this Regulation and the second subparagraph of Article 10(2) of this Regulation, the EU guarantee may cover losses referred to in Article 11(6) of this Regulation in relation to the entire portfolio of financing and investment operations supported by the financial products referred to in Article 7(1) of Regulation (EU) 2021/523 of the European Parliament and of the Council ([^E0011]).

Article 37

Entry into force

This Regulation shall enter into force on the day of its publication in the Official Journal of the European Union.

It shall apply from 1 January 2021.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

ANNEX I

AMOUNTS OF EU GUARANTEE PER SPECIFIC OBJECTIVE

The indicative distribution referred to in Article 4(2), fourth subparagraph, towards financial and investment operations shall be as follows:

• (a) up to EUR 10 984 116 831 for objectives referred to in Article 3(2), point (a);

• (b) up to EUR 7 304 820 214 for objectives referred to in Article 3(2), point (b);

• (c) up to EUR 7 672 612 166 for objectives referred to in Article 3(2), point (c);

• (d) up to EUR 3 090 760 862 for objectives referred to in Article 3(2), point (d).

ANNEX II

AREAS ELIGIBLE FOR FINANCING AND INVESTMENT OPERATIONS

The financing and investment operations may include strategic investment to support final recipients whose activities are of strategic importance to the Union, in particular in view of the green and digital transitions, of enhanced resilience and of strengthening strategic value chains. They may include important projects of common European interest. The financing and investment operations may fall under one or more of the following areas:

• (1) the development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement, in particular through:
• (a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions;
• (b) energy efficiency and energy savings (with a focus on reducing demand through demand side management and the refurbishment of buildings);
• (c) the development, smartening and modernisation of sustainable energy infrastructure, in particular storage technologies, electricity interconnections between Member States and smart grids, both at the transmission and distribution level;
• (d) the development of innovative zero- and low-emission heat supply systems and the combined production of electricity and heat;
• (e) the production and supply of sustainable synthetic fuels from renewable/carbon-neutral sources and other safe and sustainable zero- and low-emission sources, biofuels, biomass and alternative fuels, including fuels for all modes of transport, in accordance with the objectives of Directive (EU) 2018/2001;
• (f) infrastructure for carbon capture, and storage in industrial processes, bioenergy plants and manufacturing facilities towards the energy transition; and
• (g) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical as well as land and real estate crucial for the use of such critical infrastructure and the provision of goods and services instrumental to the operation and maintenance of the critical infrastructure.

• (2) the development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies in accordance with Union transport priorities and the commitments taken under the Paris Agreement, in particular through:
• (a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, including infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, airports, multimodal terminals and the connection of such multimodal terminals to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council ([^E0012]);
• (b) TEN-T infrastructure projects that make provision for the use of at least two different modes of transport, in particular multimodal freight terminals and passenger transport hubs;
• (c) smart and sustainable urban mobility projects that target low-emission urban transport modes, including inland waterway solutions and innovative mobility solutions, non-discriminatory accessibility, reduced air pollution and noise, energy consumption, networks of smart cities, maintenance, and increasing safety levels and decreasing the frequency of accidents, including for cyclists and pedestrians);
• (d) supporting the renewal and retrofitting of transport mobile assets with the view of deploying low and zero-emission mobility solutions, including through the use of alternative fuels in vehicles of all transport modes;
• (e) railway infrastructure, other rail projects, inland waterway infrastructure, mass transit projects and maritime ports and motorways of the sea;
• (f) alternative fuel infrastructure for all modes of transport, including electric charging infrastructure;
• (g) other smart and sustainable mobility projects that target:
• (i) road safety;
• (ii) accessibility;
• (iii) emission reduction; or
• (iv) the development and deployment of new transport technologies and services such as services that relate to connected and autonomous modes of transport or integrated ticketing;
• (h) projects to maintain or upgrade existing transport infrastructure, including motorways on the TEN-T where necessary to upgrade, maintain or improve road safety, to develop Intelligent Transport Systems (ITS) services or to guarantee infrastructure integrity and standards, to develop safe parking areas and facilities, recharging and refuelling stations for alternative fuels; and
• (i) critical infrastructure including infrastructure elements identified as critical as well as land and real estate crucial for the use of such critical infrastructure and the provision of goods and services instrumental to the operation and maintenance of the critical infrastructure.

• (3) environment and resources, in particular with respect to:
• (a) water, including drinking water supply and sanitation, and network efficiency, leakage reduction, infrastructure for the collection and treatment of waste water, coastal infrastructure and other water-related green infrastructure;
• (b) waste management infrastructure;
• (c) projects and enterprises in the fields of environmental resource management and sustainable technologies;
• (d) the enhancement and restoration of ecosystems and their services including through the enhancement of nature and biodiversity by means of green and blue infrastructure projects;
• (e) sustainable urban, rural and coastal development;
• (f) climate change actions, climate adaptation and mitigation, including natural hazard disaster risk reduction;
• (g) projects and enterprises that implement the circular economy by integrating resource efficiency aspects in the production and product life cycle, including the sustainable supply of primary and secondary raw materials;
• (h) the decarbonisation of energy-intensive industries and the substantial reduction of emissions in such industries, including the demonstration of innovative low-emission technologies and their deployment;
• (i) the decarbonisation of the energy production and distribution chain by phasing out the use of coal and oil; and
• (j) projects that promote sustainable cultural heritage.

• (4) the development of digital connectivity infrastructure, whether physical or virtual, in particular through projects that support the deployment of very high capacity digital networks or 5G connectivity or that improve digital connectivity and access, particularly in rural areas and peripheral regions.

• (5) research, development and innovation, in particular through:
• (a) research and innovation projects that contribute to the objectives of Horizon Europe, including research infrastructure and support to academia;
• (b) corporate projects, including training and promoting the creation of clusters and business networks;
• (c) demonstration projects and programmes, as well as deployment of related infrastructures, technologies and processes;
• (d) collaborative research and innovation projects involving academia, research and innovation organisations and industry; public-private partnerships and civil society organisations;
• (e) knowledge and technology transfer;
• (f) research in the field of key enabling technologies (KETs) and their industrial applications, including new and advanced materials; and
• (g) new effective and accessible healthcare products, including research, development, innovation and manufacturing of pharmaceuticals, medical devices, diagnostics and advanced therapy medicinal products and new antimicrobials, as well as innovative development processes that avoid using animal testing.

• (6) the development, deployment and scaling-up of digital technologies and services, especially digital technologies and services, including media, online service platforms and secure digital communication, that contribute to the objectives of the Digital Europe Programme, in particular through:
• (a) artificial intelligence;
• (b) quantum technology;
• (c) cybersecurity and network protection infrastructures;
• (d) the internet of things;
• (e) blockchain and other distributed ledger technologies;
• (f) advanced digital skills;
• (g) robotics and automatisation;
• (h) photonics;
• (i) other advanced digital technologies and services contributing to the digitisation of the Union industry and the integration of digital technologies, services and skills in the transport sector of the Union; and
• (j) recycling and manufacturing facilities for the production of information and communication technologies components and devices in the Union.

• (7) financial support to entities employing up to 499 employees, with a particular focus on SMEs, and small mid-cap companies, in particular through:
• (a) the provision of working capital and investment;
• (b) the provision of risk financing from seed to expansion stages to ensure their technological leadership in innovative and sustainable sectors including by enhancing their digitisation and innovation capacity, and their global competitiveness;
• (c) the provision of financing for the acquisition of a business by employees or participation in the ownership of a business by employees.

• (8) cultural and creative sectors, cultural heritage, media, the audio-visual sector, journalism and press, in particular through the development of new technologies, the use of digital technologies and technological management of intellectual property rights.

• (9) tourism.

• (10) the rehabilitation of industrial sites (including contaminated sites) and the restoration of such sites for sustainable use.

• (11) sustainable agriculture, forestry, fishery, aquaculture and other elements of the wider sustainable bioeconomy.

• (12) social investments, including those supporting the implementation of the European Pillar of Social Rights, in particular through:
• (a) microfinance, ethical, social enterprise finance and social economy;
• (b) demand for and the supply of skills;
• (c) education, training and related services, including for adults;
• (d) social infrastructure, in particular:
• (i) inclusive education and training, including early childhood education and care, and related educational infrastructure and facilities, alternative childcare, student housing and digital equipment, that are accessible for all;
• (ii) affordable social housing ([^E0013]);
• (iii) health and long-term care, including clinics, hospitals, primary care, home services and community-based care;
• (e) social innovation, including innovative social solutions and schemes aimed at promoting social impacts and outcomes in the areas referred to in points (a) to (d) and (f) to (j);
• (f) cultural activities with a social objective;
• (g) measures to promote gender equality;
• (h) the integration of vulnerable people, including third country nationals;
• (i) innovative health solutions, including e-health, health services and new care models;
• (j) the inclusion of and accessibility for persons with disabilities.

• (13) the development of the defence industry in order to contribute to the Union’s strategic autonomy, in particular through support for:
• (a) the Union’s defence industry supply chain, in particular through financial support to SMEs and mid-caps;
• (b) companies participating in disruptive innovation projects in the defence sector and closely related dual-use technologies;
• (c) the defence sector supply chain when participating in collaborative defence research and development projects, including those supported by the European Defence Fund;
• (d) infrastructure for defence research and training.

• (14) space, in particular in relation to the development of the space sector in line with the objectives of the Space Strategy for Europe:
• (a) to maximise the benefits for the Union society and economy;
• (b) to foster the competitiveness of space systems and technologies, addressing in particular vulnerability of supply chains;
• (c) to underpin space entrepreneurship, including downstream development;
• (d) to foster Union’s autonomy for safe and secure access to space, including dual use aspects.

• (15) seas and oceans, through the development of projects and enterprises in the area of the blue economy, and the Sustainable Blue Economy Finance Principles, in particular through maritime entrepreneurship and industry, renewable marine energy and circular economy.

ANNEX III

KEY PERFORMANCE AND MONITORING INDICATORS

• 1.Volume of financing supported by the InvestEU Fund (broken down by policy window)

• 1.1 Volume of operations signed

• 1.2 Investment mobilised

• 1.3 Amount of private finance mobilised

• 1.4 Leverage and multiplier effect achieved

• Notwithstanding Article 2, point (40), of Regulation (EU, Euratom) 2024/2509, when determining the leverage and multiplier effect for financing and investment operations providing performance guarantees, the amount of risk coverage shall be assimilated to the amount of reimbursable financing.

• By way of derogation from Article 222(3) of Regulation (EU, Euratom) 2024/2509, the financing and investment operations providing performance guarantees shall not be required to achieve multiplier effect.

• 2.Geographical coverage of financing supported by the InvestEU Fund (broken down by policy window, country and region at the common classification of territorial units for statistics (NUTS) 2 level)

• 2.1 Number of countries (Member States and third countries) covered by operations

• 2.2 Number of regions covered by operations

• 2.3 Volume of operations per country (Member State and third country) and per region

• 3.Impact of financing supported by the InvestEU Fund

• 3.1 Number of jobs created or supported

• 3.2 Investment supporting climate objectives and, where applicable, broken down by policy window

• 3.3 Investment supporting digitisation

• 3.4 Investment supporting industrial transition

• 3.5 Investment supporting just transition

• 3.6 Strategic investment
• — Number and volume of operations contributing to the provision of critical infrastructure
• — Number and volume of operations contributing to investment in cybersecurity, space and defence

• 4.Sustainable infrastructure

• 4.1 Energy: Additional renewable and other safe and sustainable zero and low-emission energy generation capacity installed (in megawatts (MW))

• 4.2 Energy: Number of households, number of public and commercial premises with improved energy consumption classification

• 4.3 Energy: Estimated energy savings generated by the projects (in kilowatt-hours (kWh))

• 4.4 Energy: Annual green-house gas emissions reduced/avoided in tonnes of CO2 equivalent

• 4.5 Energy: Volume of investment in the development, smartening and modernisation of sustainable energy infrastructure

• 4.6 Digital: Additional households, enterprises or public buildings with broadband access of at least 100 Mbps upgradable to gigabit speed, or number of WIFI-hotspots created

• 4.7 Transport: Investment mobilised, in particular in TEN-T
• — Number of cross-border and missing links projects (including projects relating to urban nodes, regional cross-border rail connections, multimodal platforms, maritime ports, inland ports, connections to airports and rail-road terminals of the TEN-T core and comprehensive network)
• — Number of projects contributing to the digitisation of transport, in particular through the deployment of European Rail Traffic Management System (ERTMS), River Information System (RIS), Intelligent Transportation System (ITS), vessel traffic monitoring and information system (VTMIS)/e-maritime services and Single European Sky ATM Research (SESAR)
• — Number of alternative fuel supply points built or upgraded
• — Number of projects contributing to the safety of transport

• 4.8 Environment: Investment contributing to the implementation of plans and programmes required by the Union environmental acquis relating to air quality, water, waste and nature

• 5.Research, innovation and digitisation

• 5.1 Contribution to the objective of 3 % of the Union’s gross domestic product (GDP) invested in research, development and innovation

• 5.2 Number of enterprises supported by size carrying out research and innovation projects

• 6.SMEs

• 6.1 Number of enterprises supported by size (micro, small, medium-sized and small mid-cap companies)

• 6.2 Number of enterprises supported by stage (early, growth/expansion)

• 6.3 Number of enterprises supported by Member State and region at NUTS 2 level

• 6.4 Number of enterprises supported by sectors by statistical classification of economic activities in the European Union (NACE) code

• 6.5 Percentage of investment volume under the SME policy window directed towards SMEs

• 7.Social investment and skills

• 7.1 Social infrastructure: Capacity and access to supported social infrastructure by sector: housing, education, health, other

• 7.2 Microfinance and social enterprise finance: Number of microfinance recipients and social enterprises supported

• 7.3 Skills: Number of individuals acquiring new skills or having their skills validated and certified: formal, education and training qualification

• 8.InvestEU Advisory Hub