Evaluation of the Functioning of the European Fund for Strategic Investments (EFSI)

Published by: 
European Investment Bank
Publication Date: 
November, 2016

Document Type:

This evaluation assesses the functioning of the European Fund for Strategic Investments (EFSI), implemented by the EIB Group. EFSI is one of the three pillars of the Investment Plan for Europe (IPE), which aims to reduce investment gaps in the EU. This evaluation, taking place at EFSI's mid-term, is a requirement of the EFSI Regulation. It will be presented to the European Parliament, Council and Commission.


  • EFSI was ramped up in a short period of time and its governance structures were put in place swiftly.
  • In terms of approved operations, EFSI is on track to reach the target of mobilising EUR 315 billion of total investment. Signatures and disbursements, however, need to be carefully monitored to ensure that EFSI makes a difference in the real economy.
  • The EIB Group continues to innovate under EFSI. It develops and rolls out new products with higher risk profiles and investment multipliers, and engages with many new counterparts.
  • EFSI has triggered major organisational change within the EIB Group.

Areas for improvement

The evaluation suggests several areas for improvement, including: complementarity with the other IPE pillars; the distribution of EFSI's portfolio across all Member States; private sector participation; additionality; and governance.