Requirements for the use of the EU guarantee
Article 9
1. The granting of the EU guarantee shall be subject to the entry into force of the EFSI Agreement. 2. The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 7(7) or for funding or guarantees to the EIF in order to conduct EIB financing and investment operations in accordance with Article 11(3). The operations concerned shall be consistent with Union policies and support any of the following general objectives: (a) research, development and innovation, in particular through: (i) projects that are in line with Horizon 2020; (ii) research infrastructures; (iii) demonstration projects and programmes as well as deployment of related infrastructures, technologies and processes; (iv) support to academia including collaboration with industry; (v) knowledge and technology transfer; (b) development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, and the 2020, 2030 and 2050 climate and energy frameworks, in particular through: (i) expansion of the use or supply of renewable energy; (ii) energy efficiency and energy savings (with a focus on reducing demand through demand-side management and the refurbishment of buildings); (iii) development and modernisation of energy infrastructure (in particular interconnections, smart grids at distribution level, energy storage and synchronisation of networks); (c) development of transport infrastructures, and equipment and innovative technologies for transport, in particular through: (i) projects and horizontal priorities eligible under Regulations (EU) No 1315/2013 and (EU) No 1316/2013; (ii) smart and sustainable urban mobility projects (targeting accessibility, reduction of greenhouse gas emissions, energy consumption and accidents); (iii) projects connecting nodes to TEN-T infrastructures; (d) financial support through the EIF and the EIB to entities having up to 3 000 employees, with a particular focus on SMEs and small mid-cap companies, in particular through: (i) provision of working capital and investment; (ii) provision of risk financing from seed to expansion stages for SMEs, start-ups, small mid-cap companies and mid-cap companies, to ensure technological leadership in innovative and sustainable sectors; (e) development and deployment of information and communication technologies, in particular through: (i) digital content; (ii) digital services; (iii) telecommunications infrastructures of high speed; (iv) broadband network; (f) environment and resource efficiency, in particular through: (i) projects and infrastructures in the field of environmental protection and management; (ii) strengthening of eco-system services; (iii) sustainable urban and rural development; (iv) climate change actions; (g) human capital, culture and health, in particular through: (i) education and training; (ii) cultural and creative industries; (iii) innovative health solutions; (iv) new effective medicines; (v) social infrastructures, social and solidarity economy; (vi) tourism. 3. The initial investment period during which the EU guarantee may be granted for supporting financing and investment operations covered by this Regulation shall last until: (a) 5 July 2019, for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 30 June 2020; (b) 5 July 2019, for EIF operations for which a contract between the EIF and the financial intermediary has been signed by 30 June 2020. 4. A new investment period may be set in accordance with the procedure provided for in Article 18. 5. The EIB shall use the EU guarantee for supporting investment platforms or funds and national promotional banks or institutions that invest in operations meeting the requirements of this Regulation (eligible vehicles), after approval by the Investment Committee. The Steering Board shall specify policies, in accordance with Article 7(2), regarding eligible vehicles referred to in the first subparagraph of this paragraph. The Investment Committee shall evaluate the conformity of such vehicles and their specific instruments seeking support from the EFSI with the policies specified by the Steering Board. The Investment Committee may decide to retain the right to approve new projects put forward within approved eligible vehicles. 6. In accordance with Article 17 of the EIB Statute, the EIB shall require that all its expenses relating to the EFSI are met by the beneficiaries of the financing and investment operations. Without prejudice to the second and third subparagraphs of this paragraph, no administrative expenditure or any other fees of the EIB for its financing and investment operations covered by this Regulation shall be met by the general budget of the Union. The EIB may use the EU guarantee within a cumulated maximum limit corresponding to 1 % of the total outstanding EU guarantee obligations to cover expenses that would have been met by beneficiaries of the financing and investment operations but which have not been recovered as of the event of default. In addition, the EIB may use the EU guarantee to meet the relevant share of any recovery costs, unless deducted from recovery proceeds, and any costs linked to liquidity management. In the event that the EIB provides funding or guarantees to the EIF on behalf of the EFSI which are backed by the EU guarantee in accordance with Article 11(3), fees of the EIF may be met by the general budget of the Union to the extent that they are not deducted from the remuneration referred to in Article 4(2)(c)(ii) or from revenues, recoveries or other payments received by the EIF. 7. Member States may use any source of Union funding, including instruments under the European Structural and Investment Funds and the trans-European networks and industry policies, to contribute to the financing of eligible projects in which the EIB itself, or through the EIF, is investing with the support of the EU guarantee, provided that those projects comply with the eligibility criteria and the objectives and principles applicable under the legal framework of the relevant instruments and of the EFSI. The Commission shall, as appropriate, provide guidance on combining the use of Union instruments with EIB financing under the EU guarantee, so as to ensure coordination, complementarity and synergies.