Nařízení Evropského Parlamentu a Rady (EU) 2025/2005 ze dne 16. prosince 2025, kterým se mění nařízení (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 a (EU) 2021/1153, pokud jde o zvýšení účinnosti záruky EU podle nařízení (EU) 2021/523 a zjednodušení požadavků na podávání zpráv

Identifier:: 32025R2005
Status:: effective
Text language:: en

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 172 and 173, Article 175, third paragraph, Article 182(1), Article 183, Article 188, second paragraph, and Article 194 thereof,

Having regard to the proposal from the European Commission,

After transmission of the draft legislative act to the national parliaments,

Having regard to the opinion of the European Economic and Social CommitteeOJ C, C/2025/3199, 2.7.2025, ELI: http://data.europa.eu/eli/C/2025/3199/oj. ,

After consulting the Committee of the Regions,

Acting in accordance with the ordinary legislative procedurePosition of the European Parliament of 26 November 2025 (not yet published in the Official Journal) and decision of the Council of 11 December 2025 . ,

OJ C, C/2025/3199, 2.7.2025, ELI: http://data.europa.eu/eli/C/2025/3199/oj.

(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the green and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed. In that context, enhancing the Union’s autonomy, in particular in the area of energy, by supporting investments that strengthen a renewable-based and clean energy system and technologies, is essential to reduce dependencies and safeguard economic and political stability.

(2) Additionality and the leveraging effect of the EU guarantee are the foundation of both the European fund for strategic investments, established by Regulation (EU) 2015/1017 of the European Parliament and of the CouncilRegulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 – the European Fund for Strategic Investments (OJ L 169, 1.7.2015, p. 1 , ELI: http://data.europa.eu/eli/reg/2015/1017/oj). , (EFSI) and the InvestEU Programme established by Regulation (EU) 2021/523 of the European Parliament and of the CouncilRegulation (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 (OJ L 107, 26.3.2021, p. 30 , ELI: http://data.europa.eu/eli/reg/2021/523/oj). , enabling, in particular, the scaling up of new and innovative technologies and companies, and de-risking investment for private investors. Oversight by the European Parliament and the Council helps to ensure that the EU guarantee is used in accordance with the objectives of the InvestEU Programme.

(3) The report entitled The future of European competitiveness (the Draghi report) assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030, of which EUR 450 billion are needed for the energy transition alone. That amount includes a substantial sum for the green and digital transition. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster sustainable building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.

(4) The Union is experiencing a housing crisis which consists of two market failures, namely a shortage of affordable and social housing and a failure to bridge the energy efficiency gap. Through an increased EU guarantee available under the social investment and skills policy window of the InvestEU Fund and enhanced visibility and accessibility of financial support in relation to housing, the Union and InvestEU implementing partners can provide substantial support for the key priority of social investments and skills, including for affordable social housing, while also contributing to the implementation of the European Pillar of Social Rights.

(5) In light of Russia’s war of aggression against Ukraine, the Union is faced with an acute need to significantly enhance security, its Defence Technological and Industrial Base and military mobility. Through an increased EU guarantee available under the relevant policy windows of the InvestEU Fund, enhanced visibility and accessibility of financial support in relation to small and medium-sized enterprises (SMEs), middle capitalisation companies (mid-caps) and start-ups in the defence supply chain, the Union and InvestEU implementing partners can provide important support for this key priority.

(6) Initiatives such as InvestEU’s export credit guarantee facility play an important role in supporting the Ukrainian economy. Wide participation by European export credit agencies is key to the effectiveness of that facility.

(7) Well-functioning transport networks and services are important to ensure a transition towards a green economy while strengthening the Union’s competitiveness. In that regard, investments in the trans-European transport networks are needed to complete missing links and to modernise transport infrastructure, where major gaps exist in public and private financing.

(8) The InvestEU Fund is the main tool at Union level to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation, completed in 2024, highlighted that budgetary guarantees are inherently efficient for the Union budget and confirmed that the InvestEU Programme was well on track to mobilise investment, with a notable expected impact on the real economy. However, approvals of financing and investment operation under the InvestEU Programme were heavily frontloaded, and as a result, if no action is taken to address the issue, new approvals for some financial products could cease after 2025.

(9) It is important that the financial capacity of InvestEU Fund be increased and used more efficiently when combined with resources that will become available under EFSI and other legacy instruments, namely the CEF Debt Instrument established by Regulation (EU) No 1316/2013 of the European Parliament and of the CouncilRegulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129 , ELI: http://data.europa.eu/eli/reg/2013/1316/oj). and the InnovFin Debt Facility established under Regulations (EU) No 1290/2013Regulation (EU) No 1290/2013 of the European Parliament and of the Council of 11 December 2013 laying down the rules for participation and dissemination in Horizon 2020 – the Framework Programme for Research and Innovation (2014-2020) and repealing Regulation (EC) No 1906/2006 (OJ L 347, 20.12.2013, p. 81 , ELI: http://data.europa.eu/eli/reg/2013/1290/oj). and (EU) No 1291/2013Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 – the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104 , ELI: http://data.europa.eu/eli/reg/2013/1291/oj). of the European Parliament and of the Council, implemented by the EIB Group. Those combinations could reduce the budget revenues from those legacy instruments. However, those combinations would also make it possible to provide an increased volume of guarantee cover for strategic investments in key Union priority areas that can be expected to lead to the mobilisation of an additional investment of around EUR 25 billion and to an increased diversification of risks, without substantially increasing the risks for the Union budget.

(10) With the EUR 2,9 billion increase in the EU guarantee underpinned by the additional reflows of EUR 1,16 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 55 billion in additional investment could be mobilised. It is necessary to proportionally adjust the financial contribution of the EIB Group to the share of the increased EU guarantee allocated to it. The indicative distribution of the EU guarantee between the four policy windows of the InvestEU Fund should be increased proportionally to the increase of the EU guarantee. The use of those reflows from legacy instruments to the benefit of the InvestEU Fund is without prejudice to the negotiations on the post-2027 multiannual financial framework.

(11) InvestEU advisory services play an important role in the development of a pipeline of projects. Those advisory services are particularly useful in complex areas, such as affordable social housing and defence. It would therefore be appropriate to use EUR 40 million in reflows to increase the amount to be made available for such services. Furthermore, it is necessary to enhance the interaction between the various components of the InvestEU Programme, in particular between the InvestEU Advisory Hub and the InvestEU Portal.

(12) The Commission estimates the amount of provisioning required to cover future life-time losses from the operations supported under the InvestEU Fund with a 95 % confidence level of the value at risk. As part of its ongoing efforts to harmonise the risk-management framework for budgetary guarantees, the Commission is planning to review the methodologies applied across both internal and external policies.

(13) In order to enhance the attractiveness of the Member State compartment under the InvestEU Fund, it should be possible for Member States to contribute also in a fully funded manner, from funds under shared management, from the Recovery and Resilience Facility established by Regulation (EU) 2021/241 of the European Parliament and of the CouncilRegulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17 , ELI: http://data.europa.eu/eli/reg/2021/241/oj). or from Member State resources, through an InvestEU financial instrument in addition to the existing option of contributing to the EU guarantee. Support from the InvestEU financial instrument should, to the extent possible, be implemented following the same principles as those of the EU guarantee. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU Programme financially more efficiently in their own currency. The InvestEU financial instrument should also provide a further incentive for responsibly increasing the risk appetite of the implementing partners thereby contributing to the crowding-in of private capital.

(14) In order to use the compartments in a complementary manner to support a given financing or investment operation, it is possible to combine amounts allocated to the Member State compartment with resources under the EU compartment in a layered structure, with a first loss tranche covered by national resources. To ensure coherence with the objectives of the InvestEU Programme, such combinations should respect the principles of EU added value, fair competition, and the integrity of the internal market, and should support cross-border cooperation where relevant.

(15) In line with the overall objective of simplification in order to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. That simplification should not impact the quality of the data received from final recipients where those data are not covered by the proposed reduction in reporting requirements. Without prejudice to the definition of small and medium-sized enterprise (SME) for the purposes of other Union acts and any future programmes and funds, the application of the definition of an SME for the purposes of the InvestEU Programme should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and microfinance institutions. It is important to recall that the accounting rules laid down in Directive 2013/34/EU of the European Parliament and of the CouncilDirective 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19 , ELI: http://data.europa.eu/eli/dir/2013/34/oj). , including the rules on consolidation, apply, thereby helping to safeguard the integrity of the definition of SMEs and to ensure that Union support reaches its intended beneficiaries. Where necessary for implementation purposes, and without prejudice to Regulation (EU) 2021/523, it is appropriate that the criteria under the simplified definition be interpreted in line with the principles laid down in the relevant provisions of Annex I to Commission Recommendation 2003/361/ECCommission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36 , ELI: http://data.europa.eu/eli/reco/2003/361/oj). . It is necessary for implementing partners or, in the case of intermediated financial products, financial intermediaries, to ensure full compliance with the eligibility conditions for SMEs, including by verifying the SME status of final recipients, in particular by the accurate calculation of employee headcount and turnover within the relevant perimeter of the firms, and, where relevant, through the proper application of consolidation rules to prevent circumvention through holdings or similar structures.

(16) It is appropriate for the Commission to consider taking further non-legislative simplification measures in order to complement this amending Regulation, such as reducing the frequency of progress reports to be submitted by implementing partners in order to reduce the workload of implementing partners, financial intermediaries and final recipients without changing any of the substantive elements of Regulation (EU) 2021/523.

(17) It is important that State aid procedures applicable to operations supported under the InvestEU Fund be proportionate, predictable and streamlined. Where relevant, it is important that the Commission continue to explore available means to simplify and accelerate State aid assessments. Furthermore, the revision of Commission Regulation (EU) No 651/2014Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1 , ELI: http://data.europa.eu/eli/reg/2014/651/oj). should further clarify and simplify the application of State aid rules in the context of the InvestEU Programme.

(18) The frequency and scope of reports should also be reduced for the InvestEU Programme and its predecessor, EFSI.

(19) Regulations (EU) 2015/1017, (EU) 2021/695Regulation (EU) 2021/695 of the European Parliament and of the Council of 28 April 2021 establishing Horizon Europe – the Framework Programme for Research and Innovation, laying down its rules for participation and dissemination, and repealing Regulations (EU) No 1290/2013 and (EU) No 1291/2013 (OJ L 170, 12.5.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/695/oj). and (EU) 2021/1153Regulation (EU) 2021/1153 of the European Parliament and of the Council of 7 July 2021 establishing the Connecting Europe Facility and repealing Regulations (EU) No 1316/2013 and (EU) No 283/2014 (OJ L 249, 14.7.2021, p. 38 , ELI: http://data.europa.eu/eli/reg/2021/1153/oj). of the European Parliament and of the Council should be amended to allow for combinations of support under those Regulations and the EU guarantee under Regulation (EU) 2021/523, as amended by this Regulation.

(20) For the Commission’s accounting, implementing partners should, in relation to combinations of support, be required to provide audited financial statements in accordance with Article 212(4) of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the CouncilRegulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj). , clearly delineating the amounts related to the different legal bases.

(21) Since the objectives of this Regulation, namely to address Union-wide and Member State specific market failures and the investment gap within the Union, to accelerate the Union’s green and digital transition, to enhance its competitiveness and to strengthen its industrial base, cannot be sufficiently achieved by the Member States, but can rather be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.

(22) In order to support the European Parliament and the Council in exercising their institutional roles, the independent final evaluation report on the InvestEU Programme should comprise a comparative assessment of the InvestEU Programme’s performance before and after the entry into force of this amending Regulation including its derogations and regulatory adjustments,

Regulation (EU) 2015/1017 is amended as follows:

The EU guarantee may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 for the purposes of combinations referred to in Article 7(4) thereof and it may cover losses in relation to financing and investment operations covered by the combined support.

The EIB, in cooperation with the EIF where appropriate, shall submit once a year a report to the Commission on EIB financing and investment operations covered by this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators referred to in Article 4(2), point (f)(iv). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.

In relation to the combinations referred to in Article 11a, the EIB and the EIF, respectively, shall provide the Commission annually with the financial statements in accordance with Article 212(4) of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the CouncilRegulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, p. 1, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).; . Such financial statements shall include accounting data about the support provided by the EU guarantee under this Regulation clearly delineated from the support provided by the EU guarantee under Regulation (EU) 2021/523.

Position of the European Parliament of 26 November 2025 (not yet published in the Official Journal) and decision of the Council of 11 December 2025 .

Article 2 Article 2 Amendments to Regulation (EU) 2015/1017

Article 3 Article 3 Amendments to Regulation (EU) 2021/695

Article 4 Article 4 Amendments to Regulation (EU) 2021/1153

Article 5 Article 5 Entry into force

Article 10a Article 10a Specific provisions applicable to the InvestEU financial instrument implemented under the Member State compartment 1.A Member State may contribute amounts from the funds under shared management to the Member State compartment of the InvestEU Fund in view of deploying them through the InvestEU financial instrument. Member States may also provide additional amounts for the purposes of the InvestEU financial instrument. Such amounts shall constitute an external assigned revenue in accordance with the second sentence of Article 21(5) of Regulation (EU, Euratom) 2024/2509. Amounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used for supporting financing and investment operations in the Member State concerned. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 11(1), point (a), of the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plan established under Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed. 2.Contribution to the InvestEU financial instrument shall be subject to the conclusion of a contribution agreement between a Member State and the Commission, which in the case of contributions from funds under shared management shall be concluded in accordance with Article 10(2), fourth subparagraph. Two or more Member States may conclude a joint contribution agreement with the Commission. 3.The contribution agreement shall at least contain the amount of the contribution by the Member State and the currency of the financing and investment operations, provisions on the Union remuneration for the InvestEU financial instrument, the elements set out in Article 10(3), points (b) to (e) and (g), and the treatment of resources generated by or attributable to the amounts contributed to the InvestEU financial instrument. 4.The contribution agreements shall be implemented through guarantee agreements concluded in accordance with Article 10(4), first subparagraph. Where no guarantee agreement has been concluded within 12 months from the conclusion of the contribution agreement, the contribution agreement shall be terminated or prolonged by mutual agreement. Where the amount of a contribution agreement has not been fully committed under one or more guarantee agreements within 12 months from the conclusion of the contribution agreement, that amount shall be amended accordingly. The unused amount of a contribution from funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The unused amount of a contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State. Where a guarantee agreement has not been duly implemented within the period specified in Article 14(6) of the Common Provisions Regulation for 2021-2027 or Article 81(6) of the CAP Strategic Plans Regulation, or, in the case of a guarantee agreement related to amounts provided in accordance with paragraph 1, second subparagraph, of this Article, in the relevant contribution agreement, the contribution agreement shall be amended. The unused amounts allocated by Member States pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The unused amount of an InvestEU financial instrument attributable to the contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State. Resources generated by or attributable to the amounts contributed to the InvestEU financial instrument pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The resources generated by or attributable to the amounts contributed to the InvestEU financial instrument under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State. 5.Support under the InvestEU financial instrument may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027 . Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028 .

(1) Article 11a is amended as follows:(a) the title is replaced by the following:Combinations ; (b) the following paragraph is added:The EU guarantee may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 for the purposes of combinations referred to in Article 7(4) thereof and it may cover losses in relation to financing and investment operations covered by the combined support. ;

(a) the title is replaced by the following:Combinations ;

(b) the following paragraph is added:The EU guarantee may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 for the purposes of combinations referred to in Article 7(4) thereof and it may cover losses in relation to financing and investment operations covered by the combined support. ;

Article 18 Article 18 Requirements for the use of the EU guarantee and the InvestEU financial instrument 1.The granting of the EU guarantee and the provision of support from the InvestEU financial instrument shall be subject to the entry into force of the guarantee agreement with the relevant implementing partner. 2.Financing and investment operations shall be covered by the EU guarantee or be supported through the InvestEU financial instrument only where they fulfil the criteria laid down in this Regulation and, as relevant, in the relevant investment guidelines, and where the Investment Committee has concluded that those operations fulfil the requirements for benefiting from the EU guarantee or the InvestEU financial instrument. The implementing partners shall remain responsible for ensuring that the financing and investment operations comply with this Regulation and the relevant investment guidelines. 3.No administrative costs or fees related to the implementation of financing and investment operations under the EU guarantee or the InvestEU financial instrument shall be due to the implementing partner by the Commission unless the nature of the policy objectives targeted by the financial product to be implemented and the affordability for the targeted final recipients or the type of financing provided allow the implementing partner to duly justify to the Commission the need for an exception. The coverage of such costs by the Union budget shall be limited to the amount strictly required to implement the relevant financing and investment operations, and shall be provided only to the extent to which the costs are not covered by revenues received by the implementing partners from the financing and investment operations concerned. The fee arrangements shall be laid down in the guarantee agreement and shall comply with Article 17(4) of this Regulation and with Article 212(2), point (g), of Regulation (EU, Euratom) 2024/2509. 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. 4.In addition, the implementing partner may use the EU guarantee or the InvestEU financial instrument to meet the relevant share of any recovery costs in accordance with Article 17(4), unless those costs have been deducted from recovery proceeds.

(2) Article 16 is amended as follows:(a) paragraph 1 is replaced by the following:1.The EIB, in cooperation with the EIF where appropriate, shall submit once a year a report to the Commission on EIB financing and investment operations covered by this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators referred to in Article 4(2), point (f)(iv). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis. ; (b) paragraph 2 is deleted;(c) in paragraph 3, the following subparagraph is added:In relation to the combinations referred to in Article 11a, the EIB and the EIF, respectively, shall provide the Commission annually with the financial statements in accordance with Article 212(4) of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the CouncilRegulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, p. 1, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).; . Such financial statements shall include accounting data about the support provided by the EU guarantee under this Regulation clearly delineated from the support provided by the EU guarantee under Regulation (EU) 2021/523.

(a) paragraph 1 is replaced by the following:1.The EIB, in cooperation with the EIF where appropriate, shall submit once a year a report to the Commission on EIB financing and investment operations covered by this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators referred to in Article 4(2), point (f)(iv). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis. ;

(b) paragraph 2 is deleted;

(c) in paragraph 3, the following subparagraph is added:In relation to the combinations referred to in Article 11a, the EIB and the EIF, respectively, shall provide the Commission annually with the financial statements in accordance with Article 212(4) of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the CouncilRegulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, p. 1, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).; . Such financial statements shall include accounting data about the support provided by the EU guarantee under this Regulation clearly delineated from the support provided by the EU guarantee under Regulation (EU) 2021/523.

(3) in Article 22(1), the fifth subparagraph is deleted.

In Article 57 of Regulation (EU) 2021/695, the following paragraph is added: 3.The guarantee supported by the Union budget and provided by the EIB through the InnovFin Debt Facility established under Regulations (EU) No 1290/2013 and (EU) No 1291/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the CouncilRegulation (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 (OJ L 107, 26.3.2021, p. 30 , ELI: http://data.europa.eu/eli/reg/2021/523/oj).. for the purposes of combinations as referred to in Article 7 of Regulation (EU) 2021/523 and may cover losses of the financial product containing the financing and investment operations and covered by the combined support.

The guarantee supported by the Union budget and provided by the EIB through the InnovFin Debt Facility established under Regulations (EU) No 1290/2013 and (EU) No 1291/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the CouncilRegulation (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 (OJ L 107, 26.3.2021, p. 30 , ELI: http://data.europa.eu/eli/reg/2021/523/oj).. for the purposes of combinations as referred to in Article 7 of Regulation (EU) 2021/523 and may cover losses of the financial product containing the financing and investment operations and covered by the combined support.

Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 – the European Fund for Strategic Investments (OJ L 169, 1.7.2015, p. 1 , ELI: http://data.europa.eu/eli/reg/2015/1017/oj).

In Article 29 of Regulation (EU) 2021/1153, the following paragraph is added: 5.The guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) No 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 for the purposes of combinations as referred to in Article 7 of Regulation (EU) 2021/523 and may cover losses in relation to the financing and investment operations covered by the combined support..

The guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) No 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 for the purposes of combinations as referred to in Article 7 of Regulation (EU) 2021/523 and may cover losses in relation to the financing and investment operations covered by the combined support..

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 (OJ L 107, 26.3.2021, p. 30 , ELI: http://data.europa.eu/eli/reg/2021/523/oj).

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

Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129 , ELI: http://data.europa.eu/eli/reg/2013/1316/oj).

Regulation (EU) No 1290/2013 of the European Parliament and of the Council of 11 December 2013 laying down the rules for participation and dissemination in Horizon 2020 – the Framework Programme for Research and Innovation (2014-2020) and repealing Regulation (EC) No 1906/2006 (OJ L 347, 20.12.2013, p. 81 , ELI: http://data.europa.eu/eli/reg/2013/1290/oj).

Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 – the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104 , ELI: http://data.europa.eu/eli/reg/2013/1291/oj).

Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17 , ELI: http://data.europa.eu/eli/reg/2021/241/oj).

Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19 , ELI: http://data.europa.eu/eli/dir/2013/34/oj).

A Member State may contribute amounts from the funds under shared management to the Member State compartment of the InvestEU Fund in view of deploying them through the InvestEU financial instrument.

Member States may also provide additional amounts for the purposes of the InvestEU financial instrument. Such amounts shall constitute an external assigned revenue in accordance with the second sentence of Article 21(5) of Regulation (EU, Euratom) 2024/2509.

Amounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used for supporting financing and investment operations in the Member State concerned. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 11(1), point (a), of the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plan established under Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed.

Contribution to the InvestEU financial instrument shall be subject to the conclusion of a contribution agreement between a Member State and the Commission, which in the case of contributions from funds under shared management shall be concluded in accordance with Article 10(2), fourth subparagraph.

Two or more Member States may conclude a joint contribution agreement with the Commission.

The contribution agreement shall at least contain the amount of the contribution by the Member State and the currency of the financing and investment operations, provisions on the Union remuneration for the InvestEU financial instrument, the elements set out in Article 10(3), points (b) to (e) and (g), and the treatment of resources generated by or attributable to the amounts contributed to the InvestEU financial instrument.

The contribution agreements shall be implemented through guarantee agreements concluded in accordance with Article 10(4), first subparagraph.

Where no guarantee agreement has been concluded within 12 months from the conclusion of the contribution agreement, the contribution agreement shall be terminated or prolonged by mutual agreement. Where the amount of a contribution agreement has not been fully committed under one or more guarantee agreements within 12 months from the conclusion of the contribution agreement, that amount shall be amended accordingly. The unused amount of a contribution from funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The unused amount of a contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

Where a guarantee agreement has not been duly implemented within the period specified in Article 14(6) of the Common Provisions Regulation for 2021-2027 or Article 81(6) of the CAP Strategic Plans Regulation, or, in the case of a guarantee agreement related to amounts provided in accordance with paragraph 1, second subparagraph, of this Article, in the relevant contribution agreement, the contribution agreement shall be amended. The unused amounts allocated by Member States pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The unused amount of an InvestEU financial instrument attributable to the contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

Resources generated by or attributable to the amounts contributed to the InvestEU financial instrument pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The resources generated by or attributable to the amounts contributed to the InvestEU financial instrument under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

Support under the InvestEU financial instrument may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027 . Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028 .

Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36 , ELI: http://data.europa.eu/eli/reco/2003/361/oj).

Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1 , ELI: http://data.europa.eu/eli/reg/2014/651/oj).

Regulation (EU) 2021/695 of the European Parliament and of the Council of 28 April 2021 establishing Horizon Europe – the Framework Programme for Research and Innovation, laying down its rules for participation and dissemination, and repealing Regulations (EU) No 1290/2013 and (EU) No 1291/2013 (OJ L 170, 12.5.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/695/oj).

Regulation (EU) 2021/1153 of the European Parliament and of the Council of 7 July 2021 establishing the Connecting Europe Facility and repealing Regulations (EU) No 1316/2013 and (EU) No 283/2014 (OJ L 249, 14.7.2021, p. 38 , ELI: http://data.europa.eu/eli/reg/2021/1153/oj).

Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).

Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund (OJ L 231, 30.6.2021, p. 60 , ELI: http://data.europa.eu/eli/reg/2021/1058/oj).

Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013 (OJ L 231, 30.6.2021, p. 21 , ELI: http://data.europa.eu/eli/reg/2021/1057/oj).

Regulation (EU) 2021/1139 of the European Parliament and of the Council of 7 July 2021 establishing the European Maritime, Fisheries and Aquaculture Fund and amending Regulation (EU) 2017/1004 (OJ L 247, 13.7.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/1139/oj).

The granting of the EU guarantee and the provision of support from the InvestEU financial instrument shall be subject to the entry into force of the guarantee agreement with the relevant implementing partner.

Financing and investment operations shall be covered by the EU guarantee or be supported through the InvestEU financial instrument only where they fulfil the criteria laid down in this Regulation and, as relevant, in the relevant investment guidelines, and where the Investment Committee has concluded that those operations fulfil the requirements for benefiting from the EU guarantee or the InvestEU financial instrument. The implementing partners shall remain responsible for ensuring that the financing and investment operations comply with this Regulation and the relevant investment guidelines.

No administrative costs or fees related to the implementation of financing and investment operations under the EU guarantee or the InvestEU financial instrument shall be due to the implementing partner by the Commission unless the nature of the policy objectives targeted by the financial product to be implemented and the affordability for the targeted final recipients or the type of financing provided allow the implementing partner to duly justify to the Commission the need for an exception. The coverage of such costs by the Union budget shall be limited to the amount strictly required to implement the relevant financing and investment operations, and shall be provided only to the extent to which the costs are not covered by revenues received by the implementing partners from the financing and investment operations concerned. The fee arrangements shall be laid down in the guarantee agreement and shall comply with Article 17(4) of this Regulation and with Article 212(2), point (g), of Regulation (EU, Euratom) 2024/2509.

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.

In addition, the implementing partner may use the EU guarantee or the InvestEU financial instrument to meet the relevant share of any recovery costs in accordance with Article 17(4), unless those costs have been deducted from recovery proceeds.

Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013 (OJ L 435, 6.12.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/2115/oj).;

Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy (OJ L 231, 30.6.2021, p. 159 , ELI: http://data.europa.eu/eli/reg/2021/1060/oj);

Regulation (EU) 2021/1229 of the European Parliament and of the Council of 14 July 2021 on the public sector loan facility under the Just Transition Mechanism (OJ L 274, 30.7.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/1229/oj).;

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