By / October 20, 2020

Amending the European Fund for Sustainable Development [EU Legislation in Progress]

The EU is in the process of adapting its budgetary instruments to respond to the consequences of the coronavirus crisis, in particular in raising the established ceilings for some financial instruments

© octofocus / Adobe Stock

Written by Eric Pichon (1st edition),

© octofocus / Adobe Stock

The EU is in the process of adapting its budgetary instruments to respond to the consequences of the coronavirus crisis, in particular in raising the established ceilings for some financial instruments. The proposed adjustments include, among other things, measures aimed at helping the most fragile third countries recover from the consequences of the pandemic. In particular, on 28 May 2020, the European Commission put forward a proposal concerning the European Fund for Sustainable Development (EFSD) in order to expand its coverage and raise the funds dedicated to leverage private investment for sustainable development and the guarantees to de-risk such investment. On 21 July 2020, the European Council rejected the draft amending budget that would have provided increased EFSD funding for the current year.

Versions

Proposal for a regulation of the European Parliament and of the Council amending regulation (EU) 2017/1601 establishing the European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund
Committee responsible: Foreign Affairs (AFET), Development (DEVE) and Budgets (BUDG), jointly under Rule 58 COM(2020) 407
28.5.2020
Rapporteur: To be appointed 2020/0107 (COD)
Shadow rapporteurs: To be appointed Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)
Next steps expected: Publication of draft report and discussion in committee


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