Managing Director and Deputy Managing Director
The Managing Director is responsible for EFSI’s day-to-day management and for the preparation and chairing of the meetings of the Investment Committee. The Managing Director is also a voting member of the Investment Committee.
A Deputy Managing Director assists the Managing Director in his tasks and replaces him in his absence. As part of his role, the Managing Director reports to the EFSI Steering Board on the activities of EFSI on a quarterly basis. The Managing Director and the Deputy Managing Director also participate in the meetings of the Steering Board as observers.
In addition, the Managing Director is responsible for the approval of new products entrusted to the EIF, together with the EFSI Steering Board in consultation with the Investment Committee. Following an open and transparent selection process and with the endorsement of the European Parliament at the proposal of the EFSI Steering Board, the EIB President appointed:
- Mr. Wilhelm Molterer as Managing Director of EFSI in November 2015 for three years
- Ms. Iliyana Tsanova as Deputy Managing Director in December 2015 for three years
Their mandate was renewed in October 2018 until 31 December 2020.
Both managers were chosen based on their competences and suitability for the posts. They are required to respect the EIB staff Code of Conduct, including the handling of conflicts of interest.
Steering Board
The EFSI Steering Board governs the implementation of EFSI to ensure the appropriate use of the Guarantee. In accordance with EU Regulation 2017/2396, it determines the strategic orientation of EFSI, including its risk profile, the operating policies and procedures necessary for its functioning and operations with investment platforms, national promotional banks or institutions (NPBIs).
In determining the strategic orientation of EFSI and overseeing its implementation, the EFSI Steering Board also regularly consults relevant stakeholders, considered as strategic partners providing expert views and recommendations on EFSI matters.
The Steering Board comprises five members, three appointed by the EU Commission, one appointed by the EIB and one expert appointed as a non-voting member by the European Parliament. The Steering Board members elect their Chairman among their voting members for a fixed term of three years, renewable once.
The decision-making process within the Steering Board is by consensus, or if that cannot be attained, by unanimous vote among its voting members.
Steering Board members
- Kerstin Jorna (EC, DG Economic and Financial Affairs)
- Ambroise Fayolle (EIB Vice-President)
- László Andor (EP)
- Jean-David Malo (EC, DG Research and Innovation)
- Manuela Geleng (EC, DG Employment, Social Affairs and Inclusion)
Alternate members
- Marc Lemaître (EC, DG Regional and Urban Policy)
- Marjut Falkstedt (EIB Secretary General)
- Saila Valtonen (EC, DG ECFIN)
- Artur Runge-Metzger (EC, DG Climate Action)
Steering Board meetings – Minutes
In accordance with Article 7 of the EFSI Regulation, the minutes of the Steering Board meetings are published as soon as they are approved by the Steering Board. In addition, the Steering Board is pleased to disclose strategic documents approved during its meetings.
2020
2019
2018
- Minutes of the Meeting held on 14 December 2018
- Minutes of the Meeting held on 18 October 2018
- Minutes of the Meeting held on 19 July 2018
- Minutes of the Meeting held on 18 May 2018
- Minutes of the Meeting held on 18 April 2018
- Minutes of the Meeting held on 9 February 2018
- Minutes of the Meeting held on 17 January 2018
2017
2016
- Minutes of the Meeting held the 23 November 2016
- Minutes of the Meeting held the 7 September 2016
- Minutes of the Meeting held the 4 July 2016
- Minutes of the Meeting held the 6 June 2016
- Minutes of the Meeting held the 10 May 2016
- Minutes of the Meeting held the 04 April 2016
- Minutes of the Meeting held the 14 March 2016
- Minutes of the Meeting held the 18 February 2016
- Minutes of the Meeting held the 28 January 2016
- Minutes of the Meeting held the 08 January 2016
2015
- Minutes of the Meeting held the 15 December 2015
- Minutes of the Meeting held the 4 December 2015
- Minutes of the Meeting held the 20 November 2015
- Minutes of the Meeting held the 26 October 2015, reconvened on 30 October 2015
- Minutes of the Meeting held the 18 September 2015, reconvened on 2 October 2015
- Minutes of the Meeting held the 2 September 2015
- Minutes of the Meeting held the 22 July 2015
Meetings with stakeholders
- Summary of discussions with the stakeholders held on 18 July 2019
- EFSI Stakeholders' consultation summary report - December 2018
- Summary of discussions with the stakeholders held on 18 October 2018
- Summary report of EFSI Stakeholders' consultation held on 8 December 2017
- Summary of discussions with CEEP, EASD and Housing Europe held on 10th July 2017
- Summary of discussions with National Promotional Banks and Institutions held on 9th February 2017
- EFSI Stakeholders' consultation summary report - September 2016
- Summary of discussions with Greenpeace and NPBs held on 4th July 2016
- Summary of discussions with Counter Balance, Bankwatch and WWF held on 6th June 2016
- Summary of discussions with BusinessEurope, EBF, ESBG and EACB held on 10th May 2016
Investment Committee
The EFSI Investment Committee is responsible for approving the use of the EU guarantee for EIB operations supporting strategic investments throughout the EU under the Infrastructure and Innovation Window (IIW), in line with EFSI investment policies and the requirements of EU Regulation 2017/2396.
The Investment Committee comprises the Managing Director and eight independent experts. The Steering Board appoints the latter, following an open and transparent selection procedure, for a fixed term of up to three years, renewable up to a maximum term of six years.
As per EFSI Regulation, the Investment Committee is gender-balanced and diversified; experts have a high level of market experience in project structuring and financing, as well as micro- and macro-economic expertise in one or more of the key fields covered by EFSI, amongst them research and innovation, transport, renewable energy, education and health.
Investment Committee decisions are taken by a simple majority, independently and individually, with each of the members of the Investment Committee having one vote, including the Managing Director.
Decisions approving the use of the EU guarantee are made public, and - since 2018 - also the rationale behind the decisions.
The Investment Committee is accountable to the EFSI Steering Board.
Investment Committee members
- Gordon Bajnai
- Thierry Deau
- Dalia Dubovske
- Vicky D. Kefalas
- Andreja Kodrin
- Fabio Pammolli
- Manfred Schepers
- Nieves Rodriguez Varela
Decisions and Rationales of the Investment Committee
Investment Committee decisions approving the use of the EU guarantee for EIB operations, including the rationales of the Investment Committee for these decisions, are made publicly available, except for projects subject to a confidentiality agreement between the EIB and the promoters. In line with article 30 of the EFSI Agreement and the Transparency Policy of the Bank, Investment Committee decisions for such cases will be disclosed at a later stage by including them in a list of Investment Committee decisions and rationales taken throughout the year and published, in general, twice a year. This is after the projects have been signed or if these projects are not subject to a confidentiality agreement between the EIB and the promoters anymore.
2021
2020
- Decisions taken by the EFSI Investment Committee in December 2020
- Decisions taken by the EFSI Investment Committee in October / November 2020
- Decisions taken by the EFSI Investment Committee in September 2020
- Decisions taken by the EFSI Investment Committee in July 2020
- Decisions taken by the EFSI Investment Committee in June 2020
- Catch-up report: decisions taken by the EFSI investment Committee in 2020 for projects previously subject to a confidentiality agreement, as of 18 May 2020
- Decisions taken by the EFSI Investment Committee in May 2020
- Decisions taken by the EFSI Investment Committee in April 2020
- Decisions taken by the EFSI Investment Committee in March 2020
- Decisions taken by the EFSI Investment Committee in February 2020
2019
- Catch-up report: decisions taken by the EFSI investment Committee in 2019 for projects previously subject to a confidentiality agreement, as of 16 December 2019
- Decisions taken by the EFSI Investment Committee in December 2019
- Decisions taken by the EFSI Investment Committee in November 2019
- Decisions taken by the EFSI Investment Committee in October 2019
- Decisions taken by the EFSI Investment Committee in September 2019
- Decisions taken by the EFSI Investment Committee in July 2019
- Decisions taken by the EFSI Investment Committee in June 2019
- Catch-up report: decisions taken by the EFSI investment Committee in 2018-2019 for projects previously subject to a confidentiality agreement, as of 17 May 2019
- Decisions taken by the EFSI Investment Committee in May 2019
- Decisions taken by the EFSI Investment Committee in April 2019
- Decisions taken by the EFSI Investment Committee in March 2019
- Decisions taken by the EFSI Investment Committee in February 2019
2018
- Catch-up report: decisions taken by the EFSI investment Committee in 2018 for projects previously subject to a confidentiality agreement, as of 21 December 2018
- Decisions taken by the EFSI Investment Committee in December 2018
- Decisions taken by the EFSI Investment Committee in November 2018
- Decisions taken by the EFSI Investment Committee in October 2018
- Catch-up report: decisions taken by the EFSI investment Committee in 2018 for projects previously subject to a confidentiality agreement, as of 21 September 2018
- Decisions taken by the EFSI Investment Committee in September 2018
- Decisions taken by the EFSI Investment Committee in July 2018
- Decisions taken by the EFSI Investment Committee in June 2018
- Decisions taken by the EFSI Investment Committee in May 2018
- Decisions taken by the EFSI Investment Committee in April 2018
- Decisions taken by the EFSI Investment Committee in March 2018
2017
- Catch-up report: decisions taken by the EFSI investment Committee in 2017 for projects previously subject to a confidentiality agreement, as of 25 January 2018
- Decisions taken by the EFSI Investment Committee in December 2017
- Decisions of the Meeting held on 11 December 2017
- Decisions of the Meeting held on 13 November 2017
- Decisions of the Meeting held on 17 October 2017
- Decisions of the Meeting held on 18 September 2017
- Decisions of the Meeting held on 17 July 2017
- Decisions of the Meeting held on 13 June 2017
- Decisions of the Meeting held on 15 May 2017
- Decisions of the Meeting held on 03 April 2017
- Decisions of the Meeting held on 07 March 2017
- Decisions of the Meeting held on 30 January 2017
2016
- Catch-up report: decisions taken by the EFSI investment Committee in 2016 for projects previously subject to a confidentiality agreement, as of 21 September 2018
- Decisions of the Meeting held on 07 and 08 December 2016
- Decisions of the Meeting held on 10 November 2016
- Decisions of the Meeting held on 10 October 2016
- Decisions of the Meeting held on 20 September 2016
- Decisions of the Meeting held on 14 July 2016
- Decisions of the Meeting held on 13 June 2016
- Decisions of the Meeting held on 17 May 2016
- Decisions of the Meeting held on 04 April 2016
- Decisions of the Meeting held on 07 March 2016
- Decisions of the Meeting held on 27 January 2016
Documents related to EFSI
In accordance with Article 7 of the EFSI Regulation, documents related to the European Fund for Strategic Investments (EFSI) are made publicly available.
Steering board documents
- Ex-Ante Derogations from EFSI Limits Post 2020
- EFSI Steering Board Activity Report
- Covid-19 Envelopes of financing for multiple underlying operations under IIW
- Study in response to ECA Recommendation 5: Improving the geographical spread of EFSI supported investment
- Response to ECA Audit Recommendation 5: Improving the geographical spread of EFSI supported investment
- Geographical eligibility of cross-border operations involving non-EU entities under EFSI
- EFSI Multiplier Methodology Calculation
- EIF - EFSI Multiplier Methodology Calculation
- Operating Policies and Procedures necessary for the functionning of EFSI
- Key Performance Indicators - Key Monitoring Indicators Methodology
- EFSI Strategic Orientation
- Transparency and Public Disclosure of Steering Board documents
- Investments in Funds in line with EFSI regulation
- Rules applicable to operations with investment platforms and national promotional banks or institutions
- Stakeholders Consultation on the Orientation and Implementation of the EFSI Investment Policy
EFSI implementation under SMEW
- Transfer of part of EFSI EU guarantee from IIW to SMEW
- EIF - SME WINDOW PRODUCTS
- EIF - SME WINDOW PRODUCTS
- EIF SME Window Facilities
- SME Window: CDP-EIF Equity Co-operation Platform: Social Impact Italia EFSI Thematic Investment Platform for Social Impact Finance in Italy
- EIF - SME Window Guarantee Facilites
- SMEW Equity Product
- SMEW EUR 500m Increase
- SME Window EaSI Guarantee Enhancement
- EIF SME Window Frontloading Products
- SME Window Investment Platform with CDP
- EFSI Thematic Investment Platform for Technology Transfer in Italy
- EFSI multi-country Investment Platform for SMEs through securitisation
EFSI implementation reports
- 2019 Report to the European Parliament and the Council on 2019 EIB Group Financing and Investment Operations under EFSI
- 2018 Report to the European Parliament and the Council on 2018 EIB Group Financing and Investment Operations under EFSI
- 2017 Report to the European Parliament and the Council on 2017 EIB Group Financing and Investment Operations under EFSI
- 2016 Report to the European Parliament and the Council on 2016 EIB Group Financing and Investment Operations under EFSI
- 2015 Report to the European Parliament and the Council on 2015 EIB Group Financing and Investment Operations under EFSI
Legal documents
- Regulation (EU) 2017/2396 of the European Parliament and of the Council of 13 December 2017 amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments
- 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
- Sixth amendment and Restatement Agreement on the Management of the European Fund for Strategic Investments and on the granting of the EU guarantee (April 2020)
- Framework partnership agreement on the European Investment Advisory Hub