The European Commission has extended the duration of the European Fund for Strategic Investments (EFSI) for three further years to 2020, with the aim of mobilising €500 billion in investment.
EFSI was set up in 2015 to kick-start investments in the EU by mobilising private finance, with a large part of investments under EFSI being focused on energy.
Since its launch one year ago, EFSI, implemented and co-funded by the European Investment Bank (EIB), is on track to mobilise at least €315 billion in additional investment by mid-2018, the European Commission informed.
So far, EFSI has supported energy infrastructure projects and those focussing on energy efficiency, renewable energy and smart meters.
The next EFSI period, known as EFSI 2, will continue to support energy infrastructure projects, as well as those that encourage renewable energy technologies and energy efficiency, according to European Commission.