Study supporting the ex-post evaluation if the European Fund for Strategic Investments, following Regulation 2017/2396 (EFSI 2.0)
Final report
Publication metadata
This study supports the ex-post evaluation of Regulation (EU) 2015/1017 - subsequently amended by Regulation (EU) 2017/2396 - establishing the European Fund for Strategic Investments (EFSI), the European Investment Advisory Hub (EIAH) and the European Investment Project Portal (EIPP). Article 18(6) of the amended EFSI Regulation requires the Commission to submit an independent evaluation report on the application of the Regulation to the European Parliament and the Council by 31st December 2022. The purpose of the evaluation is two-fold: to support accountability and learning. It takes stock of what has been achieved under the EFSI Regulation over the period 2015-2021, thus providing accountability for the resources invested. It also examines the design and implementation of the EFSI Regulation with the aim of capturing the lessons learned and providing actionable insights on what works. A variety of data sources and methods have been used to build a comprehensive evidence base for the evaluation, and to enhance the reliability and validity of the results. The evaluation is based on a mixed-methods approach comprising: (i) in-depth review of programme documentation, policy documents, previous evaluations and audits as well as relevant academic and grey literature; (ii) analysis of EFSI portfolio, contextualised with data on investment levels and SME financing conditions; (iii) analysis of data on take-up and use of EIAH and EIPP;(iv) semi-structured interviews with 120+ stakeholders at EU and national levels; (v) eight country case studies; (vi) deep-dives of 60 EFSI operations.