In 2017 the EIB started with an evaluation of EFSI, with the aim to assess the relevance, effectiveness and efficiency of EFSI. An important aspect of EFSI effectiveness is the amount of additionality. Essentially, EFSI financing is additional if the investment project involved would not have been taken forward (in the same time frame and to the same extent) if EFSI finance had not been obtained.
Together with GDCC, Panteia has assisted EIB to assess the additionality of EFSI financing. EFSI financing is delivered through two windows: the Infrastructure and Innovation Window and the SME window. To obtain information on large infrastructure and innovation projects, GDCC has conducted a survey among all 140 EU enterprises that obtained EFSI finance for their project. The average financing for these projects is more than € 100 million per project. The outcomes of this survey have been combined with the outcomes of a previous survey, conducted by EIB, among SMES that benefitted from EFSI finance from the SME window. Panteia then developed and applied a methodology to assess the additionality of each individual financial product.
EIB will use the findings of this study as input for their EFSI evaluation. The results of this evaluation will be send to the European Commission and the European Parliament in the summer of 2018.