The European Commission has put the final building blocks in place to kickstart investment in the real economy through the European Fund for Strategic Investments (EFSI).

The fund will be up and running by early autumn 2015, keeping the ambitious timetable set by President Jean-Claude Juncker to implement the Investment Plan for Europe.

The Commission has published a communication on the role of national promotional banks (NPBs) in supporting the Investment Plan for Europe.

European Commission vice president Jyrki Katainen, responsible for jobs, growth, investment and competitiveness, said: “NPBs have a very important role to play in making the Investment Plan a success. Already nine member states have come forward with contributions to the Investment Plan via their promotional banks, which have invaluable local expertise and knowledge.

“The European Investment Bank is already working closely with those NPBs, and we hope many more will be inspired to step up their efforts.”

The communication provides practical guidance on how to set up a new NPB, the statistical treatment of NPB co-investments as regards government deficit and debt under the Stability and Growth Pact, the EU state aid treatment of national project co-financing and how NPBs from different member states can join forces and work with the European Investment Bank (EIB) to set up investment platforms.

This guidance will help companies across Europe gain access to financing through EFSI, the cornerstone of the €315 billion Investment Plan.