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EU FinMins agree on regulation for investment plan fund

Xinhua, March 11, 2015 Adjust font size:

The European Union (EU) finance ministers agreed on the regulation to set up the European Fund for Strategic Investments (EFSI), said the Council of the EU on Tuesday.

This decision would enable negotiations with the European Parliament to start rapidly, said the Council.

The EFSI "will be at the heart of the Commission's 315 billion euros (about 337 billion U.S. dollars) Investment Plan for Europe", said the European Commission in a statement, which the EU hoped would help facilitate economic recovery, job creation and long-term growth and competitiveness.

The EU aimed to reach an overall agreement by June, so as to enable new investments to begin as early as mid-2015, said the Council.

"I look forward to the position of the European Parliament and the early start of negotiations between the co-legislators," said European Commissioner for Jobs, Growth, Investment and Competitiveness Jyrki Katainen.

"As agreed by the European Council, the Fund should be up and running as quickly as possible to ensure that financing starts flowing to projects this summer," added Katainen. (1 euro = 1.07 U.S. dollar) Endit