The Investment Plan for Europe and European Fund for Strategic Investments (EFSI): New project management challenges.



By Emīls Pūlmanis

Riga, Latvia



During the Latvian presidency of the EU council, The European Commission approved a € 315 billion Investment Plan to get Europe growing again and get more people back to work. The Plan is built on three main strands:

  • the creation of a new European Fund for Strategic Investments (EFSI), guaranteed with public money, to mobilize at least € 315 billion of additional investment over the next three years (2015 – 2017);
  • the establishment of a credible project pipeline coupled with an assistance program to channel investments where they are most needed;
  • an ambitious roadmap to make Europe more attractive for investment and remove regulatory bottlenecks.

According to European Commission estimates, taken as a whole, the proposed measures could add € 330 – € 410 billion to EU GDP over the next three years and create up to 1.3 million new jobs. Member States are already providing the joint Commission-EIB Task Force established in September 2014 with lists of projects selected according to three key criteria

  • EU value-added projects in support of EU objectives
  • Economic viability and value – prioritizing projects with high socio-economic returns
  • Projects that can start at latest within the next three years, i.e. a reasonable expectation for capital expenditure in the 2015-17 period.

In addition, listed projects should have the potential to leverage other sources of funding. They should also be of reasonable size and scalability (differentiating by sector/sub-sector). Member States present several types of economies but effects are not limitless, diseconomies might arise. During a Supreme Audit institution Contact Committee meeting in Rīga, Latvia that was held on June 18-19, 2015, discussion of new EU Investment plan and maintenance of good governance in this plan implementation was raised.

This paper analyzes the new EU Investment plan and shows different opinions and problems that might arise during its implementation. Author provides overall view on the investment plan showing also problem aspects such as administrative and institutional framework and project management direction.


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About the Author

pmwj37-Aug2015-Pulmanis-PHOTOEmīls Pūlmanis

Riga, Latvia




Emīls Pūlmanis is a member of the board of the Professional Association of Project Managers in Latvia and development project manager at State Audit Office of the Republic of Latvia. He has gained a BSc. in engineer economics, a professional master’s degree in project management (MSc.proj.mgmt) and currently is a PhD candidate with a specialization in project management. He has elaborated and directed a number of domestic and foreign financial instruments co-financed projects. He was a National coordinator for a European Commission-funded program – the European Union’s financial instruments PHARE program in Latvia. Over the past 8 years he has worked in the public administration project control and monitoring field. He was a financial instrument expert for the Ministry of Welfare and the European Economic Area and Norwegian Financial Mechanism implementation authority as well as an expert for the Swiss – Latvian cooperation program as a NGO grant scheme project evaluation expert. He has gained international and professional project management experience in Germany, United States and Taiwan. In addition to his professional work, he is also a lecturer at the University of Latvia for the professional master study program in Project management. He has authored more than 30 scientific publications and is actively involved in social activities as a member of various NGO’s.

Emīls can be contacted at [email protected].

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