BRUSSELS — Three years after its launch, it is still too early to conclude “almost anything” about the European Commission’s attempt to use budget guarantees to prompt high-risk investments in lower-income countries, according to the author of a recent opinion by the European Court of Auditors.
The warning comes as the EU prepares to pump billions more into the scheme.
Hannu Takkula, the reporting member from ECA, an independent oversight body without legal powers, told Devex that “there are a lot of hopes and expectations” on the European Fund for Sustainable Development, of which the guarantees form a part. “But [will] they come through? We will see that after some time,” he said.
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About the author
Vince Chadwickvchadw
Vince Chadwick is a contributing reporter at Devex. A law graduate from Melbourne, Australia, he was social affairs reporter for The Age newspaper, before covering breaking news, the arts, and public policy across Europe, including as a reporter and editor at POLITICO Europe. He was long-listed for International Journalist of the Year at the 2023 One World Media Awards.
