INTERIMREPORTONTHEPILOTPHASEOFTHEEUROPE.docVIP

INTERIM REPORT ON THE PILOT PHASE OF THE EUROPE 2020 PROJECT BOND INITIATIVE BACKGROUND This Interim Report (hereafter the report) to the European Parliament and the Council is required by Regulation (EU) N° 670/2012 to evaluate the progress of the pilot phase of the Europe 2020 Project Bond Initiative (PBI). The PBI is a risk-sharing instrument created by the European Commission (EC) and the European Investment Bank (EIB). The aim is to enable project companies to issue project bonds that are attractive to debt capital market investors in the sectors of trans-European networks in transport