Title page

Contents

Foreword 5

Executive summary 6

Part 1: Investment barriers identified in EIB operations 9

Introduction 9

Forestry 10

Commercial power purchase agreements 17

Resilient roads 22

Antimicrobial resistance 30

Cross-border projects Introduction 35

Part 2: EIB Group investment and finance surveys - non-financial corporates and small and medium businesses 39

EIB Investment Survey 2023 (EIBIS) 39

A bleak short-term outlook for corporate investment 39

Investment barriers and finance constraints are elevated and increasing 40

Pressed by structural transformation needs, investment is showing resilience 44

The climate emergency is becoming more pressing for EU firms 45

To remain competitive, European corporates must continue investing 46

EIF analysis of smaller corporates and small and medium businesses 47

Annex: EIBIS 2023 country profiles 61

Part 1: Investment barriers identified in EIB operations 36

Figure 1. Main barriers to the realisation of cross-border infrastructure projects, their causes and consequences 36

EIB Investment Survey 2023 (EIBIS) 40

Figure 1. Investment cycle 40

Figure 2. Economic sentiment: Net balance improvement/deterioration in % 40

Figure 3. Investment barriers 41

Figure 4. Share of finance-constrained firms 41

Figure 5. Share of finance-constrained firms in more detail 42

Figure 6. Increased spending on energy 42

Figure 7. Strategies to deal with the energy shock 43

Figure 8. Dissatisfaction with external finance received 43

Figure 9. Use of advanced digital technologies 44

Figure 10. Investment plans to tackle climate change impact 44

Figure 11. Impact of climate change - physical risk 45

Figure 12. Building resilience to physical risk 45

Figure 13. Impact of climate change - risks associated with the transition to a net zero emission economy over the next five years 46

Figure 14. Actions to reduce greenhouse gas emissions 46

Figure 15. For each of the following areas, to what extent is access to experts a major/minor problem to the delivery of your municipality's investment programme (in %) 47

EIF analysis of smaller corporates and small and medium businesses 48

Figure 1. The EIF SME Access to Finance Index: country comparison and evolution over time 48

Figure 2. Importance of skilled staff and, euro area SMEs 49

Figure 3. Key challenges faced by microfinance institutions 50

Figure 4. Percentage of microfinance institutions by engagement in green non-financial services 51

Figure 5. Biggest challenges in venture capital business 53

Figure 6. Biggest challenges for venture capital portfolio companies 54

Figure 7. Most important skills for the management team of venture capital portfolio companies 55

Figure 8. Most common skill gaps of the management teams of venture capital portfolio companies 56

Figure 9. Skills expected to be in most demand in five years in venture capital portfolio companies 56

Boxes

Box 1. European Commission definitions of microenterprise and social enterprise 50

Annex Figures

Figure 1. Investment cycle and evolution of investment expectations by country 61

Figure 2. Long-term barriers to investment by country 62

Figure 3. Share of finance-constrained firms by country 63

Figure 4. Use of advanced digital technologies by country 63

Figure 5. Share of firms investing in measures to improve energy efficiency by country 64

Figure 6. Investment plans to tackle climate change impact by country 64

Figure 7. Impact of climate change - physical risk by country 65

Figure 8. Impact of climate change - risks associated with the transition to a net zero emission economy over the next five years by country 65