Uruguay: Pioneering a Green Energy Future

Uruguay has solidified its position as a global leader in renewable energy, with more than 90% of its electricity matrix powered by renewables between 2016 and 2022. Now, the country faces a new challenge: decarbonizing its transportation and industrial sectors, which still rely on fossil fuels. In this context, green hydrogen emerges as a key solution in the transition towards a fully sustainable energy matrix.

a) Why Invest in Green Hydrogen in Uruguay?

Proven Expertise and Leadership: Uruguay successfully completed its first energy transition, with 98% of its electricity demand met by renewable sources. Now, with a focus on green hydrogen, the country is advancing towards full decarbonization.

Unmatched Natural Resources: Uruguay's abundant solar and wind resources enable the competitive production of green hydrogen, with projected costs of USD 1.2–1.4 per kg by 2030.

Robust Infrastructure and Stability: With strong regulatory frameworks and political stability, Uruguay offers an ideal environment for long-term investments in clean energy projects.

b) The HIF Project in Paysandú: A Milestone for Uruguay

The announcement of the construction of a green hydrogen and eFuels plant in Paysandú, led by HIF Global, marks a US$ 4 billion investment. This plant is set to produce 256 million liters of eGasoline annually, contributing to the decarbonization of more than 150,000 vehicles per year. The investment includes US$ 2 billion for the construction of the plant and an additional US$ 2 billion for the development of wind and solar parks that will supply the renewable energy required to generate green hydrogen.

This project is a landmark in Uruguay’s second energy transition, placing the country at the forefront of green energy production worldwide. Uruguay’s first energy transition, completed over the past decade, enabled 98% of its annual electricity demand to be met by renewable sources such as wind, biomass, solar, and hydropower.

With sustained economic growth, social and political stability, forward-looking legislation, and privileged natural resources, Uruguay has become a global leader in renewable energy. Now, with green hydrogen and the promotion of electric mobility, the country aims to complete its transformation into a fully sustainable energy economy.

Strategies for reducing taxes: adapting to the new rules of the Tax Reform in Brazil

In this article, we explore effective strategies for reducing taxes and ensuring compliance with the new rules of the Tax Reform in Brazil. Tax planning is a recurring topic on business and family agendas, especially with the imminent tax reform in Brazil. The new regulations will significantly impact the incidence of taxes on inheritances, donations and private pension plans.

What will change in inheritances with the new rules of the Tax Reform?

The main topic is the changes to the Causa Mortis and Donation Transfer Tax (ITCMD). Currently, each Brazilian state sets its own rate, which can be fixed or progressive, with a ceiling of 8%. With the reform, the ITCMD will become progressive, increasing according to the value of the estate.

In addition, the ITCMD will also be applied to open-ended private pension plans, including Free Benefit Generator Plans (PGBL) and Free Benefit Generator Life (VGBL). Amounts invested more than five years ago in the VGBL will not be taxed in the event of death.

Another significant change is the inclusion of ITCMD on inheritances and donations of assets abroad, a tax that until now did not exist for beneficiaries domiciled in Brazil. The Treasury estimates that the ITCMD represents 0.4% of the national tax burden, in line with the average for OECD countries.

Strategies to Minimize the Impacts of Tax Reform Creating Family Holdings: One of the main strategies is to structure family holdings. For those who own a lot of real estate, for example, it is possible to set up a real estate holding company, transferring the real estate to the company and leaving the holding shares to the heirs. Allocating resources abroad: For larger assets, allocating part of the resources abroad can be an alternative. This practice, if done legally and with income tax declared, helps to mitigate the “Brazil risk”. Lifetime Gifting: Anticipating the transfer of assets while you are still alive is another strategy. With the tax reform, donating real estate and other assets before the new rules come into force can minimize future tax impacts. Specialist advice: It is essential to rely on the advice of professionals who specialize in tax and succession planning.

The changes brought about by the tax reform require a careful review of estate planning. Anticipating and properly structuring the succession of assets can lead to significant tax savings and guarantee financial security for generations to come.

EXEMPTION FROM PAYMENT OF INCOME TAX FOR INCOME OBTAINED BY COOPERATIVE ASSOCIATIONS

Decree No. 4.976, dated August 12, 2024, was published in Official Gazette No. 42.939 of the same date. Said Decree exempts the net taxable income of territorial source obtained by Cooperative Associations from payment of income tax (the “Decree”). Below are some of the most important aspects of the Decree:  

Beneficiaries:

The beneficiaries will be the Cooperative Associations organized in accordance with the provisions established in the Decree with the Force of Special Law of Cooperative Associations, which:

Must update their Sole Fiscal Information Registry, in order to which they must file the valid Certificate of Compliance issued by the National Superintendence of Cooperatives. Must file the annual declaration of taxed and exempt overall net income, as appropriate, in the terms and conditions established in the Regulations to the Income Tax Law. Loss of the exemption benefit:

The beneficiaries that fail to meet the requirements and perform the obligations established in Decree, as well as in the Decree with the Status, Value, and Force of Income Tax Law, its Regulations, and other applicable rules will lose the exemption benefit.

Losses resulting from exempted activity:

The losses resulting from the exempted activity may not be imputed in any fiscal year to the income resulting from the activity taxed with income tax.

In the cases in which the Cooperative Associations perform activities taxed with income tax and exempted in the terms of the Decree, the common costs and deductions applicable to the revenues resulting from said income will be proportionally distributed.

Duration:

The period of duration of the exemption benefit will be one (01) year as from the date of publication in the Official Gazette of the Bolivarian Republic of Venezuela, which period may be extended for one year. The exemption will be applied to the fiscal years in progress when the Decree becomes effective. 

In order to access the Decree, please click here.

On 12 August, Regulation (EU) 2024/2019 of the European Parliament and of the Council of 11 April 2024 (the “Regulation”) was published in the Official Journal of the European Union, introducing several substantive and/or procedural amendments to Protocol no. 3 on the Statute of the Court of Justice of the European Union (the “Statute” and “Court of Justice”).

Below is a summary of the amendments introduced by the Regulation.

Granting of preliminary ruling jurisdiction in specific matters to the General Court

The Regulation introduces Article 50-ter conferring jurisdiction on the General Court of the European Union (the “General Court”) to hear and make references for a preliminary ruling under Article 267 of the TFEU falling within one or more of the following matters:

the common system of value added tax; excise duties; the Customs Code; the tariff classification of goods in the Combined Nomenclature; compensation and assistance to passengers in the event of denied boarding or delay or cancellation of transport services; and the greenhouse gas emission allowance trading scheme.

Regarding points (a) to (d), Recital 9 of the Regulation clarifies that “Those area cover, at the time of the adoption of this Regulation, matters such as the determination of the tax base for the assessment of value added tax or the conditions for exemption from payment of that tax; the interpretation of the general arrangements for excise duty and of the framework relating to duties on alcohol, alcoholic beverages, tobacco, energy products and electricity; the elements on the basis of which import or export duties are applied in the context of trade in goods, such as the Common Customs Tariff, the origin and customs value of goods; import and export procedures, including the incurrence, determination and extinction of a customs debt; specific customs arrangements; the system of relief from customs duties as well as the interpretation of specific tariff headings and the criteria for the classification of certain goods in the Combined Nomenclature laid down in Annex I to Council Regulation (EEC) No. 2658/87”.

With reference to point (e), recital 10 of the Regulation clarifies that these matters “cover matters that are at the time of the adoption of this Regulation regulated by Regulations (EC) No. 261/2004 [air transport], (EU) No. 1177/2010 [maritime transport], (EU) No. 181/2011 [bus and coach transport] and (EU) 2021/782 [rail transport] of the European Parliament and of the Council”.

With reference to point (f), recital 10 of the Regulation clarifies that this scheme “at the time of the adoption of this Regulation is regulated by Directive 2003/87/EC of the European Parliament and of the Council and by the acts adopted on the basis of that Directive”.

Notwithstanding the foregoing, pursuant to paragraph 2 of the new Article 50-ter, the Court of Justice will retain jurisdiction to hear and make references for preliminary rulings raising “independent questions concerning the interpretation of primary law, public international law, general principles of law or the Charter of Fundamental Rights of the European Union”.

Furthermore, under paragraph 3 of the new provision, references for preliminary rulings under Article 267 must be made to the Court of Justice. The Court – “as soon as possible” and in accordance with the procedures laid down in its Rules of Procedure – will then determine whether the request falls exclusively within the matters under the General Court’s jurisdiction and, if so, will transfer the case to the General Court.

Participation in the proceedings by the European Parliament, the Council and the European Central Bank

The Regulation amends Article 23 of the Statute to stipulate that, where a matter is referred for a preliminary ruling, the decision of the national court or tribunal to stay the proceedings must be notified by the Registry of the Court. This notification must be made not only to the parties involved, the Member States, the Commission and the Union institution or body or entity that adopted the act whose validity or interpretation is being challenged, as already provided for in Article 23 – but also to the European Parliament, the Council and the European Central Bank.

Under the newly added paragraph 2, if the European Parliament, the Council and the European Central Bank consider that they have “a particular interest in the questions raised by the reference for a preliminary ruling”, they may submit statements of case or written observations within two months of receiving the notification.

Under the new paragraph 3, pleadings or written observations submitted by an interested party will be published on the website of the Court of Justice “within a reasonable time” after the case is closed, unless that interested party objects to the publication of its pleadings or written observations.

Election of Advocates General to handle references for preliminary rulings assigned to the General Court

The Regulation introduce Article 49-bis of the Statute, establishing that, in the handling of references for a preliminary ruling, the General Court shall be assisted by one or more Advocates General, elected for a term of 3 years – with the possibility of one renewal - from among the Judges of the General Court.

Establishment of the Intermediate Chamber of the General Court

The Regulation amends Article 50 of the Statute to introduce, with reference to the composition of the General Court, an intermediate chamber positioned between the chambers composed of five judges and the Grand Chamber.

According to the wording of the new Article 50, the General Court may convene in: (a) chambers of three or five judges; (b) an intermediate chamber; and (c) the grand chamber. In addition, consistent with the existing provisions, the General Court may in some cases make decisions by a single judge.

The new provision provides that, in proceedings relating to a matter referred for a preliminary ruling, the General Court will convene in an intermediate chamber at the request of a Member State or an institution of the Union involved in the case.

Referral of cases to the Court of Justice or the General Court for preliminary rulings

The Regulation amend Article 50 of the Statute to establish, in line with the provisions regarding the handling of cases:

if the General Court determines that it lacks jurisdiction to hear a reference for a preliminary ruling, it shall refer the case to the Court of Justice; if the Court of Justice finds that it lacks jurisdiction to hear a reference for a preliminary ruling, it must refer the case back to the General Court, which cannot refuse jurisdiction in such instances.

In connection with the above-mentioned referral mechanism, recital 18 of the Rules of Procedure further clarifies that “the General Court may, pursuant to Article 256(3), second subparagraph, TFEU, refer to the Court of Justice a case that falls within its jurisdiction but requires a decision of principle likely to affect the unity or consistency of Union law”.

Expansion of the procedure for the prior admission of appeals

The Regulation revises Article 58a to broaden the scope of the procedure for prior admission of appeals by the Court of Justice. This expansion includes:

appeals against a decision of the General Court regarding the decision of an independent Board of Appeals of a body or entity of the Union which, as of 1 May 2019, had such a Board of Appeals but was not expressly covered by the previous version of Article 58a.

These Union bodies/entities include: (a) the European Union Agency for the Cooperation of Energy Regulators; (b) the Single Resolution Board; (c) the European Banking Authority; (d) the European Securities and Markets Authority; (e) the European Insurance and Occupational Pensions Authority; and (f) the European Union Railway Agency; and

litigation concerning the enforcement of contracts containing an arbitration clause. Introduction of the consultation procedure for applications or proposals to amend the Statutes

The Regulation introduces Article 62-quinquies which mandates that before submitting an application or a proposal to amend the Statute, the Court of Justice or, where appropriate, the Commission must first conduct “extensive consultations”.

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The Regulation will enter into force on 1 September 2024 and includes a transitional arrangement as follows:

- any references for preliminary rulings pending before the Court of Justice on 1 October 2024 will in any event continue to be handled by the Court of Justice itself;

- appeals concerning:

(i) decisions of the General Court relating to a decision of a Board of Appeals of one of the bodies/entities of the Union listed in points (a) to (e) of paragraph 6 above; and

(ii) decisions concerning the enforcement of a contract containing an arbitration clause

that are before the Court of Justice on 1 September 2024 shall not be subject to the aforementioned procedure of prior admission of appeals.

LAW ON PROMOTION OF NON-OIL EXPORTSThe Law on Promotion of Non-Oil Exports was issued by the National Assembly and published in Official Gazette No. 6.824 Extraordinary, dated July 18, 2024 (the “Law”). The purpose of the Law is to establish and develop mechanismsintended to facilitate the exportation of non-oil goods and services, generated in the Bolivarian Republic of Venezuela, in order to increase Venezuelan products’ participation and competitiveness in international markets, according to thecommitments and obligations undertaken in the frame of the multilateral, regional, and bilateral trade mechanisms and for the country’s integral and sustainable development.Below are some of the most significant aspects of the Law:1. FORMATION AND ACCESS TO THE INTERNATIONAL MARKETThe State will implement a national plan of integral formation that promotes an exporting vision, as well as education in the administrative, managerial, financial, technical-scientific and other important areas for the diversification of exports. Also, the National Executive must: i) Take the necessary actions to promote access to and exportable offer of non-oil goods and services, in order to further the commercialization of the same in the international markets; ii) Resort to different commercial promotion instruments; and iii) Implement measures and incentives that encourage the production and exportation of non-oil goods and services by the communes, small and medium-sized industries, and startups.2. SIMPLIFICATION OF PROCESSESThe National Executive may suppress all administrative processes that are not essential for the development of exportation. To that end, the Executive may optimize and automate the administrative processes of the exporting activity, giving celerity to the compliance with the requirements established in the legal frame, facilitating the registration and control of the same by means of expeditious verification mechanisms, and establishing reasonable maximum periods of time for carrying out the processes; it may issue regulations on the information and communication systems and technologies applicable to the administrative processes relating to exports; and it may adopt mechanisms for supervision and control in relation to the simplification of the administrative processes, establishing the necessary periods of time for the implementation of the same.3. Sole Foreign Trade WindowThe Ventanilla Única de Comercio Exterior (VUCE) (Sole Foreign Trade Window) is created as a technological tool for the centralization and digital management of the information and documentation necessary for the exporting process. The natural or legal persons interested in exporting non-oil goods and services must be registered with the VUCE and obtain the relevant certificate, as an essential requirement to perform any operation in the area, and to have access to the benefits and incentives established in the Law.The agencies and entities of the National Government with competence in exportation matters must incorporate into the platform the mechanisms allowing for the obtainment of the permits required for the exportation of non-oil goods and services, within a period of ninety (90) days following the entry into force of the Law. After said period of time, no authority may establish any permit that may not be processed through the VUCE as a requirement for exportation.

Rate for use of VUCE: The use of VUCE will be subject to the payment of a rate per each kind of process, in an amount of bolivars equivalent to up to one hundred and fifty (150) times the official rate of exchange of the currency with the highest value, as published by the Venezuelan Central Bank (VCB). The Ministry of Economy, Finance, and Foreign Trade will establish, by Resolution, the amount of the rate applicable to each type of process.4. GENERAL DECREE OF EXPORT DUTIESThe National Executive will publish the “General Decree of Export Duties”, which will comprise all duties required by the agencies and entities of the Public Administration for the processes required in order to export non-oil goods and services. The President of the Republic may exempt the payment of the duties in relation to the processes and services required for the exportation.5. TAX, FINANCIAL, AND OTHER INCENTIVESThe National Executive may establish tax incentives that reduce or remove the tax burden on the producers with non-oil exporting potential. For purposes of the Law, the incentives are:Draw Back: The Executive will establish a procedure for determination, verification, certification, payment and competent authority in order to expeditiously carry out the Draw Back of non-oil exports. As an exception, the Executive may make the Draw Back of other national taxes for non-oil exportation.Strategic production sectors: The President of the Republic may establish non-oil export strategic productive sectors with special economic incentive regimes, oriented to productive activities with a high national added value.Credit insurance: The necessary measures to facilitate the establishment of a credit insurance mechanism for non-oil exportation will be adopted, with the purpose of covering the risks of lack of payment of the services or goods sold to abroad.Financial incentive: The Executive will further public policies that facilitate access to financing for the acquisition of machinery, raw material, and consumable supplies that are intended to productive processes with non-oil exportationpurposes.6. EXPORT PROMOTION AGENCYThe Agencia de Promoción de Exportaciones (APE) (Export Promotion Agency), assigned to the Ministry of Economy, Finance, and Foreign Trade, is created. It will be the competent level of authority for promoting the exports and advancing the positioning towards international markets of non-oil goods and services.Although the Banco de Comercio Exterior will be the specialized financial institution for the financing of the exportation of non-oil goods and services, its functions in the area of promotion of exports will be assumed by the APE. Also, the National Fund for Exportation is created. It is assigned to and administered by the APE, with the purpose of financing the activities related to the promotion of the exportation of non-oil goods and services. Said entity will obtain its funds, among others, from a contribution of up to zero point five percent (0,5 %) of the value of the imports, payable upon the elapsing of thirty (30) days following the publication in the Official Gazette of the Resolution issued by the Ministry of Economy, Finance, and Foreign Trade. The contribution will be paid by the relevant importers, at the time of payment the import customs duty.7. CENTRO NACIONAL DE COMERCIO EXTERIOR AND CORPORACIÓN VENEZOLANA DE COMERCIO EXTERIOR. (NATIONAL CENTER OF FOREIGN TRADE AND VENEZUELAN CORPORATION OF FOREIGN TRADE)The Centro Nacional de Comercio Exterior (National Center of Foreign Trade) will be suppressed. Its functions will be assumed by the Ministry of the Popular Power for Economy, Finance and Foreign Trade.Likewise, the functions in the area of centralization, simplification, and facilitation of exportation of non-oil goods and services, attributed to the Corporación Venezolana de Comercio Exterior (Venezuelan Corporation of Foreign Trade), will be assumed by the Ministry of Economy, Finance, and Foreign Trade.The Law became effective upon publication in the Official Gazette.

EXECUTIVE SUMMARY

The Artificial Intelligence Act (Regulation (EU) 2024/1689 or the “AI Act”) integrates into the European legislative framework with the aim of establishing a harmonized set of rules for the use of artificial intelligence within the European Union. Proposed in 2021 by the European Commission and adopted on May 21, 2024, by the Council of the European Union, the AI Act is a fundamental part of the EU’s digital strategy, aiming to promote innovation and ensure safe and responsible use of AI technologies. It provides, indeed, the EU with the most advanced regulation on Artificial Intelligence (“AI”) among all the major geopolitical players in the world, aiming at ensuring the generalized application to all AI systems throughout the main industries and the development of safe and trustworthy AI systems.

While some countries have set forth rules to deal with specific issues where AI is involved, the AI Act takes an innovative - and more wholesome - approach. It provides a specific definition of AI, which delimits its scope of application. Then, it classifies specific developments of AI systems into four levels of risk (i.e. the risk-based approach), each one imposing specific duty to developers. AI systems classified in the unacceptable risk category (such as governmental social scoring) are prohibited. High risk systems must be closely monitored by the European institutions and must be subject to risk assessment and risk mitigation practices. Limited risk systems must undergo public disclosure of relevant information to enhance their transparency. Lastly, minimal risk AIs (the category that counts most types of AI) remain free to use. The international nature of the AI Act and its all-embracing regulatory ambition aim at influencing positively other international players such as the United States and China.

The AI Act, being fully and directly applicable in all the MSs, interacts with other regulations and provisions such as the General Data Protection Regulation (“GDPR”), the Cybersecurity Act, and the Digital Services Act, creating a coherent and comprehensive regulatory environment covering various aspects of digital technologies and data protection. In addition, few States already have some kind of legislations that directly involve AI, Greece being the most remarkable example. Others have a mix of different legal sources that directly or indirectly influence the development of AI, setting forth provisions that might impact the AI future development. Moreover, some States have already taken action to complement the AI Act’s provisions, introducing a stricter regime for some specific technologies while others like France and Spain, are still considering the need of introduce complementary legislation to avoid risks related to errors in AI-generated decisions, or cybersecurity issues.

While individual countries within the European Union were not directly providing funding specifically earmarked for compliance with the AI Act itself, as it primarily focuses on regulatory frameworks rather than direct funding initiatives, countries like Switzerland, Sweden, France, Germany and Hungary and the EU as a whole have been actively investing in AI-related research, development, and innovation through various programs and funding mechanisms. These initiatives are generally aimed at supporting the broader digital transformation goals of the EU, which includes enhancing AI capabilities and competitiveness.

But what is the future of the concrete application of the AI Act? To answer this question mark, it is needed to dig into the preliminary characteristics of individual States as well as their potential intervention in terms of finance by asking: (i) Do States already regulate AI at national level? (ii) Do they plan to complement, or even enhance, the AI Act’s provisions? (iii) Do they want overall to financially support the development of AI systems?

The following analysis provides a critical overview of the most relevant countries in Europe, namely Albania, Belgium, Bulgaria, Cyprus, France, Germany, Greece, Hungary, Italy, North Macedonia, Portugal, Romania, Serbia, Sweden, Switzerland and Spain.

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Albania

Albania is gradually integrating AI into its digital programs to enhance efficiency and innovation in the public sector. Law 87/2923 ratifies the agreement for the adhesion to the “Digital Europe” program, which focuses on advanced digital skills in general, though specific details on AI are not set forth. Law 43/2023 regulates electronic public services that do not require the physical presence of the applicant, while the Decision of the Council of Ministers No. 370/2022 approves the Intersectoral Strategy “Digital Agenda for Albania”, which promotes AI to improve public services, AI integration in the public sector, and data management. It also established a High-Performance Computing Center. Unfortunately, official information on governmental funding of AI is not yet available.

Belgium

In Belgium there isn’t a specific regulation on AI. However, Collective Bargaining Agreement No. 39 is applicable to these systems. The bargaining requires businesses with more than 50 employees to preemptively inform and consult trade unions, if they invest in technologies that impact on 10% of the personnel, or more. Additionally, the collective labor agreement enacted by the Royal Decree of 21 February 2024 in the banking sector makes it mandatory to train workers in the use of AI. Additionally, acts and resolutions adopted by the Belgian legislative branches regulate the use of AI in sectors such as defense, public administration and automotive (especially relevant is the permission to run tests on automated vehicles). Government funding is split into regional and state levels. The Flemish region allocated 32 million euro for AI Research and Development. It also set forth fiscal incentives for supporting the cost of labor. On the other side, the Walloon region launched the “Application and Research for Trusted Artificial Intelligence” project for the development of AI systems that enhance the competitiveness of Walloon’s businesses and awarded it 32.3 million euro. Brussels also offers many grants and subsidies to businesses in the AI industry. These three regional levels all complement the Federal programs, which mostly invest in defense.

Bulgaria

The Bulgarian Government adopted the “Concept for the Development of Artificial Intelligence in Bulgaria until 2030”, which recommends conducting a detailed analysis for a legislative proposal to be carried out only after the entry into force of the AI Act. No proposals will be forwarded until then. In the meantime, Bulgaria plans to use the European Structural Funds, the “Horizon 2020” programs, the National Recovery and Sustainability Plan, and the state budget to fund projects in the AI sector. Moreover, Bulgaria established the “Institute for Computer, Science, Artificial Intelligence and Technology” (“INSAIT”) and invested 85 million euro in it through the Ministry of Education and Science. The INSAIT is set to be the most advanced research institution in Eastern Europe, as it can rely on world-class partnerships with the most important players in the field, such as Switzerland’s “ETH” in Zurich and “EPFL” in Lausanne (two prestigious technical universities), as well as donations by Google, Amazon Web Services, DeepMind, SiteGround, VMware and other tech entrepreneurs.

Cyprus

Cyprus declared that the AI Act will be the first legislation that directly regulates AI. It presented a Strategic Plan for 2024-2026 which has allocated 282 million euro until 2026 for digitalization in general, including AI. However, much information on the development of AI in the country is lacking.

France

France’s own regulation of AI systems mostly revolves around the GDPR, and the “Loi Informatique et Libertés” of 6 January 1978, which apply to the processing of personal data. However, France is one of those countries that also legislate on more specific applications of AI systems, namely automated decisions. Individuals subject to those decisions have a right to obtain a human review of their personal situation, to express their point of view, to obtain a precise motivation in support for the decision, but also to challenge it (in line with Article 22 of the GDPR). On 12 September 2023, French representatives of the Assemblée Nationale proposed a legislation to regulate copyright-related issues, but the proposal was deemed unfeasible, and it was blocked. In 2021, President Emmanuel Macron launched its France 2030 plan, investing 2,5 billion euro in AI Research and Development. On 19 September 2023, the Government established the “Generative Artificial Intelligence Committee” to provide better guidance to the Cabinet for its decisions in the AI sector.

Greece

In Greece, Law 4961/2022 covers multiple technological developments, including smart contracts, the Internet of Things and AI. Only a few modifications are required for the Law to be fully compatible with the AI Act, which testifies Greece’s ability to legislate carefully in the area. In terms of Government funds, the Ministry of Digital Governance issued between 150 and 200 million euro for the development of AI.

Germany

Germany declared that the AI Act will be the first legislation that directly regulates AI. In 2018, Germany adopted a federal strategy for AI, significantly increasing the invested funds in the sector. Indeed, the Federal Ministry of Education and Research annual budget for technology investment increased by 20 per cent since 2017, reaching 1,6 million euro in the current legislature. These funds will be invested in eleven specific areas, including enhancing research to be a driver of innovation, setting up an agenda to expand the AI infrastructure, building the AI infrastructure, promoting social dialogue with stakeholders to responsibly integrate AI into Germany’s institutional systems, and ultimately drafting and enforcing a more effective, innovative and agile AI regulation, that fosters innovation.

Hungary

In Hungary, Government Decree 1573/2020 sets forth the national strategy on AI. This strategy has been developed by the Artificial Intelligence Coalition, which comprises more than 70 Hungarian and International companies, universities, and research groups. The Coalition’s main goal is to place Hungary as a leading power in AI, and to strengthen national businesses’ competitiveness with it. The strategy focuses on transformative programs in the manufacturing, healthcare, energy and logistics sectors. It aims at enhancing Hungary’s technologies and infrastructures, while also fostering the public comprehension of AI and its applications. The Hungarian government, through the venture capital program “Széchenyi” made funds available to support the development of AI. The funded projects include the “AI Innovation and Competence Centre and Data Asser Management”, which promotes the application of AI systems to Hungarian small and medium enterprises, the development of AI-based technology for various purposes and the establishment of the national “Laboratory for Artificial Intelligence”.

Italy

In Italy, the GDPR and copyright legislation are the main tools used to regulate the application of AI and its functioning. In particular, these are significantly important as far as the training process of AI models is concerned, since training sets may incorporate and process personal data or copyrighted work, triggering legal obligations, prohibitions and sanctions. Additionally, Italy plans to further regulate the topic, complementing the upcoming AI Act. Indeed, the Italian Government recently proposed to the Italian Senate the introduction of a new law (Disegno di legge 1146/2024 - “DDL”), which is currently being discussed by the relevant committees. The announced goal is to strike the right balance between the protection of human rights on the one hand, and the development of innovative and beneficial tools on the other. In other words, the DDL dictates general principles to follow, in order to prevent AIs from negatively impacting on human autonomy, excluding humans from the processes in which AI is employed, and depriving them of their individual decision power. Thus, the DDL safeguards freedom of information and communication, fairness in the use of data, and transparency in the training of models. The DDL also proposes to introduce more sector-specific provisions, authorizing, for example, the use of AI systems in public administration and in intellectual professions only in secondary activities in support of the core one. The Italian Government has allocated 1 billion euro to the acquisition of shares in Italian innovative businesses, including those that develop AI systems. It also plans to facilitate partnerships between the public and the private sector, for the development and the employment of fair and efficient AI systems in the public administration.

North Macedonia

In North Macedonia the main regulation that deals with AI is the national Data Protection Law, which is harmonized with the GDPR, while no other specific proposals targeting AI are planned. In 2023, the Government launched “ADA”, an AI-powered digital assistant, which provides information to citizens and businesses. Moreover, the Governmental “Fund for Innovation and Technology Development” has invested approximately 138 million euro since 2013, to support start-ups and innovative projects in North Macedonia.

Portugal

Portugal plans to align its legislation on AI with the AI Act. Portugal is one of the first countries to have developed a national strategy. In fact, in 2019 it adopted the “National Strategy on AI”, which fosters innovation in healthcare, agriculture and education. In line with the AI Act, the National Strategy too is based on a risk-based approach that aims at developing ethical and human-rights-oriented AI. Importantly, Portugal’s strategy includes the establishment of sandboxes, which are secure environments where AI systems can be tested, under the supervision of public authorities, before getting released to the public, mitigating risks related to privacy and security.

Romania

The Romanian Senate has started public discussions on 19 March 2024 for a new legislative proposal on AI. As of today, the proposal would prohibit the automatization of the flow of human resources, as well as the use of biometric data of natural persons (except for crime prevention and detection purposes). It is worth highlighting that the Romanian approach might conflict with the AI Act, therefore it might me heavily modified to align with it. In February 2024, the Ministry of Investments and European Projects published Order No. 464/2024 for the approval of a state aids scheme, and a scheme of contributions to support entrepreneurs in the development of advanced digital technologies. These schemes allocate 3 million euro in grants to foster the development of advanced technologies, including AI.

Serbia

As of today, Serbia set forth voluntary guidelines and recommendations in the AI sector, such as the “Strategy of Development of Artificial Intelligence in the Republic of Serbia for 2020-2025”, and the “Conclusion on Adoption of Ethical Guidelines for Development, Application and Use of Reliable and Responsible Artificial Intelligence”. Besides providing guidance for the development of safer AI models, these acts also envisage the enactment of new regulations and the amendment of existing laws to better face the risks posed by AI (such as a new Data Protection Law). Serbia is currently developing its 2024-2030 national strategy on AI, which is expected to be adopted by the end of the year. As Serbia is also preparing to become an EU Member, it is also likely that it will transpose and issue a law on AI that parallels the AI Act. The Serbian Government also financed AI-related projects with 1 billion euro per year, in the 2020-2025 period. The Fund for Science currently funds 12 projects under the “Program for Development of Projects in the AI Field”.

SwedenThe Swedish Government is currently collecting information to draft a national law on AI, that is in line with the AI Act. But Sweden’s most important tool to get ahead in the AI race comes in the form of investments in the AI field, and the focus on the training of human capital. In fact, Microsoft announced a 3 billion euro investment in AI-related projects, and the training of 250,000 people, highlighting the attractiveness of Sweden in the industry. In 2023 the Government established a commission on AI to enhance the competitiveness of businesses in the sector, which concluded that the public administration would benefit approximately of 14 billion euro per year thanks to the integration of AI in its processes. Sweden also established “AI Sweden”, a government-funded national center for the application of AI, in partnership with entities in both the public and the private sector, as well as universities.

Switzerland

As of today, Switzerland chose a sector-specific approach to AI regulation, including the federal data protection law of 2020 which disciplines automated decisions, granting enhanced transparency and other individual rights that are similar to those granted under the GDPR. However, the legislation might soon be integrated by a new tool, as the Federal Council started an analysis to develop general legislation on AI, by 2025 (which is set to consider the norms of the EU and of the European Council). The goal is to provide Switzerland with a clear and AI-compatible normative landscape. Additionally, the Swiss Federation supports digitalization and technological development projects, including AI programs, in partnership with universities and research institutions, such as the “ETH” in Zurich, or the “EPFL” in Lausanne. Also, “Digital Administration Switzerland” and “AI Switzerland” promote innovation and training in AI-related fields.

Spain

Spain’s main tool to regulate AI is the “National Strategy for Artificial Intelligence 2024”, in line with the AI Act. The Spanish strategy mainly focuses on cybersecurity, which is an essential element for the digital transformation of the economy. In fact, Spanish institutions are currently discussing a Cybersecurity Law, which is set to enter into force in late 2024, to grant a better protection of digital systems. Additionally, Spain established the “Spanish Agency for Artificial Intelligence Supervision” (“AESIA”), with the purpose of granting ethical and transparent practices in the use of AI. The National Strategy allocates 1,5 billion euro – from the National Recovery and Sustainability Plan – and 600 million euro from the State budget, which have already been mobilized. The plan includes investments in supercomputing, the development of language models in Spanish and other co-official languages, the promotion of talents in the AI field, and the expansion of AI in the public and private sectors, with special attention for small and medium enterprises.

United Kingdom

The United Kingdom heavily relies on the GDPR to regulate AI (which also influences automated decisions). The “Artificial Intelligence Regulation Bill” was a tentative to provide the country with horizontal regulation on AI, although its progress was stopped due to the UK’s early elections. However, the Government has already launched several initiatives in support for AI. The “AI Sector Deal” of 2018 invested 1 billion pounds for Research and Development, training and ethical research on AI. Additionally, the “AI and Data Grand Challenge” provides businesses with 2,6 billion pounds from the public sector, and 3 billion from the private one. The “United Kingdom Research and Innovation” program further invested 300 million pounds for proper computing, 250million pounds for the development of AI in healthcare and zero-emission economy, and 100 million pounds in academic centers for technological talents.

This newsletter provides a selection of opinions and analysis from our EU legal experts on interesting policy developments, recent case law and new regulatory directions of major industry practices. It is released biweekly and covers areas such as: Competition Law, Sanctions, Trade, Energy, Finance, EU funds, Data IP and Privacy, Life Sciences, Transport and Court of Justice of the European Union news.

The aim is to provide an up–to–date tool for quick and easy consultation on the most current and important topics at EU level.

Competition Law and State Aid Sanctions Trade Energy and Green Deal Banking & Finance EU Funds Life Sciences Transport and Electric Vehicles Data, IP and Privacy Consultions and Calls

EUROPEAN COMMISSION (EC)

Lithuania: the European Commission approves 122 million euro State aid measure to support AB Achema decarbonise its fertiliser production (12.07.2024) – The European Commission has approved, under EU State aid rules, a 122 million euro Lithuanian measure to support AB Achema in decarbonising its fertiliser production processes. The measure will contribute to the achievement of the EU Hydrogen Strategy, the European Green Deal and the Green Deal Industrial Plan targets, while helping to end dependence on Russian fossil fuels in line with the REPowerEU Plan. The aid will take form of a direct grant to support the installation a 171 MW alkaline electrolyser at AB Achema's production site in the Kaunas region of Lithuania. Currently, AB Achema uses natural gas-based hydrogen to produce ammonia, a key input in the production of fertilisers. The electrolyser will produce renewable and low-carbon hydrogen that will be used to produce ammonia. The hydrogen produced by the electrolyser will replace 30% of the hydrogen currently produced from natural gas, thereby reducing carbon dioxide (‘CO2') emissions and demand for natural gas. The electrolyser is envisaged to start operating in 2026. Once completed, the project is expected to avoid the release of at least 5.8 million tonnes of CO2 over the 19 years of expected operation of the electrolyser. AB Achema committed to actively share the experience and technical know-how gained as a result of the project through publications and conferences to contribute to the deployment of clean technologies in the fertilisers industry.

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The European Commission accepts commitments by Apple opening access to 'tap and go' technology on iPhones (11.07.2024) – The European Commission has made commitments offered by Apple legally binding under EU antitrust rules. The commitments address the Commission's competition concerns relating to Apple's refusal to grant rivals access to a standard technology used for contactless payments with iPhones in stores. Apple Pay is Apple's own mobile wallet used to allow iPhone users to pay with their devices in stores and online. Apple's iPhones run exclusively on Apple's operating system ‘iOS'. Apple controls every aspect of its ecosystem, including access conditions for mobile wallet developers. The Commission preliminarily found that Apple has significant market power in the market for smart mobile devices and a dominant position on the in-store mobile wallet market on iOS. Apple Pay is the only mobile wallet that may access the NFC hardware and software (‘NFC input') on iOS to make payments in stores, as Apple does not make it available to third-party mobile wallet developers. In its investigation, the Commission preliminarily concluded that Apple abused its dominant position by refusing to supply the NFC input on iOS to competing mobile wallet developers, while reserving such access only to Apple Pay. The Commission's preliminary view is that Apple's refusal excluded Apple Pay's rivals from the market and led to less innovation and choice for iPhone mobile wallets users. Such behaviour may breach Article 102 of the Treaty on the Functioning of the European Union (‘TFEU'), which prohibits the abuse of a dominant position.

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Slovakia: the European Commission opens in-depth State aid investigation into support to NAJPI for setting up a glass sand extraction sit (09.07.2024) – The European Commission has opened an in-depth investigation to assess whether public support granted to the Slovak company NAJPI a.s. (‘NAJPI') for setting up a glass sand extraction site is in line with EU State aid rules. The Commission will assess in particular whether, at the time of granting of aid, NAJPI could be qualified as an SME. The Commission will also assess whether, at the time of granting of aid, the conditions laid down in the GBER, in particular, concerning economic difficulties were fulfilled, as in such circumstances NAJPI would not qualify for regional aid. Should the Commission conclude that the Slovak support could not benefit from an exemption based on the GBER, it would assess whether the conditions of the 2007-2013 RAG were met.

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Germany: the European Commission opens in-depth State aid investigation into 6 billion euro support measure to recapitalise Lufthansa in the context of coronavirus pandemic (08.07.2024) – The European Commission has opened an in-depth investigation to assess whether a German recapitalisation measure of 6 billion euro in favour of Deutsche Lufthansa AG (“Lufthansa”) is in line with EU State aid rules. The German aid measure consisted of an equity component of 306 million euro and two hybrid instrument components, namely, Silent Participation I of 4.7 billion euro with features of a non-convertible equity instrument, and Silent Participation II 1 billion euro with features of a convertible debt instrument. The Commission found the measure to be compatible with EU State aid rules, but the General Court annulled the Commission's decision. The Commission will now carry out a more in-depth investigation to assess further the recapitalisation measure. In that regard, the Commission will focus on the following points: (i)the eligibility of Lufthansa for the aid; (ii) the need for a so-called “step-up” or similar mechanism to incentivise the exit of the State from the capital;(iii) the price of the shares at the time of a potential conversion of Silent Participation II into equity; (iv) the existence of Significant Market Power at airports other than Frankfurt and Munich, at least at Dusseldorf and Vienna airports;(v) certain aspects of the structural commitments imposed on Lufthansa.

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Italy: the European Commission leers Italian public support for Caremar ferry service (08.07.2024) – The European Commission has concluded that the public service compensation granted from 01.01.2009 to 31-07.2012 to Caremar SpA (‘Caremar') for the operation of ferry services in Italy is in line with EU State aid rules. The same applies to the compensation granted to Caremar under the public service contract concluded for the period between 16.07.2015 and 15.07.2024, after Caremar was acquired by the temporary association of companies SNAV/Rifim Srl (‘SNAV/Rifim'). Following a series of complaints, the Commission launched in October 2011 an in-depth investigation into several public support measures in favour of companies of the former Tirrenia Group and their respective acquirers. In November 2012, the Commission extended the scope of this investigation to include additional measures.

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France: the European Commission approves 10.82 billion euro State aid scheme to support offshore wind energy to foster the transition to a net-zero economy (03.07.2024) – The European Commission has approved a 10.82 billion euro French scheme to support the deployment of offshore wind energy, which will help foster the transition towards a net-zero economy. In particular, the measure will support the construction and operation of two bottom-fixed offshore wind farms: one in the South Atlantic zone and another in the Centre Manche 2 zone in Normandy. The South Atlantic wind farm is expected to have a capacity of 1000 to 1200 MW and to generate at least 3,9 TWh of renewable electricity per year. The Normandy wind farm is expected to have a capacity of 1400 to 1600 MW and to generate at least 6,1 TWh of renewable electricity per year. The aid will be granted on the basis of transparent and non-discriminatory bidding processes, which will be organised to select one beneficiary per offshore zone. Under this scheme, the aid will take the form of a monthly variable premium under a two-way contract for difference (‘CfD'), which will be calculated by comparing a reference price, determined in the tender offer of the beneficiary (‘pay as bid'), to the market price for electricity.

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The European Commission clears proposed acquisition of stake in ITA Airways by Lufthansa, subject to conditions (03.07.2024) – The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of joint control of ITA Airways (‘ITA') by Deutsche Lufthansa AG (‘Lufthansa') and the Italian Ministry of Economy and Finance (‘MEF'). The approval is conditional upon full compliance with the remedies offered by Lufthansa and the MEF. Pursuant to the commitments proposed, Lufthansa and the MEF can only implement the transaction following the Commission's approval of suitable remedy takers for each of the short-haul, long-haul and Milan Linate commitments. The Commission will assess the suitability of remedy takers in the context of a separate buyer approval procedure. These commitments fully address the competition concerns identified by the Commission. Therefore, the Commission concluded that the transaction, as modified by the commitments, would no longer raise competition concerns. The decision is conditional upon full compliance with the commitments. Under supervision of the Commission, an independent trustee will monitor their implementation.

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Sweden: the European Commission approves 3 billion euro State aid scheme to support the roll-out of biogenic carbon dioxide capture and storage (02.07.2024) – The European Commission has approved, under EU State aid rules, a 3 billion euro Swedish scheme to support carbon capture and storage (‘CCS') aimed at reducing carbon dioxide (‘CO2') released during the combustion or processing of biomass (‘biogenic CO2'). The measure will contribute to the achievement of Sweden's climate targets and the EU's strategic objectives under the European Green Deal, in particular the 2050 climate neutrality goal. Under the scheme, the aid will be awarded through a competitive bidding process, with the first auction expected in 2024. Auctions will be open to companies that (i) carry out an activity in Sweden, emitting biogenic CO2, and (ii) implement projects with a capacity to capture and store at least 50,000 tonnes of biogenic CO2 per year. Under 15-year long contracts, beneficiaries will receive a grant per tonne of biogenic CO2 that is permanently stored. The aid received will be adjusted taking into account possible revenues that might stem from the projects (e.g., thanks to voluntary carbon removal certificates), as well as other public support received for the same project. The scheme will run until 31.12.2028.

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Bulgaria: the European Commission approves 25.51 million euro restructuring State aid for Bulgarian Posts (02.07.2024) – The European Commission has approved, under EU State aid rules, Bulgaria's plans to grant postal operator Bulgarian Posts restructuring aid for up to 25.51 million euro. The measure will enable the company to restore its long-term viability while minimising competition distortions. The restructuring plan sets out a package of measures for streamlining Bulgarian Post's operations, optimising its network and reducing costs. In parallel, Bulgarian Posts will develop or provide services such as telemedicine or administration through its ubiquitous network on behalf of other public entities, bringing such services closer to citizens in remote areas not well served.

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The European Commission approves 1.3 billion euro restructuring State aid for airline SAS (28.06.2024) – The European Commission has approved, under EU State aid rules, Denmark and Sweden's plans to grant Scandinavian Airlines System AB (‘SAS') restructuring aid for up to 1.3 billion euro. The measure will enable the company to restore its long-term viability while minimising competition distortions. The plan sets out a package of measures for streamlining SAS' fleet, optimising its network, reducing costs, financial burdens and increasing revenues. The plan, which is supported with new aid from Sweden and Denmark through various instruments and different amounts, is necessary to make SAS viable again, following the slower than expected recovery of the air travel demand since the outbreak of the coronavirus pandemic and the adverse effects of Russia's invasion of Ukraine.

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This newsletter provides a selection of opinions and analysis from our EU legal experts on interesting policy developments, recent case law and new regulatory directions of major industry practices. It is released biweekly and covers areas such as: Competition Law, Sanctions, Trade, Energy, Finance, EU funds, Data IP and Privacy, Life Sciences, Transport and Court of Justice of the European Union news.

The aim is to provide an up–to–date tool for quick and easy consultation on the most current and important topics at EU level.

Competition Law and State Aid Sanctions Trade Energy and Green Deal Banking & Finance EU Funds Life Sciences Transport and Electric Vehicles Data, IP and Privacy Consultions and Calls

EUROPEAN COMMISSION (EC)

The European Commission launches consultation on Trade in e-waste & amendments to the Basel Convention annexes (03.07.2024) – The fifteenth Conference of the Parties to the Basel Convention amended the Basel Convention's Annexes II, III and VIII to bring all imports and exports of electrical and electronic waste under the scope of that Convention. The amendments will enter into force from 01.01.2025 and will apply to all Parties to the Convention, including the EU and its Member States. This initiative incorporates these changes into EU law (EU Waste Shipment Regulation), which is due for publication in April 2024.

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The European Commission launches consultation on Tariff quotas – amended rules on reference quantity requirement (03.07.2024) – Regulation (EU) 2020/760 lays down rules for EU importers to apply for import licences. Importers can apply for licenses for up to the average annual quantity of products with the same origin released for free circulation in the EU in the past 2 years. This initiative adjusts the rules on reference quantity to avoid any risk of market distortions posed by recent market developments in some sensitive sectors.

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The European Commission launches EU environmental law – 2025 implementation review (05.07.2024) – The environmental implementation review is a regular cycle of analysis, dialogue and collaboration to improve the implementation of EU environmental policy and law in EU countries. This initiative identifies the main implementation gaps in EU countries and addresses their root causes, proposes solutions, provides technical assistance and facilitates the exchange of good practices, raises awareness and makes it easier for everyone involved to find information on implementing these policies.

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The European Commission launches consultation on Cooperation on direct taxation (07.07.2024) – Directive 2011/16/EU (directive on administrative cooperation - DAC) establishes a system for secure administrative cooperation between the national tax authorities of EU countries and lays down rules and procedures for exchanging information. This evaluation will assess the effectiveness, efficiency and continued relevance of the DAC and its amendments (DAC2 to DAC6), as well as its coherence with other policy initiatives & priorities and the EU added value.

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The European Commission launches consultation on energy labelling requirements for computers (18.07.2024) – The Regulation aims to help consumers choose the most energy-efficient computers by using a scale from A (most efficient) to G (least efficient). The energy label will also provide other useful information on durability and reparability. The consultation covers both the ecodesign and energy labelling initiatives. This consultation covers both the Eco-design and Energy labelling interlinked initiatives. You just need to provide feedback once.

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The European Commission launches consultation on Trade in seal products – fitness check of EU rules (07.08.2024) – Seals are hunted in parts of the world for commercial, subsistence and cultural reasons. In 1983, following people's concerns about animal welfare, the EU banned the import of certain seal pup skins. In 2009, a general ban on placing seal products on the EU market was introduced, with two exceptions. This initiative will assess if the rules in place remain fit for purpose, focusing on their socio-economic impact and their impact on seal populations.

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The European Commission launches a call for evidence on Energy efficiency – Ecodesign requirements for air heating and cooling products (review) (31.08.2024)- In 2016, an Ecodesign measure on air heating products, cooling products, high-temperature process chillers and fan coil units set minimum energy-efficiency requirements, taking effect in 2018 and in 2021. The EU is now reviewing the Ecodesign measure considering technological progress and circular-economy objectives. 

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The European Commission launches consultation on Commercial vehicles – weights and dimensions (evaluation) (05.09.2024)- Under current EU rules, commercial vehicles in the EU carrying goods or passengers by road must meet the allowable weights and dimensions. This initiative will evaluate if the rules: ensure the smooth functioning of the single market improve the environmental performance of these vehicles while safeguarding road safety. Based on these findings, the Commission will assess options to address any identified regulatory and market failures. 

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The European Commission launches consultation on EU Maritime, Fisheries and Aquaculture Fund (“EMFAF”) 2021-2027 – midterm evaluation (13.09.2024) - This midterm evaluation assesses the state of implementation of the EMFAF for the 2021-2027 programming period. It examines the Fund’s effectiveness and efficiency, coherence with other policies relevance EU added value.

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The European Commission launches consultation on Taking car rentals into other EU countries (23.09.2024)- National rules for using car rentals in other countries make car hire expensive and inefficient for the EU population. Rental companies also suffer, and inefficient rules for returning cars may lead to unnecessary greenhouse gas emissions. This initiative aims to make it easier to take private car rentals into other EU countries by setting minimum EU rules on registration, cross-border use and returning cars.

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This newsletter provides a selection of opinions and analysis from our EU legal experts on interesting policy developments, recent case law and new regulatory directions of major industry practices. It is released biweekly and covers areas such as: Competition Law, Sanctions, Trade, Energy, Finance, EU funds, Data IP and Privacy, Life Sciences, Transport and Court of Justice of the European Union news.

The aim is to provide an up–to–date tool for quick and easy consultation on the most current and important topics at EU level.

Competition Law and State Aid Sanctions Trade Energy and Green Deal Banking & Finance EU Funds Life Sciences Transport and Electric Vehicles Data, IP and Privacy Consultions and Calls

EUROPEAN INVESTMENT BANK (EIB)

Serbia: European Investment Bank Global provide 96 million euro to modernise electricity distribution network and improve waterborne transport (18.07.2024) – The European Investment Bank Vice-President has expressed unwavering support for sustainable connectivity and the green and digital transition in Serbia. The EU bank has signed an 80 million euro loan to finance energy efficiency improvements to the electricity distribution system through the installation of smart meters. The Bank has also signed a 16 million euro grant under the Western Balkans Investment Framework to support investments in the inland waterway network. EU funding for these two investments will help Serbia create modern and resilient electricity and transport infrastructure.

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The European Investment Bank Board of Directors backs 8.4 billion euro of new financing for housing, education, energy, water and business investment (17.07.2024) – The Board of Directors of the European Investment Bank (EIB) approved 8.4 billion euro of new financing to build homes and schools, harness renewable energy, upgrade water, transport and communications networks and bolster business innovation and growth in Europe and around the world. In particular: (i) 3.4 billion euro for housing and education; (ii) 2.2 billion euro for clean energy and water; (iii) 1.7 billion euro sustainable transport and better communications; (iv) 1.1 billion euro for corporate innovation and business financing.

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European Investment Bank ‘s new agreement signed to provide additional 2 billion euro to back the reconstruction of areas hit by central Italian earthquake (16.07.2024) – The European Investment Bank (EIB) is further bolstering its commitment to back reconstruction and safety work in the central Italian regions hit by the 2016 and 2017 earthquakes, announcing the approval of a new 2 billion euro financing package. Total EIB support for earthquake-affected regions in central Italy has reached 4.75 billion euro – almost 15% of the 27 billion euro estimated by the government to be needed for reconstruction. The financing package approved by the EIB Board of Directors will be split into a 1 billion euro direct loan to the Ministry of Economy and Finance for the reconstruction and repair of public infrastructure and another 1 billion euro channelled into the banking system via Cassa Depositi e Prestiti to back the reconstruction of private, residential, and industrial property.

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France: European Investment Bank and La Banque Postale sign new partnership including a 600 million euro refinancing package (16.07.2024) – The European Investment Bank La Banque Postale have renewed their cooperation for a further three years, signing a new 600 million euro refinancing package. The signature of these financing packages makes it possible to target specific markets or elements. They are aimed in particular at asset and project financing and the creation of special purpose vehicles, unlocking long-term financing (over 20 years) with attractive interest rates. La Banque Postale has three years to allocate the funds.

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France: European Investment Bank lends 90 million euro for sustainable expansion of the Port of Livorno (15.07.2024) – The European Investment Bank has signed a 90 million euro agreement for sustainable expansion of the Port of Livorno The operations concern the construction of the Darsena Europa container terminal. With current financing totalling more than 1.5 billion euro, the EIB confirms its position as the main financer of Italian port authorities.

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European Investment Bank: group cohesion finance reaches record high, bringing opportunity where talent is (15.07.2024) – The European Investment Bank (EIB) Group exceeded its targets for cohesion financing across the EU in 2023, supporting projects to mitigate regional disparities. The third annual report on “EIB Group activities in EU cohesion regions” highlights how targeted support unlocks regional potential and has a direct impact on improving people’s lives. It also underlines that regional convergence across the EU requires more social investments and connectivity.

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European Investment Bank invests 490 million euro with ICF to finance the construction of affordable and energy-efficient homes in Catalonia (15.07.2024) – The European Investment Bank (EIB) and Institut Català de Finances (ICF) have signed a 163 million euro loan to finance the construction of affordable rental housing with high energy efficiency standards in Catalonia, Spain. This is the first tranche of a total loan of 490 million euro backed by the European Union’s InvestEU programme. The investment is expected to finance the construction of more than 4 300 social rental housing units benefiting over 10 000 people, thereby contributing to social inclusion and urban regeneration.

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European Investment Bank supports ZF in developing advanced braking and steering for cars (15.07.2024) – The European Investment Bank (EIB) is providing a promotional loan of 425 million euro to German automotive supplier ZF Friedrichshafen AG. The funds will enable ZF to invest a total of 1.3 billion euro in research and development of innovative technologies for braking and steering systems, actively shaping the switch to software-defined vehicles. With such new technologies, ZF will be able to remain competitive as the mobility sector moves towards highly automated driving. The company is already pioneering the development and industrialisation of modern chassis systems.

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Luxembourg: European Investment Bank Climate Finance Platform supports BlueOrchard’s climate insurance equity fund with the backing of the government of Luxembourg (12.07.2024) – The Luxembourg-EIB Climate Finance Platform (LCFP) will provide 5 million euro for impact investor BlueOrchard's innovative 100 million dollars climate insurance fund, with the backing of the government of Luxembourg. The LCFP seeks to catalyse private and public sector investment into high-impact companies in emerging markets involved in insuring climate change mitigation and adaptation projects, including projects addressing losses and damages caused by climate change.

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Forestry company Stora Enso to offer sustainable food and personal care packaging with 435 million euro European Investment Bank loan (11.07.2024) – The European Investment Bank (EIB) is extending a 435 million euro credit to forestry company Stora Enso so it can produce greener packaging for foods and personal care products. The loan is for a major upgrade of Stora Enso’s manufacturing site in Oulu, where the company already invested 1 billion euro in reusable, fiber-based, and recyclable packaging production for consumer goods.

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European Investment Bank and Poste Italiane sign 450 million euro agreement to promote digitalisation, service automation, and energy efficiency (11.07.2024) – This financing will enable Poste Italiane to double its daily automated parcel-handling capacity by opening new sorting centres. This is the tenth agreement signed since the EIB began working with Poste Italiane around 25 years ago, with total lending to the company reaching almost 3.3 billion euro.

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Ukraine: EU bank helps improve water supply for war-torn Bucha (10.07.2024) – Around 9 000 residents now have access to quality drinking water thanks to the renovated water supply facility. Damaged by the Russian invasion, the facility has now been renovated and equipped with an iron removal station that will ensure clean, safe drinking water for the population. This renovation was made possible through the city’s participation in the Ukraine Recovery Programme, a 340 million euro European Investment Bank loan facility helping Ukrainian municipalities rebuild their social infrastructure.

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European Investment Bank and Banca Sella provide 200 million euro to facilitate lending to businesses (09.07.2024) – The European Investment Bank (EIB) and Banca Sella have signed a 100 million euro financing agreement to support investments and the working capital and liquidity needs of small and medium businesses (SMEs) and mid-caps, focusing in particular on product and process innovation and projects in cohesion regions. Underpinning its support for local businesses, Banca Sella will provide an additional 100 million euro to what has been provided for under the agreement with the EIB, increasing the funds made available to small businesses and mid-caps to 200 million euro.

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Europeans over 30 understand climate change better than younger generations according the European Investment Bank survey (08.07.2024) – To assess the public’s understanding of climate change, the sixth edition of the European Investment Bank Climate Survey focuses on people’s knowledge of climate change in three key areas: definitions and causes, consequences, and solutions. Participants answered 12 questions and were ranked on a scale of 0 to 10, with 10 indicating the highest level of knowledge. With over 30000 respondents across 35 countries, including the EU Member States, the United Kingdom, the United States, China, Japan, India and Canada, the EIB Climate Survey provides valuable insights into people’s overall understanding of climate change. Details about the findings in every country have been published by the European Investment Bank on its website.

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France: European Investment Bank signs 90 million euro finance contract to reopen Nancy-Contrexéville regional railway line (05.07.2024) – The European Investment Bank announces the signature of a 90 million euro loan agreement with Nova 14, a company dedicated to the renovation, operation and maintenance of the Nancy-Contrexéville regional railway line, which has been closed since 2016. The project involves three and a half years of renovation work and the introduction of 14 return trips a day from 2028, with a 55% increase in passenger numbers. The reopening of this 75 km line will help to open up the rural areas of western Vosges and southern meurthe-et-mosellan, and contribute to the development of sustainable, low-carbon transport in the Grand Est region.

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Greece: Athens to get more climate-resilient water network under EIB advisory agreement with EYDAP (05.07.2024) – The European Investment Bank will provide advisory services to Athens Water Supply and Sewerage Company (EYDAP) in Greece to support the company’s 2 billion euro, 10-year investment programme to ensure the Greek capital has a more resilient water supply. Under the agreement, European Investment Bank Advisory will help EYDAP manage climate risks such as water scarcity, droughts, and heatwaves as it serves a population of 4.4 million and operates a 14,500-kilometre network of pipelines.

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Belgium: the European Investment Bank offers medtech Nyxoah 37.5 million euro in venture-debt financing to develop innovative solutions to treat obstructive sleep apnea. (03.07.2024) – The European Investment Bank is providing venture debt financing to Belgian medical-technology company Nyxoah 37.5 million euro to develop treatments against obstructive sleep apnea. This transaction aligns with the EIB’s priority objective to boost research and technological innovation, in line with the implementation of EU policies.

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Poland: the European Investment Bank Group inaugurates digital hub in Warsaw (02.07.2024) – The European Investment Bank Group inaugurated an IT Centre of Excellence (CoE) in Warsaw to expand the group’s cloud, cybersecurity and other digital capabilities. The CoE will improve the EIB Group’s global activities through new expertise, greater innovation and wider collaboration.

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Italy: the European Investment Bank offers 100 million euro to Snam to support energy efficiency (02.07.2024) – The European Investment Bank and Snam have signed a financing agreement for 100 million euro to support energy improvement projects in public buildings and energy efficiency measures for industrial activities. The framework financing agreement can be used in several tranches over three years. Each tranche will have a maximum total tenor of 15 years. These projects will help to improve the energy efficiency of more than 400 public and private buildings in Italy and produce clean energy, with a total capacity of around 24 MW after the installation of solar panels. According to EIB estimates, these initiatives will help to produce renewable energy equal to the annual energy consumption of more than 10,000 Italian households and generate yearly energy savings of 84 GWh.

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Spain: European Investment Bank and EMT Madrid sign 50 million euro loan to expand zero-emissions urban bus fleet (02.07.2024) – The European Investment Bank (and Madrid's Empresa Municipal de Transportes (EMT) have signed a 50 million euro loan to finance the expansion of EMT's zero-emissions bus fleet, boosting support for sustainable urban public transport. The project includes the purchase of 250 electric buses and 10 hydrogen buses to replace the vehicles that have been in service in Madrid the longest, and are nearing the end of their useful life. With EIB support, EMT will also acquire charging infrastructure to power the electric vehicles added to the city fleet. The financing will pay to equip one of its operations centres with this technology, located in Madrid’s Sanchinarro district.

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The European Investment kicks off H2 2024 funding season with a new seven-year USD Global Climate Awareness Bond (CAB) (02.07.2024) – The European Investment Bank priced a new USD 4billion seven-year Global CAB benchmark due October 10, 2031. The bond pays a semi-annual coupon of 4.375% and has an issue price of 99.277%, providing a spread of 11.03bps over the 4.250% UST due 31.06.2031. The transaction is EIB’s fifth USD benchmark of 2024 and first USD Global Climate Awareness Bond of the year. Including this transaction, the EIB has raised EUR 46.7bn equivalent, or about 78% of the announced 60billion euro funding programme.

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Croatia: capital Zagreb to get vital infrastructure upgrades with 207 million euro European Investment Bank loan (01.07.2024) – The European Investment Bank (EIB) is extending a 207 million euro credit to the City of Zagreb in Croatia for infrastructure upgrades critical for the Croatian capital’s sustainable development. The financing marks the EIB’s first loan signature with the City of Zagreb. The credit is the initial tranche of a 395 million euro EIB framework loan to support the city’s development in the next five years.

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Portugal: European Investment Bank and Banco BPI mobilise 300 million euro to support SMEs and sustainable projects (01.07.2024) – The European Investment Bank (EIB) has signed a loan agreement for 300 million euro with Banco BPI. This operation aims to finance small and medium-sized enterprises (SMEs) and mid-caps, and public sector entities in Portugal, with a focus on climate action and environmental sustainability projects. By facilitating access to credit, this loan is essential for promoting and accelerating private sector investments, which are important for growth and employment in the Portuguese economy. The operation will also contribute to cohesion regions, helping to reduce regional disparities.

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Austria: voestalpine to receive 300 million euro European Investment Bank loan for research and development of green steel production (01.07.2024) – The European Investment Bank (EIB) is providing a loan of 300 million euro to voestalpine AG, Europe’s third largest steelmaker. The financing will be used for the company’s research and development (R&D) programme over a period of four years, with the goal to optimise manufacturing processes, increase energy and raw material efficiency, and extend product life. Overall, voestalpine aims to drastically reduce its environmental and carbon footprint by 2030 and to achieve carbon neutrality of its production by 2050.

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Cezchia: e -grocery business Rohlik gets 90 million euro European Investment Bank loan for growth (28.06.2024) – The European Investment Bank (EIB) is lending 90 million euro to Rohlik, a leading Czech e-grocery business that operates across central and eastern Europe, to bolster the company’s digital advances and growth prospects. Rohlik plans to use the EIB credit to deploy advanced digital technologies and expand into new markets across Europe. The company will benefit from a guarantee under the InvestEU programme that supports research, development, innovation, and scaling-up of digital technologies and services, in particular through artificial intelligence, robotics and automation.

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Romania: Banca Transilvania signs its first synthetic securitisation, supporting new lending to SMEs and mid-caps (27.06.2024) – The European Investment Bank Group (EIB Group), comprising the European Investment Bank (EIB) and the European Investment Fund

(EIF), has strengthened the long-term co-operation with Banca Transilvania (BT) by approving a synthetic securitisation and new lending commitments. The landmark transaction is BT’s first securitisation transaction and represents the first capital relief transaction between BT and the EIB Group. The agreement aims to provide capital relief for BT in relation to a portfolio of assets subject to the standardised approach, freeing up lending capacity that will be used to support Romanian small and medium-sized enterprises (SMEs) and mid-caps.

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Spain: European Investment Bank and CEPSA sign 285 million euro loan to finance the construction of a second-generation biofuels plant (27.06.2024) – The European Investment Bank (EIB) and Cepsa sign a 285 million euro loan agreement for the construction of an advanced biofuels plant to be located next to the ¨La Rábida Energy Park¨ in Palos de la Frontera, Andalusia.The plant, which Cepsa is building together with Bio-Oils, will produce sustainable aviation fuel (SAF) and renewable diesel (HVO), from organic waste such as used cooking oil or from agricultural waste, advancing the circular economy. Once operational, the facility is expected to process as much as 600,000 tonnes of waste and produce up to 500,000 tonnes of second-generation biofuels annually.

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Sweden: EU backs Tele2 to reach near-universal 5G coverage (27.06.2024) – The European Invest Bank (EIB) is providing Tele2 with a 140 million euro loan to support deployment of the 5G network and upgrade of 4G in Sweden. Tele2 will use the loan to roll out a state-of-the-art 5G mobile network in Sweden with the goal of reaching 99.9% of the country’s population. In 2016, the EIB supported Tele2 with a 125 million euro loan to build a 4G network in Sweden.

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Romania: European Investment Bank moves to support businesses and municipalities as Vice-President Tsakiris visits Bucharest (27.06.2024) – The EIB signed guarantee agreements with Banca Comerciala Romana, Raiffeisen Bank and UniCredit Bank under the Resilience and Recovery Fund Romania. The guarantees totalling 98 million euro with the three banks aim to help Romania's large enterprises, including large mid-caps, and small municipalities invest in climate action and the digital transformation. The guarantees will enable the partner banks to offer more favourable loan terms, triggering as much as 750 million euro in new lending.

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EUROPEAN INVESTMENT FUND (EIF)

Croatian and Slovenian researchers gain innovation support with 49 million euro in European Investment Fund led financing (15.07.2024) – The European Investment Fund (EIF) becomes cornerstone investor in first technology-transfer fund in Croatia and Slovenia with involvement of development banks HBOR and SID Banka Vesna Deep Tech Venture Fund secures 49 million euro for commercialization of research projects and protection of intellectual property at universities and research institutions. EIF provides 40 million euro to new fund, with other investors offering a combined 9 million euro.

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The European Investment Fund supports a new fund to invest in social impact companies in Spain and the EU (10.07.2024) – The European Investment Fund (EIF) has signed a 20 million euro investment in Creas Impacto II, a new fund launched by CREAS, a pioneer fund manager in impact investing in Spain. This new vehicle, with a target size of 70 million euro, is a further effort by CREAS to invest in and support Europe's best social impact companies in areas such as empowering people through education and inclusive employment; caring for vulnerable people, with a focus on elder care; and building regenerative models for climate change mitigation and adaptation.

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Spain: the European Investment Fund vests 350 million euro in Kembara, a Deep Tech and climate growth fund under the European Tech Champions Initiative (08.07.2024) – The European Investment Fund (EIF) commits 350 million euro to Kembara Fund I FCR, a 1 billion euro target-size pan-European fund with a strong focus on Deep Tech and climate, managed by Spain-based Alma Mundi Ventures SGEIC (Mundi Ventures). Kembara has been chosen as one of the platforms to scale European Deep Tech and climate champions as part of the strategic European Tech Champion Initiative (ETCI). This is the first ETCI investment in a Spain based fund and it marks a pivotal moment in Europe’s Deep Tech funding landscape.

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Netherlands: Circular firms to gain from 30million euro additional funds for Polestar Capital fund (04.07.2024) – The European Investment Fund has committed 30 million euro to Polestar Capital’s Circular debt fund (PCDF) backed by InvestEU and the Dutch Alternative Credit Instrument in which the EIF participates together with Dutch national promotional institution Invest-NL. A further 13 million euro has been committed by Realdania, Oost NL and Polestar Capital itself. Regional Development Agency Oost NL invested in PCDF from Participatiefonds Oost NL and Perspectieffonds Gelderland, a fund from the province of Gelderland managed by Oost NL.

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Spain: the European Investment Fund invests 22.5 million euro in Global Social Impact Fund II to back social impact-related business projects in Spain (04.07.2024) – The European Investment Fund (EIF) is investing 22.5 million EURO in Global Social Impact Fund II (GSIF Spain), managed by Global Social Impact Investments (GSI). The pledge by the EIF makes it the lead investor in this Spain-focused social impact fund backed by InvestEU programme. The fund invests in small businesses improving livelihoods of people at risk of economic and social exclusion. Companies involved have strong business models, high growth potential and consolidated management teams.

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Denmark: the European Investment Fund and Danish corporate bank to provide over 175 million euro in new, cheaper, loans to Danish SME (03.07.2024) – The European Investment Fund (EIF) and Danish corporate bank kompasbank a/s have signed portfolio guarantee agreements to provide at least 175 million euro in new loans to Danish small and medium-sized businesses. The EIF guarantees will allow kompasbank to support Danish companies with improved lending conditions such as reduced interest rates and longer maturities. The agreements are supported by the InvestEU programme, which aims to trigger more than 372 billion euro in additional investments over the period 2021-2027.

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The European Investment Fund and NATO Innovation Fund join forces to unlock private capital for Europe's defence and security future (03.07.2024) – The European Investment Fund (EIF) and the NATO Innovation Fund (NIF) signed a Memorandum of Understanding MoU) to cooperate in supporting the long-term growth of the defence, security, and resilience sectors across Europe. The partnership reflects the shared interest of the NIF and EIF in establishing a framework to support start-ups, small and medium-sized enterprises (SMEs) and midcaps, as well as in enhancing the whole ecosystem by involving all the main stakeholders.

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