The European Court of Auditors has today provided its opinion on the European Commission’s evaluation of the EU External Action Guarantee. The auditors assessed the completeness and quality of the Commission’s evaluation, highlighting several shortcomings and suggesting ways of improving the next evaluation.
Through the External Action Guarantee (EAG), the EU can guarantee financial and investment operations in partner countries up to a theoretical maximum of €53.5 billion. The largest part of the EAG, around €39.1 billion, covers activities under the European Fund for Sustainable Development Plus (EFSD+). The aim of the EFSD+ is to contribute to achieving the UN’s Sustainable Development Goals by supporting investments in a wide range of areas, from the eradication of poverty to addressing the root causes of irregular migration and forced displacement. An additional €11.9 billion of the EAG covers macro-financial assistance and Euratom loans to non-EU countries.
By 31 December 2024, and every 3 years thereafter, the European Commission is required to evaluate the use and functioning of the EAG. The evaluation should cover the EAG’s contribution to the overall objectives, the results achieved, and additionality.
Background information
This opinion has been drafted pursuant to the Regulation establishing the Neighbourhood, Development and International Cooperation Instrument – Global Europe. Article 42(5) of that Regulation requires the European Commission to evaluate certain aspects of the EAG, and the resulting evaluation to be accompanied by an opinion from the European Court of Auditors.