Member States

The Member States are responsible for:

• Implementing the Modernisation Fund in their territory
• Selecting the investment proposals they would like to support from their Modernisation Fund share
• Submitting an indicative overview of their planned investments to the Commission, the EIB and the Investment Committee
• Submitting the investment proposals for confirmation to the EIB and the Investment Committee, and providing the information needed for their assessment
• Paying off the support to the project proponents or scheme managing authority(ies) upon the disbursement decision of the Commission
• Participating in the Investment Committee
• Monitoring and submitting annual reports on the implementation of the Modernisation Fund investments, including notifying the Commission of any discontinued investments and recovered funds as appropriate
• Auditing the project proponents or scheme managing authorities, submitting the results of these audits to the EIB and the Commission
• Taking appropriate measures to ensure that the financial interests of the Modernisation Fund are protected, including recovery actions.