Next Generation EU (NGEU) is a European recovery instrument to support member states’ economic recovery from the COVID-19 crisis as from 2020. Member states can receive grant funding from the NGEU and can qualify for loans. The European Commission finances the programme by issuing €807 billion in EU bonds on the capital market. Dutch guarantees for the NGEU initially amounted to €38.9 billion. As the NGEU’s lending ceiling was not reached, the guarantee was adjusted downwards and currently stands at €30.3 billion.

Another guarantee due to the COVID-19 crisis has been given for the SURE programme. It supports member states with loans awarded on favourable conditions. The loans enable member states to overcome the increase in public expenditure incurred to maintain jobs. The European Commission financed this €100 billion programme by issuing bonds on the capital market. Via the EU budget, the member states guarantee up to 25% of the loans. In 2026, the Netherlands guarantees €6 billion.

As an EU member state, the Netherlands has been a shareholder in the European Investment Bank (EIB) since its foundation in 1958. The Treaty on the Functioning of the European Union defines the EIB’s task as to contribute, by having recourse to the capital market and utilising its own resources, to the balanced and steady development of the internal market. Like all other member states, the Netherlands participates in the EIB’s capital and stands as guarantor if the EIB can no longer fulfil its commitments. The Netherlands’ interest in EIB’s capital is currently €1.2 billion and it stands guarantor for €11.8 billion.

On 19 March 2025, the European Commission presented Readiness 2030 together with the ReArm Europe plan. Their aim is to strengthen European defence investments and readiness and mobilise €800 billion in additional defence expenditure by 2030. As part of ReArm Europe, a regulation to adopt the Security Action for Europe (SAFE) instrument was agreed on 27 May 2025. The regulation came into effect on 29 May 2025. Through SAFE, the EU will release €150 billion to member states but only on request and based on national plans. The EU budget provides headroom for the €150 billion. The headroom is the difference between the maximum amount of own resources that the Commission can request from the member states in a particular year (the ceiling) and the funds the EU actually needs to cover its budgeted expenditure.

SAFE will award long-term (up to 45 years) loans on favourable conditions to procure defence equipment. To finance the programme, the Commission, acting on behalf of the EU, will borrow funds on the capita market. The member states will stand as guarantors. Given the Netherlands’ current GNI-based contribution of 6.4%, the maximum long-term risk of higher contributions to the EU is estimated at €15.3 billion.

The Netherlands is participating in the EU financing facility for Ukraine (2024-2027). This €50 billion aid package consists of €33 billion in loans and €17 billion in grants. As in the case of SAFE, the Netherlands is standing as guarantor, for €2.1 billion, via the headroom in the EU budget.

The above guarantees are recognised in article 4 (Foreign financial relations) of the Ministry of Finance’s budget (IX).

Several non-EU-related guarantees have been recognised in article 1 (Sustainable economic development, trade and investments) and especially article 5 (Multilateral cooperation) of the Ministry of Foreign Trade and Development Aid’s budget (XVII). They have been given in respect of the African Development Bank (€2.3 billion), Asian Development Bank (€1.3 billion) and Inter American Development Bank (€0.3 billion).

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