24.5.2014 Official Journal of the European Union L 156/1 (Legislative acts) DECISIONS DECISION No 562/2014/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on the participation of the European Union in the capital increase of the European Investment Fund THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 173(3) thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the European Economic and Social Committee (), Acting in accordance with the ordinary legislative procedure (%), Whereas: (1) Pursuant to Council Decision 94/375[EC (%), the European Investment Fund (the Fund’) was founded in 1994 to ‘stimulate sustained and balanced growth within the Community’. (2)  Following an increase in the Fund’s subscribed capital in 2007, the authorised capital of the Fund is EUR 3 billion, divided into 3 000 shares of EUR 1 million each with a ratio of 20 % of the capital paid-in. The Union, repre- sented by the Commission, participated in the previous increase of the Fund’s subscribed capital in accordance with Council Decision 2007/247 [EC (¥). (3)  Consequently, the Union, represented by the Commission, is currently subscribed to 900 shares of the Fund in total for a nominal value of EUR 900 million, of which EUR 180 million are paid-in. (4)  The European Council of 28-29 June 2012 adopted the ‘Compact for Growth and Jobs’ to stimulate smart, sustainable, inclusive, resource-efficient and job-creating growth. In that context, the European Council in its conclusions emphasized that, among the further urgent actions needed at Union level to boost growth and jobs, to enhance the financing of the economy and make Europe more competitive as a location for production and investment, the activity of the Fund should be developed, particularly as regards its venture activity, in liaison with existing national structures such as national promotional banks and institutions. (5)  In order to further promote investment and access to credit, the European Council of 27-28 June 2013 launched a ‘New Investment Plan for Europe’ to support small and medium-sized enterprises (SMEs) and boost the finan- cing of the economy. In that context, the European Council in its conclusions asked the Commission and the European Investment Bank (EIB) to implement an increase in the Fund’s credit enhancement capacity as a matter of priority. (") Opinion of 25 March 2014 (not yet published in the Official Journal). (¥ Position of the European Parliament of 16 April 2014 (not yet published in the Official Journal) and decision of the Council of 6 May 2014. (*) Council Decision 94/375/EC of 6 June 1994 on Community membership of the European Investment Fund (O] L 173, 7.7.1994, p. 12). (*) Council Decision 2007/247EC of 19 April 2007 on the Community participation in the capital increase of the European Investment Fund (O L 107, 25.4.2007, p. 5).