NewzIntel.com

Category: Finance

  • MIL-OSI USA: ICE, law enforcement partner investigation results in a significant prison sentence for a South Texas man convicted of kidnapping illegal aliens

    Source: US Immigration and Customs Enforcement

    SAN ANTONIO — A La Pryor man was sentenced July 1 to 120 years in prison for one count of conspiracy to kidnap and two counts related to harboring illegal aliens causing serious bodily injury and placing the life of a person in jeopardy. He was sentenced to the maximum of 20 years on each of the harboring counts and was sentenced to 80 years on the kidnapping count, with the sentences to run consecutively. This investigation was conducted by U.S. Immigration and Customs Enforcement with assistance from the San Antonio Police Department.

    Joshua Lee Balderas, 33, was sentenced for to various counts related to human smuggling. He was arrested Oct. 28, 2022, and found guilty on all counts by a federal jury on Oct. 11, 2024.

    “This sentence, undoubtedly keeping Balderas confined for the remainder of his life, reflects the egregious nature of these human smuggling crimes,” said U.S. Attorney for the Western District of Texas Justin R. Simmons. “It should send a clear message throughout the nation and across our borders that we take these prosecutions very seriously and will aggressively seek to deliver justice.”

    “The sentencing of this defendant to 120 years in prison marks a significant victory in our ongoing fight against human smuggling,” said ICE Homeland Security Investigations San Antonio Special Agent in Charge Craig Larrabee. “This severe penalty reflects the gravity of the crimes committed and serves as a stern warning to those who exploit vulnerable individuals for profit. I commend the agents and our San Antonio Police Department partners for their hard work during this successful investigation.”

    According to court documents, in March 2022, Balderas and other conspirators transported and harbored a group of seven aliens, including one woman, who had recently crossed the U.S.-Mexico border. When the group was picked up by the smugglers, the woman was suffering from significant injuries to her feet and was severely dehydrated. Balderas transported the group from La Pryor to San Antonio, where the aliens were held captive in hotel rooms and ransomed to their families for thousands of dollars. One family member was forced to pay $7,000 for an alien’s release.

    Balderas and one of his co-conspirators, Kaylen Alexander Brondo, 26, of San Antonio, frequently brandished firearms in the hotel rooms to ensure compliance from the migrants and at trial, a victim testified that Balderas pointed a firearm directly at her to ensure her obedience during a ransom call.

    While the aliens were being held for ransom, Balderas sexually assaulted one of them while threatening her with a firearm.

    Brondo was arrested Oct. 24, 2022, and pleaded guilty on Sept. 30, 2024, to one count of conspiracy to kidnap. Brondo is scheduled for sentencing on Aug. 26. U.S. District Judge Fred Biery is presiding over the cases for both defendants.

    Assistant U.S. Attorneys for the Western District of Texas Amanda Brown and Adrian Rosales prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI USA: ICE, law enforcement partner investigation results in a significant prison sentence for a South Texas man convicted of kidnapping illegal aliens

    Source: US Immigration and Customs Enforcement

    SAN ANTONIO — A La Pryor man was sentenced July 1 to 120 years in prison for one count of conspiracy to kidnap and two counts related to harboring illegal aliens causing serious bodily injury and placing the life of a person in jeopardy. He was sentenced to the maximum of 20 years on each of the harboring counts and was sentenced to 80 years on the kidnapping count, with the sentences to run consecutively. This investigation was conducted by U.S. Immigration and Customs Enforcement with assistance from the San Antonio Police Department.

    Joshua Lee Balderas, 33, was sentenced for to various counts related to human smuggling. He was arrested Oct. 28, 2022, and found guilty on all counts by a federal jury on Oct. 11, 2024.

    “This sentence, undoubtedly keeping Balderas confined for the remainder of his life, reflects the egregious nature of these human smuggling crimes,” said U.S. Attorney for the Western District of Texas Justin R. Simmons. “It should send a clear message throughout the nation and across our borders that we take these prosecutions very seriously and will aggressively seek to deliver justice.”

    “The sentencing of this defendant to 120 years in prison marks a significant victory in our ongoing fight against human smuggling,” said ICE Homeland Security Investigations San Antonio Special Agent in Charge Craig Larrabee. “This severe penalty reflects the gravity of the crimes committed and serves as a stern warning to those who exploit vulnerable individuals for profit. I commend the agents and our San Antonio Police Department partners for their hard work during this successful investigation.”

    According to court documents, in March 2022, Balderas and other conspirators transported and harbored a group of seven aliens, including one woman, who had recently crossed the U.S.-Mexico border. When the group was picked up by the smugglers, the woman was suffering from significant injuries to her feet and was severely dehydrated. Balderas transported the group from La Pryor to San Antonio, where the aliens were held captive in hotel rooms and ransomed to their families for thousands of dollars. One family member was forced to pay $7,000 for an alien’s release.

    Balderas and one of his co-conspirators, Kaylen Alexander Brondo, 26, of San Antonio, frequently brandished firearms in the hotel rooms to ensure compliance from the migrants and at trial, a victim testified that Balderas pointed a firearm directly at her to ensure her obedience during a ransom call.

    While the aliens were being held for ransom, Balderas sexually assaulted one of them while threatening her with a firearm.

    Brondo was arrested Oct. 24, 2022, and pleaded guilty on Sept. 30, 2024, to one count of conspiracy to kidnap. Brondo is scheduled for sentencing on Aug. 26. U.S. District Judge Fred Biery is presiding over the cases for both defendants.

    Assistant U.S. Attorneys for the Western District of Texas Amanda Brown and Adrian Rosales prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI USA: Tennessee Man Sentenced to Life in Prison for Conspiring to Murder Law Enforcement and Attack FBI Office

    Source: US State of California

    Edward Kelley, 36, of Maryville, Tennessee, was sentenced to life in prison today in the Eastern District of Tennessee at Knoxville.

    On Nov. 20, 2024, following a three-day jury trial, Kelley was convicted of conspiracy to murder federal employees; solicitation to commit a crime of violence; and influencing a federal official by threat.

    According to court documents and evidence presented at trial, Kelley developed a plan to murder law enforcement, including agents, officers, and employees of the FBI, Tennessee Bureau of Investigation, Tennessee Highway Patrol, Maryville Police Department, Blount County Sheriff’s Office, and Clinton Police Department. The evidence showed that Kelley developed a “kill list” of law enforcement and distributed the list – along with videos containing images of his targets – to a co-conspirator as part of his “mission.”

    A cooperating defendant, who previously pleaded guilty for his role in the conspiracy, testified that he and Kelley planned attacks on the Knoxville FBI office using car bombs and incendiary devices appended to drones. He also testified that the conspirators strategized about assassinating FBI employees in their homes and in public places such as movie theaters.

    At trial, the United States introduced recordings of the defendant calling for the development of a “course of action” related to his plan. In one such recording, the defendant gave the instructions to, among other things, “start it,” “attack,” and “take out their office” in the event of his arrest. Kelley was recorded stating, “You don’t have time to train or coordinate, but every hit has to hurt,” and “Every hit has to hurt.”

    Assistant Attorney General John A. Eisenberg of the Justice Department’s National Security Division, U.S. Attorney Francis M. Hamilton III for the Eastern District of Tennessee, and Special Agent in Charge Joe Carrico of the FBI Nashville Field Office made the announcement.

    The FBI’s Knoxville Joint Terrorism Task Force, which is comprised of federal, state, and local law enforcement agencies, investigated the case.

    Assistant U.S. Attorneys Casey T. Arrowood and Kyle J. Wilson for the Eastern District of Tennessee and Trial Attorneys Tanya Senanayake and Jacob Warren of the National Security Division’s Counterterrorism Section prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Security: Tennessee Man Sentenced to Life in Prison for Conspiring to Murder Law Enforcement and Attack FBI Office

    Source: United States Attorneys General

    Edward Kelley, 36, of Maryville, Tennessee, was sentenced to life in prison today in the Eastern District of Tennessee at Knoxville.

    On Nov. 20, 2024, following a three-day jury trial, Kelley was convicted of conspiracy to murder federal employees; solicitation to commit a crime of violence; and influencing a federal official by threat.

    According to court documents and evidence presented at trial, Kelley developed a plan to murder law enforcement, including agents, officers, and employees of the FBI, Tennessee Bureau of Investigation, Tennessee Highway Patrol, Maryville Police Department, Blount County Sheriff’s Office, and Clinton Police Department. The evidence showed that Kelley developed a “kill list” of law enforcement and distributed the list – along with videos containing images of his targets – to a co-conspirator as part of his “mission.”

    A cooperating defendant, who previously pleaded guilty for his role in the conspiracy, testified that he and Kelley planned attacks on the Knoxville FBI office using car bombs and incendiary devices appended to drones. He also testified that the conspirators strategized about assassinating FBI employees in their homes and in public places such as movie theaters.

    At trial, the United States introduced recordings of the defendant calling for the development of a “course of action” related to his plan. In one such recording, the defendant gave the instructions to, among other things, “start it,” “attack,” and “take out their office” in the event of his arrest. Kelley was recorded stating, “You don’t have time to train or coordinate, but every hit has to hurt,” and “Every hit has to hurt.”

    Assistant Attorney General John A. Eisenberg of the Justice Department’s National Security Division, U.S. Attorney Francis M. Hamilton III for the Eastern District of Tennessee, and Special Agent in Charge Joe Carrico of the FBI Nashville Field Office made the announcement.

    The FBI’s Knoxville Joint Terrorism Task Force, which is comprised of federal, state, and local law enforcement agencies, investigated the case.

    Assistant U.S. Attorneys Casey T. Arrowood and Kyle J. Wilson for the Eastern District of Tennessee and Trial Attorneys Tanya Senanayake and Jacob Warren of the National Security Division’s Counterterrorism Section prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Doctor Arrested for Multimillion-Dollar COVID-19 Insurance Scheme

    Source: US FBI

    The Attorney for the United States, Acting under Authority Conferred by 28 U.S.C. § 515, Sean Buckley, and the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia, announced the arrest of ALI RASHAN on charges of health care fraud.  As alleged in a five-count Indictment unsealed on June 25, 2025, RASHAN, a medical doctor, was the CEO and founder of ClearMD, a provider of COVID-19 testing services in New York City which fraudulently billed insurance companies for approximately $24 million for COVID-19 testing and submitted fraudulent medical records in furtherance of this fraudulent scheme.  RASHAN was presented before U.S. Magistrate Judge Barbara Moses on June 25 and the case has been assigned to Judge Paul A. Engelmayer.

    “While New Yorkers were doing their best to get through a public health crisis, Ali Rashan was allegedly cashing in on it,” said Attorney for the United States Sean Buckley.  “Our Office will not tolerate those who exploit the city’s pandemic response for personal profit.”

    “Ali Rashan allegedly facilitated an elaborate scheme using fabricated medical records to steal more than $24 million,” said FBI Assistant Director in Charge Christopher G. Raia.  “This defendant allegedly violated his dual authorities as a medical doctor and CEO to receive reimbursement from thousands of illegitimate claims.  The FBI remains dedicated to investigating any individual who selfishly exploits our health care system for their personal benefit.

    According to statements made in court and publicly filed documents in this case:[1]

    From at least 2021 until in or about 2023, RASHAN, the founder and owner of ClearMD, a provider of medical testing services, agreed to submit and caused to be submitted to insurers fraudulent claims that billed for unperformed and unrequested services purportedly provided to patients who sought testing for COVID-19 and fraudulent medical records in support of these fraudulent claims.  For example, RASHAN directed ClearMD to submit or cause the submission of thousands of claims that billed for evaluation and management (“E/M”) services that were never performed.  Furthermore, at times during the relevant period, RASHAN directed ClearMD to submit claims to insurers billing for two to four COVID-19 testing codes, even though ClearMD had administered only a single COVID-19 test to patients.  Thereafter, in response to requests from insurers for documentation supporting its claims for reimbursement, RASHAN instructed ClearMD staff to write a software program to generate false medical records to support ClearMD’s fraudulent billings.  RASHAN directed ClearMD to submit these fabricated medical records to insurers to deceive them about the services that ClearMD had provided and to justify ClearMD’s retention of amounts paid to ClearMD in response to fraudulent claims.  This scheme resulted in losses of at least approximately $24 million.

    *                *                *

    RASHAN, 41, of New York, New York, is charged with one count of conspiracy to commit health care fraud, which carries a maximum sentence of 20 years in prison; one count of health care fraud, which carries a maximum sentence of 10 years in prison; one count of wire fraud, which carries a maximum sentence of 20 years in prison; one count of conspiracy to make false statements, which carries a maximum sentence of five years in prison; and one count of false statements relating to health care matters, which carries a maximum sentence of five years in prison.

    The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

    Mr. Buckley praised the outstanding investigative work of the FBI.  Mr. Buckley also thanked the Office of Personnel Management’s Office of Inspector General and the U.S. Department of Labor, Employee Benefits Security Administration for their assistance in this investigation.

    The charges announced today are part of a strategically coordinated, nationwide law enforcement action that resulted in criminal charges against 324 defendants for their alleged participation in health care fraud and illegal drug diversion schemes that involved the submission of over $14.6 billion in alleged false billings and over 15.6 million pills of illegally diverted controlled substances.  The defendants allegedly defrauded programs entrusted for the care of the elderly and disabled to line their own pockets.  In connection with this nationwide health care fraud takedown, the Government seized over $245 million in cash, luxury vehicles, and other assets.

    Descriptions of each case involved in today’s enforcement action are available on the Department’s website here.

    This case is being handled by the Office’s Complex Frauds and Cybercrime Unit.  Assistant U.S. Attorneys Rushmi Bhaskaran, Timothy Capozzi, and Jaclyn Delligatti are in charge of the prosecution.

    The charges contained in the Indictment are merely allegations, and the defendant is presumed innocent unless and until proven guilty.
     

    [1] As the introductory phrase signifies, the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI Security: Two Men Charged in HIV Medication Fraud and Identity Theft Scheme

    Source: US FBI

    The United States Attorney for the Southern District of New York, Jay Clayton, and the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia, announced today the unsealing of a Complaint charging JOSUE TORRES and ANTHONY GUERRA with participating in a scheme to obtain high-cost medications for HIV and other illnesses by causing fraudulent prescriptions to be issued using the stolen identities of medical practitioners and those practitioners’ purported patients.  TORRES and GUERRA were arrested on June 17, 2025, and presented before U.S. Magistrate Judge Henry J. Ricardo.

    “As alleged, the defendants stole the identities of doctors and patients to convert valuable, life-saving medications into a source of illicit profits,” said U.S. Attorney Jay Clayton.  “By feeding the black market for prescription medications, the defendants’ alleged crimes endangered the safety of patients and undermined the integrity of our health care system.  Together with our partners at the FBI, we are committed to bringing to justice those who seek to profit by defrauding pharmacies, drug manufacturers, distributors, and insurers.”

    “Josue Torres and Anthony Guerra allegedly procured and resold hundreds of illegitimate prescriptions through unauthorized access to pharmaceutical databases and copay assistance,” said FBI Assistant Director in Charge Christopher G. Raia.  “These defendants allegedly exploited private medical information of both practitioners and patients to perpetuate this elaborate scheme. The FBI remains committed to apprehending any individual who steals medications for illicit black-market profits.”

    According to the allegations in the Complaint:[1]

    From at least in or about August 2021 through the present, TORRES and GUERRA participated in a scheme to cause fraudulent prescriptions to be issued for certain high-cost prescription medications (the “High-Cost Medications”) used to treat HIV and other diseases, and to obtain those High-Cost Medications by picking them up at pharmacies or by having them shipped to a physical address.

    TORRES accessed accounts on e-prescribing platforms using the names and other identifying information of certain physicians and other medical practitioners (the “Targeted Practitioners”) without the Targeted Practitioners’ authorization or knowledge.  TORRES and GUERRA then used the e-prescribing platforms to cause High-Cost Medication prescriptions (the “Fraudulent Prescriptions”) to be issued for certain individuals who did not require those medications (the “Sham Patients”).  The image below shows TORRES picking up HIV medication issued to a Sham Patient on or about December 30, 2022. 

    TORRES and GUERRA secured significantly reduced copay amounts for the High-Cost Medications associated with the Fraudulent Prescriptions through the use of copay assistance programs, with copay assistance cards that bore the names of the Sham Patients.  In some cases, a Sham Patient’s private health insurance provider paid out money to cover a portion of the cost of a High-Cost Medication.

    In total, TORRES, GUERRA, and other co-conspirators caused approximately 693 Fraudulent Prescriptions, including prescription refills, to issue from approximately 18 Targeted Practitioners.  Those Fraudulent Prescriptions contained approximately 55,626 tablets, capsules, or other units of medication, worth approximately $2,638,581.[1]

    TORRES and GUERRA went on to sell the High-Cost Medications, which have significant resale value on the black market.

    Below are texts messages from 2021 between TORRES (messages with green background) and GUERRA (messages with grey background). 

    *               *                *

    TORRES, 45, of Brooklyn, New York, and GUERRA, 37, of the Bronx, New York, are charged with one count of conspiracy to commit wire fraud and health care fraud, which carries a maximum sentence of 20 years in prison; and one count of aggravated identity theft, which carries a mandatory minimum sentence of two years in prison to run consecutive to any other prison term.

    The statutory minimum and maximum sentences are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

    Mr. Clayton praised the outstanding work of the FBI in connection with this investigation.

    The charges announced today are part of a strategically coordinated, nationwide law enforcement action that resulted in criminal charges against 324 defendants for their alleged participation in health care fraud and illegal drug diversion schemes that involved the submission of over $14.6 billion in alleged false billings and over 15.6 million pills of illegally diverted controlled substances.  The defendants allegedly defrauded programs entrusted for the care of the elderly and disabled to line their own pockets.  In connection with this nationwide health care fraud takedown, the Government seized over $245 million in cash, luxury vehicles, and other assets.

    Descriptions of each case involved in today’s enforcement action are available on the Department’s website here.

    This case is being handled by the Office’s General Crimes Unit.  Assistant U.S. Attorney Henry Ross is in charge of the prosecution.

    The charges contained in the Complaint are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

    [1] As the introductory phrase signifies, the entirety of the text of the Complaint and the description of the Complaint set forth herein constitute only allegations, and every fact described should be treated as an allegation.

    [2] The approximate total value of the Fraudulent Prescriptions was calculated by multiplying the number of prescription and prescription refills for a given High-Cost Medication by the national average drug acquisition cost, or “NADAC,” of that medication, as of in or about 2023. NADACs are published by the Centers for Medicare & Medicaid Services at: https://www.medicaid.gov/medicaid/nadac.

    MIL Security OSI –

  • MIL-OSI Security: Serial Hacker ‘IntelBroker’ Charged for Causing $25 Million in Damages to Victims

    Source: US FBI

    Kai West, a British National, Is Charged With Operating the “IntelBroker” Online Identity, Infiltrating Victim Computer Networks, Stealing Data, Selling It, and Causing Millions in Damages to Dozens of Victims Around the World

    The United States Attorney for the Southern District of New York, Jay Clayton, and the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia, announced the unsealing of a four-count criminal Indictment and Complaint charging KAI WEST, a/k/a “IntelBroker,” a/k/a “Kyle Northern,” with a years-long hacking scheme committed through the online identity “IntelBroker.”  WEST, using the IntelBroker identity, conspired with an online group named the CyberN[——], to steal data from a telecommunications company, municipal health care provider, an Internet service provider, and more than 40 other victims.  WEST, and his online co-conspirators, took that stolen data, and offered it for sale online for more than $2 million.  Collectively, WEST, through the “IntelBroker” identity and his online co-conspirators, caused in excess of $25 million in damages to victims.  WEST was arrested in France in February 2025, and the United States is seeking his extradition.  The case has been assigned to U.S. District Judge Katherine Polk Failla.

    “The IntelBroker alias has caused millions in damages to victims around the world,” said U.S. Attorney Jay Clayton.  “This action reflects the FBI’s commitment to pursuing cybercriminals around the world.  New Yorkers are all too often the victims of intentional cyber schemes and our office is committed to bringing these remote actors to justice.”

    “Kai West, an alleged serial hacker, is charged for a nefarious, years-long scheme to steal victim’s data and sell it for millions in illicit funds, causing more than $25 million in damages worldwide,” said FBI Assistant Director in Charge Christopher G. Raia.  “Today’s announcement should serve as a warning to anyone thinking they can hide behind a keyboard and commit cyber-crime with impunity; the FBI will find and hold you accountable no matter where you are.”

    As alleged in the Indictment and Complaint:[1]

    “IntelBroker” is the online moniker of WEST, who, in concert with his co-conspirators, compromised victims’ (typically companies) computer systems, exfiltrated data from those systems (e.g. customer lists and company marketing data), and then sold the stolen data for profit.  WEST accomplished his scheme in connection with his leadership of an online hacking group called the “CyberN[——],” which frequented a particular internet forum (“Forum-1”).

    Between approximately 2023 to 2025, WEST offered hacked data for sale approximately 41 times; and offered to distribute hacked data for free (or for Forum-1 credits) approximately 117 times. WEST, and his co-conspirators, have sought to collect at least approximately $2,000,000 by selling the stolen data.  Based on information received from the victims of these breaches, WEST and his co-conspirators have cumulatively caused victim losses of at least $25,000,000.

    Based on a review of WEST’s IntelBroker Forum-1 posts, approximately 158 threads started by WEST offered stolen data for sale, for Forum-1 credit, or for free, since in or about January 2023 through in or about February 2025.  At least 41 of those 158 public messages sell data from companies based in the United States.  Of those 158 messages, approximately 16 provided a specific asking price for the stolen data, which cumulatively totals at least $2,467,000. At least 25 of the 158 public messages invited Forum‑1 users to private message IntelBroker (i.e. WEST) to negotiate a sales price.  The remaining 117 public messages offer hacked data for free to Forum-1 users or in exchange for Forum-1 credits.  At least 46 of the 158 public messages indicate that WEST worked in concert with a particular Forum-1 user (“CC-1”) to obtain the data through a “breach” (i.e. “hack”).  WEST’s public messages (as IntelBroker) indicate that he accepts payment via Monero, which is a cryptocurrency that uses a blockchain with privacy-enhancing technologies to attempt to obfuscate transactions and seek to achieve anonymity and fungibility.

    WEST’s prolific posting (as IntelBroker), and his sales of stolen data, have generated notoriety for the IntelBroker identity within the Forum-1 community. Indeed, from in or about August 2024 through in or about January 2025, “IntelBroker” was identified on Forum-1 as the site’s “owner.”  To further his username’s notoriety, WEST has associated different images with IntelBroker but primarily uses the following image as his calling card:

    WEST’s victims include a U.S.-based telecommunications provider.  WEST, using the IntelBroker moniker, sold data from that telecommunications company, which included information about its customers.  That data was accessed by WEST by illegally accessing a server which was improperly configured.  On or about March 6, 2023, WEST, using the IntelBroker moniker, authored a public message on Forum-1 titled “CyberN[——] [redacted reference to Victim] Database.”  In that post, WEST offered for sale data from a municipal healthcare provider which included patient data such as names, Social Security numbers, dates of birth, genders, health plan information, employer information, among other information, from the victim’s patients. 

    *               *                *

    WEST, 25, a British national, is charged with conspiracy to commit computer intrusions, which carries a maximum sentence of five years in prison; conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison; accessing a protected computer to obtain information, which carries a maximum sentence of five years in prison; and wire fraud, which carries a maximum sentence of 20 years in prison.

    The maximum potential sentences are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Clayton praised the outstanding work of the FBI and the Office of International Affairs of the Department of Justice’s Criminal Division.  He also thanked the French, Spanish, British, and Dutch authorities for their assistance. 

    The case is being prosecuted by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorney Ryan B. Finkel is in charge of the prosecution.

    The charges contained in the Indictment and Complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
     

    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the Complaint, and the descriptions set forth herein, constitutes only allegations, and every fact described therein should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI Security: Hertford County Man Sentenced to Over Seven Years After Armed Robbery in Winton

    Source: US FBI

    WILMINGTON, N.C. – Trevon Montez Freeman, of Hertford County, was sentenced today to 90 months in prison for interference with commerce by robbery and brandishing a firearm during the robbery.  Freeman, 21, pled guilty to the charges on February 11, 2025.

    “Commercial armed robbery not only endangers the lives of victims and bystanders but tears at the fabric of our communities,” said Acting U.S. Attorney Daniel P. Bubar. “This result reflects our commitment to holding violent offenders accountable and providing some justice to the victim in this case.”

    According to court documents and other information presented in court, on November 26, 2023, just before 10 p.m., Hertford County Sheriff’s Deputies responded to a report of an armed robbery at the Winton Deli on S. Main Street in Winton.  The clerk, who was shaking and in tears, explained that she and her nephew had been closing the store when a black male ran into the store and aimed a tan handgun at them.  The robber, who was wearing a black ski mask, Air Force 1 shoes, and a black hoodie, ordered the clerk to the register at gunpoint.  He took bills and change, later determined to be $257, from the register and left the store.  Deputies attempted a K-9 track, which led to a parking lot where fresh tire marks indicate a car had sped away.

    “The professionalism, dedication, and commitment shown by our team reflect our ongoing mission to protect the citizens and businesses of Hertford County,” said Hertford County Sheriff Dexter Hayes. “We remain steadfast in our pledge that anyone who chooses to commit a crime in our county will be held accountable. We will not tolerate those who threaten the safety of our community.”

    Surveillance video confirmed that the robber brandished a tan handgun with a light attached under the barrel.  He could be heard speaking on the video, and a deputy recognized the voice as belonging to the defendant Trevon Freeman.  Deputies began to patrol around Freeman’s house and just after midnight made a traffic stop on Freeman’s car for a speeding violation.  Freeman was wearing a black jacket and Air Force 1 shoes, and a black ski mask sat beside him in the passenger seat.  Deputies found a roll of bills and hundreds of coins in pocket, totaling nearly $200.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by Chief U.S. District Judge Richard E. Myers II.  The Hertford County Sheriff’s Office and Federal Bureau of Investigation investigated this case.  Assistant U.S. Attorneys Jake D. Pugh and Phil Aubart prosecuted.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 2:24-cr-0018-M.

    MIL Security OSI –

  • MIL-OSI Security: Multiple Eastern North Carolina Health Care Professionals Charged in Connection with 2025 National Health Care Fraud Takedown

    Source: US FBI

    RALEIGH, N.C. – Today, Acting United States Attorney Daniel P. Bubar announced criminal charges against five individuals and one company, in connection with alleged schemes to defraud and abuse the Medicare and Medicaid programs, and other insurance carriers.  The charges filed in federal court are part of the Department of Justice’s 2025 National Health Care Fraud Takedown. The charges stem from Medicaid kickbacks to patients in exchange for attending substance abuse services, and from false and fraudulent billings to Medicare for durable medical equipment.

    “Fraud against our healthcare system is not a victimless crime – it threatens patient care, burdens taxpayers, and undermines trust in critical programs,” said Acting U.S. Attorney Daniel P. Bubar. “Today’s charges demonstrate our offices resolve to pursue those who attempt to profit by violating federal law and jeopardizing public resources. We will continue to work with our federal and state law enforcement partners to ensure accountability.”

    “Today’s record-setting Health Care Fraud Takedown sends a crystal-clear message to criminal actors, both foreign and domestic, intent on preying upon our most vulnerable citizens and steal from hardworking American taxpayers: we will find you, we will prosecute you, and we will hold you accountable to the fullest extent of the law,” said Attorney General Pamela Bondi. “Make no mistake – this administration will not tolerate criminals who line their pockets with taxpayer dollars while endangering the health and safety of our communities.”

    All the cases are part of a strategically coordinated, nationwide law enforcement action that resulted in criminal charges against 324 defendants for their alleged participation in health care fraud and illegal drug diversion schemes that involved the submission of over $14.6 billion in intended loss and over 15 million pills of illegally diverted controlled substances. The defendants allegedly defrauded programs entrusted for the care of the elderly and disabled to line their own pockets. The United States has seized over $245 million in cash, luxury vehicles and other assets in connection with the takedown.

    The following individuals have been charged in the Eastern District of North Carolina:

    • Kimberly Mable Sims (a lab company owner), Francine Sims Super (an office manager), and Keke Komeko Johnson (a compliance officer), were charged by information in connection with the payment of more than $1 million in illegal remunerations in the form of gift cards to patients of Life Touch, LLC (“Life Touch”), a North Carolina substance abuse treatment company, and in connection with false statements to Medicaid auditors regarding the same. The inducements resulted in more than $25 million in payments from Medicaid to Life Touch. As alleged, over four years, Life Touch, through its compliance officer and managers, routinely paid patients based upon the number of days per week that they received services. Life Touch staff also received kickbacks from a lab company that it utilized for drug testing services. The charging documents further allege that Medicaid auditors were deceived regarding these ongoing practices at Life Touch and the lab company. In addition, Super and Johnson were each charged with failure to file a tax return. Life Touch and Brandon Eugene Sims were previously charged in this case. More than $6 million in assets in the form of cash, real estate and other assets haven been seized. The cases are being prosecuted by Special Assistant U.S. Attorney Tasha Gardner, and Assistant U.S. Attorney William M. Gilmore of the U.S. Attorney’s Office for the Eastern District of North Carolina.

    • Randal Fenton Wood, 56, of Flagler Beach, Florida, was charged by information with conspiracy to commit health care fraud in connection with a scheme to bill Medicare, the Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA), and other insurance programs for medically unnecessary durable medical equipment (“DME”). As alleged in the information, Wood and others partnered with purported marketing entities which solicited Medicare beneficiaries to accept durable medical equipment, such as braces and pneumatic compression devices, by illegally waiving copays and pressuring beneficiaries to accept the equipment without verifying that the equipment was medically necessary. The marketing entities sold the beneficiary information and the prefilled orders to Wood and other DME supply companies, who developed and implemented a “doctor chase” model to pressure physicians into signing or altering orders so that they could be billed in full. The DME supply companies owned by or affiliated with Wood received over $39 million in reimbursement from Medicare for DME ordered through this scheme. The case is being prosecuted by Assistant U.S. Attorney David G. Beraka of the U.S. Attorney’s Office for the Eastern District of North Carolina.

    In addition to the foregoing cases, which were a part of the National Enforcement Action, Acting United States Attorney Bubar today also announces the convictions of the following healthcare and mental health practitioners in connection with an investigation into billing and documentation practices by Medicaid mental health providers Our Treatment Center and Partners Against Sexually Transmitted Diseases, which operated in Raleigh, North Carolina:

    • Dawn Marie Meacham, 61, of Raleigh, a Licensed Clinical Mental Health Counselor (LCMHC) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Meacham faces up to 5 years of imprisonment on the charge.

    • Kim Jones Kelly, 68, of Greenville, a Licensed Clinical Addiction Specialist (LCAS) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Kelly faces up to 5 years of imprisonment on the charge.

    • Pius Ondachi, 54, of Raleigh, a Licensed Clinical Mental Health Counselor (LCMHC) pled guilty to Making and Using Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 1035(a)(2).  At sentencing, which remains pending, Ondachi faces up to 5 years of imprisonment on the charge.

    • Tequila Vinson Bogan, 48, of Smithfield, a Licensed Clinical Mental Health Counselor (LCMHC) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Bogan faces up to 5 years of imprisonment on the charge.

    • Ifeoma Ezugwu, 56, of Raleigh, a Licensed Clinical Social Worker Associate (LCSWA) pled guilty to Making and Using Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 1035(a)(2).  At sentencing, which remains pending, Ezugwu faces up to 5 years of imprisonment on the charge.

    • Queensly Onuzulike, 49, of Raleigh, a Licensed Clinical Social Worker (LCSW) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Onuzulike faces up to 5 years of imprisonment on the charge.

    • Tamika Rochaelle Autry, 29, of Wilson, a Certified Peer Support Specialist and Qualified Practitioner, pled guilty to Making and Using Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 1035(a)(2).  At sentencing, which remains pending, Autry faces up to 5 years of imprisonment on the charge.

    Special Assistant United States Attorney Tasha C. Gardner, of the United States Attorney’s Office for the Eastern District of North Carolina, and the North Carolina Attorney General’s Office – Medicaid Investigations Division, serves as prosecutor on each of these cases.

    “Individuals and entities that participate in federal healthcare programs are expected to obey the laws meant to preserve the integrity of program funds,” said Kelly J. Blackmon, Special Agent in Charge with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue to collaborate with our law enforcement partners to investigate allegations of Medicare and Medicaid fraud.”

    “Healthcare fraud isn’t a crime that only exists on paper. These schemes drain taxpayer-funded government programs designed to assist citizens who may not otherwise be able to afford healthcare. The FBI and our partners work tirelessly to stop people from defrauding the government, protect the integrity of the programs for those who truly need it, and bring offenders to justice,” said FBI Charlotte Acting Special Agent in Charge James C. Barnacle Jr.

    “We remain committed to uncovering misconduct in use of healthcare funds and holding offenders accountable,” said Acting Special Agent in Charge Richard Gaskins, Charlotte Field Office, Internal Revenue Service Criminal Investigation. “Our special agents will continue to work alongside our law enforcement partners to pursue individuals who try to exploit federal relief programs for their personal gain.”

    “These people were entrusted to help provide health care and necessary medical tests to patients, but instead they used patients’ information to commit Medicaid fraud,” said North Carolina Attorney General Jeff Jackson. “I’m grateful for the work of our office’s Medicaid Investigations Division to hold these fraudsters accountable, as well as the partnerships with federal and state law enforcement and prosecutors that helped get this done. We’ll make sure anyone who abuses taxpayer dollars is held accountable.”

    “This criminal charge underscores the VA Office of Inspector General’s commitment to vigorously investigate those who would seek to defraud VA healthcare programs,” said Special Agent in Charge Nate Landkammer with the VA Office of Inspector General’s Mid-Atlantic Field Office. “The VA OIG thanks the U.S. Attorney’s Office, and our law enforcement partners for their efforts in this investigation.”

    Principal Assistant Deputy Chief Jacob Foster, Assistant Deputy Chief Rebecca Yuan, Trial Attorney Miriam L. Glaser Dauermann, and Data Analyst Elizabeth Nolte, all of the Health Care Fraud Unit of the Criminal Division’s Fraud Section, led and coordinated this year’s Takedown. The cases are being prosecuted by the Health Care Fraud Unit’s National Rapid Response, Florida, Gulf Coast, Los Angeles, Midwest, New England, Northeast, and Texas Strike Forces; U.S. Attorneys’ Offices for the District of Arizona, Central District of California, Northern District of California, Southern District of California, District of Columbia, District of Connecticut, District of Delaware, Middle District of Florida, Northern District of Florida, Southern District of Florida, Middle District of Georgia, District of Idaho, Northern District of Illinois, Eastern District of Kentucky, Western District of Kentucky, Eastern District of Louisiana, Middle District of Louisiana, District of Maine, District of Massachusetts, Eastern District of Michigan, Western District of Michigan, Northern District of Mississippi, Southern District of Mississippi, District of Montana, District of Nevada, District of New Hampshire, District of New Jersey, Eastern District of New York, Northern District of New York, Southern District of New York, Western District of New York, Eastern District of North Carolina, Western District of North Carolina, District of North Dakota, Northern District of Ohio, Southern District of Ohio, Northern District of Oklahoma, Western District of Oklahoma, District of Oregon, Eastern District of Pennsylvania, District of South Carolina, Middle District of Tennessee, Western District of Tennessee, Northern District of Texas, Southern District of Texas, Western District of Texas, District of Vermont, Eastern District of Virginia, Western District of Washington, and Northern District of West Virginia; and State Attorneys General’s Offices for California, Illinois, Indiana, Louisiana, Massachusetts, Michigan, Missouri, New York, Ohio, Pennsylvania, South Carolina, and Wisconsin. The Health Care Fraud Unit’s Data Analytics Team used cutting-edge data analytics to identify and support the investigations that led to these charges.

    The Eastern District of North Carolina, in particular, worked with the following law enforcement organizations to investigate and prosecute the cases filed during the enforcement period: The U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG), the North Carolina Attorney General’s Office – Medicaid Investigations Division (MID), the Federal Bureau of Investigation (FBI), the Internal Revenue Service Criminal Investigation (IRSCI), the Defense Criminal Investigative Service (DCIS), and the Department of Veterans Affairs Office of Inspector General.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Forces. Prior to the charges announced as part of today’s nationwide Takedown and since its inception in March 2007, the Health Care Fraud Strike Force, which operates in 27 districts, charged more than 5,400 defendants who collectively billed Medicare, Medicaid, and private health insurers more than $27 billion.

    A complaint, information, or indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Dozens of Violent Offenders Arrested in Operation Mongolian Beef

    Source: US FBI

    Twenty-eight members of the Mongols motorcycle gang were taken into custody today in a joint operation between the FBI Jacksonville Division, Volusia Sheriff’s Office, and the Seventh Judicial Circuit State Attorney’s Office. In addition, arrest warrants have been issued for three additional Mongols gang members and their arrests are pending.

    The following individuals have been charged with aggravated rioting related to the gas station shooting that occurred in New Smyrna Beach during Bike Week on March 8, 2025:

    • Tyler Maxamillian Araya
    • Max Martin Bastuardo
    • Gary Robert Bedsaul (arrest still pending)
    • John Paul Bertrand
    • Christopher Allen Boyd
    • Peri John Butler
    • Pablo Jorge Cardoza Baptista
    • Jarrad Bryce Cawley
    • Francis G. Gomez
    • Daniel Hernandez
    • Sean Jeffery Hoholik
    • Trevor Frank Kopp (arrest still pending)
    • Kevin Koul
    • Matthew David Limperatos
    • Daniel William Macumber
    • Robert Brandon Maness
    • Shawn Anthony Marshall
    • Steve Patino-Rangel
    • Justin Ballard Perry
    • Chadwick Lee Price
    • Michael Angel Rodriguez
    • Mario Silvestri (arrest still pending)
    • Spencer Ryan Skipworth
    • Timothy Adam Stephens
    • Joseph Harry James Summerhill
    • Anthony Christopher Trimboli
    • Jacob Rolando Velez
    • Clinton Neal Walker (previously arrested and charged related to this shooting)
    • Douglas Ray White
    • Kash Williams
    • Gaige Alexander Wilson

    Aggravated rioting (Florida Statute 870.01 3) is when a person participates in a riot of 25 or more other people. It is a second-degree felony and punishable by up to 15 years in prison.

    The FBI and partners also executed 14 search warrants, including at the Mongols Clubhouse in Edgewater, Florida; four homes in Volusia County; three homes in Brevard County; two homes in Miami-Dade County; one home in Chesterfield County, Virginia; one home in Palm Beach County; and two homes in Polk County.

    “The FBI has made a commitment to all Americans that we will crush violent crime across the country. I’m proud to share that the FBI is delivering our commitment to you here in Florida. Operation Mongolian Beef is just one example of how the FBI brings our full force of investigative capabilities to assist our law enforcement partners and protect our communities. There is no doubt Volusia County and, in fact, the entire state of Florida is safer today with these violent offenders off the street,” said FBI Jacksonville Special Agent in Charge Jason Carley.

    This joint operation was carried out by the Volusia County Sheriff’s Office, FBI Jacksonville, FBI Tampa, FBI Miami, FBI Richmond, FBI Newark, FBI Columbia, and FBI Charlotte, with assistance from the State Attorney’s Office for the Seventh Judicial Circuit, U.S. Attorney’s Office for the Middle District of Florida, Homeland Security Investigations, U.S Marshals, FBI Safe Streets Task Force, the sheriff’s offices of Brevard, Broward, Collier, Escambia, Hillsborough, Miami-Dade, Orange, Osceola, Palm Beach, Polk, and the police departments of Boca Raton, DeLand, Lakeland, New Smyrna Beach, Palm Bay, Orange City, Orlando, Rockledge, and Titusville.

    MIL Security OSI –

  • MIL-OSI Security: National Health Care Fraud Takedown Results in Charges Against 324 Individuals, Including 13 in Northern District of Illinois

    Source: US FBI

    Northern District of Illinois Defendants Charged for Nearly $2 Billion in Fraudulent Reimbursements

    CHICAGO — Thirteen defendants in the Northern District of Illinois are facing federal criminal charges as part of the largest national health care fraud enforcement action in Department of Justice history–and the largest ever in the Northern District of Illinois.  The Administration has identified health care fraud as a top priority for white-collar enforcement.

    More than 320 defendants were charged nationwide for allegedly participating in various health care fraud schemes involving more than $14.6 billion in intended losses.  The government seized more than $245 million in cash, luxury vehicles, cryptocurrency, and other assets as part of the national enforcement effort.  The takedown involved federal and state law enforcement agencies across the country and represented an unprecedented effort to combat health care fraud schemes that exploit both patients and taxpayers.

    In the Northern District of Illinois, the 13 defendants are charged with various crimes related to health care, with some allegedly participating in fraud schemes involving more than $1.83 billion billed to government programs and private health insurers.  The fraud schemes caused the Department of Health and Human Services’ Health Resources and Services Administration (HRSA), Medicare, and other insurers to pay more than $865 million in fraudulent reimbursements.

    The nationwide takedown was led and coordinated by the Health Care Fraud Unit of the Department of Justice Criminal Division’s Fraud Section and its core partners from U.S. Attorneys’ Offices, the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG), FBI, and the Drug Enforcement Administration (DEA).  The cases were investigated by agents from HHS-OIG, FBI, DEA, the U.S. Food and Drug Administration Office of Criminal Investigations, and other federal and state law enforcement agencies.  The cases are being prosecuted by Health Care Fraud Strike Force teams from the Criminal Division’s Fraud Section, 48 U.S. Attorneys’ Offices nationwide, and nine State Attorney Generals’ Offices.

    “The U.S. Attorney’s Office for the Northern District of Illinois is proud to partner with the Department of Justice and multiple law enforcement agencies in the largest health care fraud takedown in our District’s history,” said Andrew S. Boutros, United States Attorney for the Northern District of Illinois.  “Health care fraud is an insidious crime that siphons off hard-earned tax dollars meant to provide care for people of limited means as well as the vulnerable and disabled.  It leads to increased health care costs, including higher insurance premiums and taxes, as well as potentially jeopardizing the quality and safety of treatment.  At nearly $2 billion, the alleged combined fraud at issue in these cases is staggering. This type of criminal conduct not only undermines the very fabric of our health care system, but also can lead to mistrust between patient and health care provider, especially when the criminal conduct is committed by medical professionals in a position of trust.  Our Office will continue to vigorously pursue those who seek to exploit these critically important health care programs by placing greed and profits above patient care.”

    “This record-setting health care fraud takedown delivers justice to criminal actors who prey upon our most vulnerable citizens and steal from hardworking American taxpayers,” said Attorney General Pamela Bondi.  “Make no mistake–this administration will not tolerate criminals who line their pockets with taxpayer dollars while endangering the health and safety of our communities.”

    The thirteen defendants in northern Illinois were charged in five cases filed in the Northern District of Illinois:

    U.S. v. Charolia, et al

    RUKNUDDIN “RICK” CHAROLIA, 43, AAMIR ALI ARIF, 32, SHEARYAR ARIF, 28, and FIZZA FARID, 29, all foreign citizens, were indicted for their alleged participation in a $700 million health care fraud scheme in which false and fraudulent claims were submitted to Medicare and Medicare Advantage plans for over-the-counter Covid-19 test kits, durable medical equipment products, and genetic tests that were not requested, not medically necessary, and/or not provided to the beneficiaries.  As alleged in the indictment, Charolia and Aamir Ali Arif operated a call center in Pakistan called Hello International Marketing Solutions (“HIMS”), that obtained Medicare beneficiary information, including Medicare beneficiary identification numbers, through theft and deception.  HIMS then purportedly contacted beneficiaries to obtain patient consent for the durable medical equipment products, Covid-19 test kits, and genetic tests, even though the products and services were often not requested or medically necessary.  The purported consent for the Covid-19 test kits was sometimes even faked through artificial intelligence.  Charolia, Aamir Ali Arif, Shearyar Arif, and Farid allegedly caused the durable medical equipment providers and laboratories to submit approximately $703 million in fraudulent claims for products and services that were not requested, not medically necessary, or not provided to beneficiaries, receiving at least approximately $418 million from Medicare and Medicare Advantage plans.  Additionally, Charolia, Aamir Ali Arif, and FAIZAN SALEEM, 28, also a foreign national, were charged for their alleged participation in a conspiracy to defraud the United States and violate the Anti-Kickback Statute for their sale and distribution of Medicare beneficiary information, including Medicare BINs, to durable medical equipment providers and laboratories in the United States. 

    All five defendants were also charged with participating in a money laundering conspiracy in which fraud proceeds were transferred to various U.S. accounts controlled by the defendants in an effort to conceal the source, location, ownership, and control of the funds.  The case is being prosecuted by Trial Attorneys Kelly M. Warner and Claire Sobczak Pacelli of the Midwest Strike Force, and Assistant U.S. Attorney Jasmina Vajzovic of the Northern District of Illinois.

    U.S. v. Ahmed, et al

    ANOSH AHMED, 41, formerly of Chicago and Houston, Texas, MOHAMED SIRAJUDEEN, 53, of Chicago, MAHMOOD SAMI KHAN, 36, of Houston, Texas, and SUHAIB AHMAD CHAUDHRY, 34, of Houston, Texas, were indicted for their roles in an alleged $894 million fraudulent Covid-19 testing scheme.  As alleged in the indictment, Ahmed, Sirajudeen, and Khan caused clinical laboratories in Illinois and Texas to submit false and fraudulent claims to the U.S. government’s HRSA Covid-19 Uninsured Program seeking reimbursement in the amount of approximately $894 million for Covid-19 testing, of which approximately $293 million was paid. 

    According to the indictment, Ahmed was a physician who used patient information obtained from a variety of sources, including a patient list from a hospital where he previously worked, to generate false claims that were submitted through a laboratory in Illinois.  Dr. Ahmed allegedly falsely represented that the identifiers were associated with uninsured individuals who had submitted biological samples for Covid-19 testing, knowing that the purported patients had not submitted any samples.  Ahmed allegedly also submitted false claims through labs in Texas that he owned but which were not operational.  According to the indictment, Ahmed, Sirajudeen, Khan, and Chaudhry then laundered the fraud proceeds through various bank accounts to conceal the origin of the funds.  Ahmed and Khan were charged with wire fraud and, along with Chaudhry, with conspiracy to commit money laundering.  Ahmed was also charged with conspiracy to pay and receive kickbacks, obtaining individually identifiable health information without authorization and for commercial advantage, and money laundering.  Sirajudeen was charged with money laundering.  

    The government has seized approximately $100 million in assets in this matter.  The case is being prosecuted by Assistant U.S. Attorneys Sheri Mecklenburg and Kelly Guzman of the Northern District of Illinois, and Trial Attorney Claire Sobczak Pacelli of the Midwest Strike Force.

    U.S. v. Elkoussa

    JAMIL ELKOUSSA, 35, of Orland Park, Ill., was charged with five counts of wire fraud in connection with a scheme to defraud the U.S. government’s HRSA Covid-19 Uninsured Program.  As alleged in the indictment, Elkoussa operated Meridian Medical Staffing, which purported to collect samples for Covid-19 tests at numerous sites in Illinois and Florida.  Elkoussa allegedly caused a laboratory to submit approximately $233 million in fraudulent claims to the HRSA Uninsured Program for Covid-19 test specimens purportedly collected from patients, even though he knew that such test specimens had not been collected from the purported patients, and many of those patients did not exist.  According to the indictment, Elkoussa’s fraudulent conduct resulted in approximately $154 million in HRSA payments to the laboratory, for which Elkoussa received more than $60 million.   

    Approximately $6 million in assets have been seized in this matter.  The case is being prosecuted by Trial Attorney Claire Sobczak Pacelli of the Midwest Strike Force and Assistant U.S. Attorney Kelly Guzman of the Northern District of Illinois.

    U.S. v. Muhammad, et al

    MINHAJ FEROZ MUHAMMAD, 37, and SUFYAN FEROZE, 34, both of Naperville, Ill., were charged in connection with their involvement with FZ Medical Inc., d/b/a Next Labs Inc., which allegedly submitted more than $72 million in false and fraudulent claims to Medicare and Blue Cross Blue Shield of Illinois for Covid-19 laboratory testing services that were not provided to insureds.  According to the indictment, the lab was paid more than $9.7 million for these claims.  The case is being prosecuted by Trial Attorney Kelly M. Warner, with substantial assistance by former Trial Attorney Victor B. Yanz of the Midwest Strike Force.

    U.S. v. Farley

    CHER FARLEY, 52, of Earlville, Ill., was charged in connection with her acquisition of foreign-sourced drugs labeled as Botox and Sotox, and the subsequent dispensing of those drugs without a prescription.  As alleged in a criminal information, Farley caused foreign-sourced Botox and Sotox without proper labeling to be introduced into interstate commerce from China and dispensed without a prescription to multiple victims.  The case is being prosecuted by Assistant U.S. Attorney Erin Kelly of the Northern District of Illinois.

    ~~~

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force, which works in partnership with U.S. Attorney’s Offices nationwide.  Prior to the charges announced as part of today’s nationwide takedown and since its inception in March 2007, the Health Care Fraud Strike Force, which operates in 27 districts, charged more than 5,400 defendants who collectively billed Medicare, Medicaid, and private health insurers more than $27 billion.

    The public is reminded that charges are merely allegations, and all defendants are presumed innocent until proven guilty.

    MIL Security OSI –

  • MIL-OSI Africa: Minister of Planning, Economic Development, and International Cooperation delivers Egypt’s address at the roundtable on “Revitalizing international development cooperation”


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    H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered Egypt’s speech at the multilateral roundtable titled “Revitalizing international development cooperation”, on behalf of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, during the 4th International Conference on Financing for Development held in Spain from June 29 to July 3, 2025.

    Dr. Rania Al-Mashat explained that the current period is witnessing a significant decline in progress toward achieving the Sustainable Development Goals, due to escalating geopolitical tensions and multiple ongoing crises, which has resulted in successive negative impacts, especially on developing and least developed countries, which bear the heaviest burden of the global debt crisis leading to a widening and deepening gap between developed and developing countries day by day.

    H.E.  added that the 4th International Conference on Financing for Development represents an important opportunity to reaffirm the existence of genuine political will to address the situation and to discuss effective proposals that would enhance concessional financing, support existing financial mechanisms, including Special Drawing Rights (SDRs), as well as develop new mechanisms to mobilize the required financing.

    The Minister of Planning, Economic Development and International Cooperation pointed out that among these mechanisms, development-linked debt instruments are an example of financial instruments that can contribute to stimulate funding linked to development priorities, affirming the importance of donor countries’ commitment to their pledges to developing countries, adding that the challenges faced by developing countries are also beginning to affect many middle-income countries, which face the risk of undermine the progress they have achieved due to the worsening global debt situation.

    Al-Mashat emphasized the need to focus on priority sectors, such as health and education, while making concerted efforts to alleviate debt burdens, which can be achieved by implementing sustainable mechanisms that contribute to supporting developing countries in a integrated manner.

    In conclusion of her speech, H.E. stated that the conversation should not be limited to increasing the volume of financing alone, but should also focus on capacity building of countries, so that they are able to work effectively to achieve their national priorities and implementing their development strategies independently and sustainably, expressing her hope that the conference would come out with concrete recommendations capable of making a real, positive impact in advancing the 2030 Sustainable Development Agenda.

    Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.

    MIL OSI Africa –

  • MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements – A10-0117/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

    (COM(2025)0084 – C10‑0036/2025 – 2025/0040(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

    – having regard to the Commission proposal to Parliament and the Council (COM(2025)0084),

    – having regard to Article 294(2) and Articles 172 and 173, Article 175, third paragraph, Article 182(1), Article 188, second paragraph, and Articles 183 and 194 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10‑0036/2025),

    – having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

    – having regard to the opinion of the European Economic and Social Committee of 29 April 2025[1],

    – after consulting the Committee of the Regions,

    – having regard to Rule 60 of its Rules of Procedure,

    – having regard to the joint deliberations of the Committee on Budgets and the Committee on Economic and Monetary Affairs under Rule 59 of the Rules of Procedure,

    – having regard to the opinions of the Committee on Industry, Research and Energy and of the Committee on Transport and Tourism,

    – having regard to the report of the Committee on Budgets and the Committee on Economic and Monetary Affairs (A10-0117/2025),

    1. Adopts its position at first reading hereinafter set out;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

     

    Amendment  1

    AMENDMENTS BY THE EUROPEAN PARLIAMENT[*]

    to the Commission proposal

    ———————————————————

     

    2025/0040 (COD)

    Proposal for a

    REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

    amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

    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 172 and Article 173, Article 175, third paragraph, Article 182(1), Article 188, second paragraph, Article 183 and Article 194 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 of 29 April 2025[2],

    After consulting the Committee of the Regions▌,

    Acting in accordance with the ordinary legislative procedure,

    Whereas:

    (1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the green and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed. In that context, enhancing the Union’s autonomy, in particular in the area of energy, by supporting investments that strengthen a renewable-based and clean energy system, is essential to reduce dependencies and safeguard economic and political stability.

    (1a) Additionality and the leveraging effect of the EU guarantee are the foundation of both the EFSI and the InvestEU Programme, enabling especially the scaling up of new and innovative technologies and companies as well as de-risking investment for private investors. It is necessary for the European Parliament to have better oversight over the InvestEU Programme to ensure that the EU guarantee is used in accordance with the programme’s objectives, such as fostering sustainable growth and competitiveness, with genuine additionality compared to private investors.

    (2) The Draghi report assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030, with EUR 450 billion needed for the energy transition alone. This includes a substantial amount for the green and digital transition. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster sustainable building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.

    (2a) Europe is experiencing an acute housing crisis which consists in two market failures: a shortage of affordable and social housing, and a failure to bridge the energy efficiency gap, with 46 million Europeans living in energy poverty. According to an analysis by the EIB Group, an estimated annual investment of EUR 300 to 400 billion is needed for construction and renovation only. In that regard, the Commission is planning to present a first-ever European Affordable Housing Plan and is partnering with the EIB Group, national promotional banks and international financial institutions to develop a European investment platform for affordable and sustainable housing. Increasing the amount available under the social investment and skills policy window would allow greater support from InvestEU for that key priority. In particular, it is necessary for the Commission and implementing partners to enhance the visibility and accessibility of financing instruments in relation to housing. This would contribute to the implementation of the European Pillar of Social Rights.

    (2b) In the light of Russia’s war of aggression against Ukraine, increased national and European spending is required to enhance European defence capabilities and to support the European Defence Technological and Industrial Base (EDTIB). On 19 March 2025, the Commission and the High Representative of the Union for Foreign Affairs and Security Policy presented a White Paper for European Defence –Readiness 2030 containing a plan to significantly step up Europe’s spending on security and defence. InvestEU enables financing and investment operations to develop the Union defence industry and military mobility, including financial support to small and medium-sized enterprises (SMEs) and mid-caps. Increasing the amount available under the relevant windows would allow greater support from InvestEU for this key priority. In particular, it is necessary for the Commission and implementing partners to enhance the visibility and accessibility of financing instruments for SMEs, mid-caps, and start-ups in the defence supply chain.

    (2c) In 2024, the Commission launched, together with the European Investment Fund, an export credit guarantee facility under InvestEU with a view to encouraging Union SMEs to strengthen economic ties with Ukraine and revitalise trade, thereby contributing to Ukraine’s economic recovery and improving the competitiveness of SMEs. It is important that as many European export credit agencies as possible participate in this facility.

    (2d) The Letta and Draghi reports underline the importance of well-functioning transport networks and services to ensure a transition towards a green economy while strengthening the Union’s competitiveness. In that regard, massive strategic investments are needed to complete missing links and to modernise transport infrastructure, where major gaps exist in public and private financing.

    (3) The InvestEU Fund is the main EU-level tool to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation highlighted that budgetary guarantees are inherently efficient for the EU budget and confirmed that the programme is well on track to mobilise investment, with a notable expected impact on the real economy. However, approvals of financing and investment operation under InvestEU were heavily frontloaded, and as a result, if no action is taken to address the issue, new approvals for some financial products may cease after 2025.

    (4) The financial capacity of InvestEU Fund should be increased and used even more efficiently in combination with resources that will become available under the European Fund for Strategic Investments (EFSI) and other legacy instruments (CEF Debt Instrument and InnovFin Debt Facility) implemented by the EIB Group. These combinations potentially reduce the budget revenues from legacy instruments. However, they would also create the possibility for an increased volume of guarantee cover to be provided for strategic investments in key Union priority areas for an additional investment of around EUR 25 billion that can be expected to be mobilised and by leading to an increased diversification of risks and thus not substantially increasing the risks for the Union budget.

    (5) With the EUR 4,5 billion increase of the EU guarantee underpinned by ▌additional reflows of EUR 1,8 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 70 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them. The indicative distribution of the EU guarantee between the four policy windows should be increased proportionally to the increase of the EU guarantee.

    (5a) InvestEU advisory services play an important role in the development of a pipeline of projects. Those advisory services are particularly useful in complex areas, such as affordable social housing and defence. It would therefore be appropriate to use EUR 200 million in reflows to increase the amount made available for such services. Furthermore, it is necessary to enhance the interaction between the various components of the InvestEU Programme, in particular between the InvestEU Advisory Hub and the InvestEU Portal.

    (5b) The Commission estimates the amount of provisioning required to cover future life-time losses from the operations supported under the InvestEU Fund with a 95 % confidence level of the value at risk. Taking into account the positive experience with the InvestEU Programme to date and in order to maximise budgetary efficiency while preserving a suitable level of risk management, it would be appropriate for the Commission to assess whether to reduce that level to 90 %, which would be in line with risk-related methodologies in Union external policies and would enable a high volume of financing and investment operations in support of the Union’s strategic priorities.

    (6) In order to enhance the attractiveness of the Member State compartment under the InvestEU Fund, it should be made possible for Member States to contribute also in a fully funded manner through an InvestEU financial instrument in addition to the existing option of contributing to the EU guarantee. The support from InvestEU financial instrument should, to the extent possible, be implemented following the same principles as those of the EU guarantee. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency. The InvestEU financial instrument should also provide a further incentive for responsibly increasing the risk appetite of the implementing partners thereby contributing to the crowding-in of private capital.

    (6a) It is possible to combine amounts allocated to the Member State compartment with resources under the EU compartment in a layered structure to achieve a better risk coverage, in particular with a first loss tranche covered by national resources. Member States should further explore that possibility to mobilise more investments in strategic areas. To ensure coherence with the objectives of the InvestEU Programme, such combinations should respect the principles of EU value-added, fair competition, and the integrity of the internal market, and should support cross-border cooperation where relevant.

    (7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. Without prejudice to the definition of an SME for the purposes of other Union acts and any future programmes and funds, the application of the definition of an SME for the purposes of the InvestEU Programme should be adjusted to remove complexities to the extent possible, taking account of the possibility for implementing partners to request information on the ownership structure of SMEs for the purpose of calculating the headcount. In that regard, and as noted in Recital 14 of Commission Recommendation 2003/361/EC[3], enterprises should be permitted to use solemn declarations to certify specific characteristics relevant to their SME status, such as the autonomy of their ownership structures. Specific attention should be paid to social economy enterprises and micro finance institutions.

    (7a) It is appropriate for the Commission to take further non-legislative simplification measures in order to complement this amending Regulation, such as reducing the frequency of progress reports to be submitted by implementing partners. However, it is important that such measures do not compromise the effectiveness of auditing and monitoring mechanisms necessary to ensure alignment with the Union’s policy objectives.

    (7b) It is important that State aid procedures applicable to operations supported under the InvestEU Fund be proportionate, predictable, and streamlined. In that context, it is also important that the Commission explore all available means to simplify and accelerate State aid assessments. This could include making greater use of the principle of market conformity. Furthermore, it is necessary that, where appropriate, the Commission provide timely guidance and further clarify and simplify the application of State aid rules to national financial instruments.

    (8) The frequency and scope of reports should also be reduced for the InvestEU programme and its predecessor, the EFSI programme.

    (9) For the Commission’s accounting, implementing partners should provide for combinations audited financial statements in line with Article 212(4) of the Financial Regulation, clearly delineating the amounts related to the different legal basis.

    (10) Regulations (EU) 2015/1017, (EU) 2021/695 and (EU) 2021/1153 should be amended to allow for combinations of support under those Regulations and the EU guarantee under this Regulation.

    (10a) On 18 April 2019, the Commission declared that ‘without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact (SGP), one-off contributions by Member States, either by a Member State or by national promotional banks classified in the general government sector or acting on behalf of a Member State, into thematic or multi-country investment platforms should in principle qualify as one-off measures within the meaning of Articles 5(1) and 9(1) of Council Regulation (EC) No 1466/97 (13) and Article 3(4) of Council Regulation (EC) No 1467/97 (14). In addition, without prejudice to the prerogatives of the Council in the implementation of the SGP, the Commission will consider to what extent the same treatment as for the EFSI in the context of the Commission communication on flexibility can be applied to the InvestEU Programme as the successor instrument to the EFSI with regard to one-off contributions provided by Member States in cash to finance an additional amount of the EU guarantee for the purposes of the Member State compartment’. Since then, the economic governance framework has changed. In light of this, Member State contributions should still be considered as one-off measures.

    (11) Since the objectives of this Regulation, namely to address Union-wide and Member State specific market failures and the investment gap within the Union, to accelerate the Union’s green and digital transition, enhance its competitiveness and strengthen its industrial base cannot be sufficiently achieved by the Member States, but can be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary to achieve those objectives.

    (11a) In order to support the European Parliament in exercising its institutional role in overseeing Union funds and ensuring alignment with agreed policy objectives, the independent final evaluation report on the InvestEU Programme referred to in Article 29(3) of Regulation (EU) 2021/523 should assess the effectiveness and impact of the derogations introduced by this amending Regulation, in particular their role in facilitating access to finance for target groups such as SMEs. It should also consider the overall functioning of the InvestEU Programme in the light of the principles of transparency, accountability and performance monitoring, including an examination of the relevance of financial thresholds applicable to SMEs in the light of economic developments.

    (11b) With a view to reducing administrative complexity and legal uncertainty, the independent final evaluation report on the InvestEU Programme referred to in Article 29(3) of Regulation (EU) 2021/523 should also take into account any regulatory adjustments arising from the projected legislative proposal on a small mid-cap enterprise category. Due attention should be given to the effectiveness of measures aimed at facilitating enterprise development,

     

    HAVE ADOPTED THIS REGULATION:

    Article 1

    Amendments to Regulation (EU) 2021/523 [InvestEU Regulation]

    Regulation (EU) 2021/523 is amended as follows:

    (1) In Article 1, the first paragraph is replaced by the following:

    ‘This Regulation establishes the InvestEU Fund, which shall provide for an EU guarantee and an InvestEU financial instrument to support financing and investment operations carried out by the implementing partners that contribute to objectives of the Union’s internal policies.’;

    (2) Article 2 is amended as follows:

    (a) points (3), (4) and (5) are replaced by the following:

    ‘(3) ‘policy window’ means a targeted area for support by the EU guarantee or the InvestEU financial instrument as laid down in Article 8(1);’

    (4) ‘compartment’ means a part of the support provided under the InvestEU Fund defined in terms of the origin of the resources backing it;’

    (5) ‘blending operation’ means, under the EU compartment, an operation supported by the Union budget that combines non-repayable forms of support, repayable forms of support, or both, from the Union budget with repayable forms of support from development or other public finance institutions, or from commercial finance institutions and investors; for the purposes of this definition, Union programmes financed from sources other than the Union budget, such as the EU ETS Innovation Fund, may be assimilated to Union programmes financed by the Union budget;’;

    (b) point (8) is replaced by the following:

    ‘(8) ‘contribution agreement’ means a legal instrument whereby the Commission and one or more Member States specify the conditions for the implementation of the contribution under the Member State compartment, as laid down in Articles 10 and 10a, respectively;’;

    (c) points (10) and (11) are replaced by the following:

    ‘(10) ‘financing and investment operations’ or ‘financing or investment operations’ means operations to provide finance directly or indirectly to final recipients through financial products:

    (a) in the context of the EU guarantee, carried out by an implementing partner in its own name, provided by the implementing partner in accordance with its internal rules, policies and procedures and accounted for in the implementing partner’s financial statements or, where applicable, disclosed in the notes to those financial statements;

    (b) in the context of the InvestEU financial instrument, carried out by the implementing partner in its own name or in its own name but on behalf of the Commission, as applicable;

    (11) ‘funds under shared management’ means funds that provide for the possibility of allocating a portion of those funds to the provisioning for a budgetary guarantee or to a financial instrument under the Member State compartment of the InvestEU Fund, namely the European Regional Development Fund (ERDF) and the Cohesion Fund established by Regulation (EU) 2021/1058 of the European Parliament and of the Council[4], the European Social Fund Plus (ESF+) established by Regulation (EU) 2021/1057 of the European Parliament and of the Council[5] (the ‘ESF+ Regulation for 2021-2027’), the European Maritime, Fisheries and Aquaculture Fund (EMFAF) established by Regulation (EU) 2021/1139 of the European Parliament and of the Council[6] and the European Agriculture Fund for Rural Development (EAFRD) established by Regulation (EU) 2021/2115 of the European Parliament and of the Council[7] (the ‘CAP Strategic Plans Regulation’);’;

    (d)  point 12 is replaced by the following:

    ‘(12) ‘guarantee agreement’ means a legal instrument whereby the Commission and an implementing partner specify the conditions for proposing financing and investment operations in order for them to be granted the benefit of the EU guarantee and/or of the InvestEU financial instrument, for providing the EU guarantee or support through the InvestEU financial instrument for those operations and for implementing them in accordance with this Regulation;’;

    (e) point 21 is replaced by the following:

    ‘(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250 and which has an annual turnover not exceeding EUR 50 million and where information relating to the autonomy of its ownership structure for the purpose of calculating those thresholds may be made by way of a solemn declaration by the enterprise, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC[8] or as otherwise defined in the guarantee agreement;’;

    (f) the following point 24 is added:

    ‘(24) ‘InvestEU financial instrument’ means a measure defined in Article 2, point (30), of the Financial Regulation to be implemented under the Member State compartment of the InvestEU Fund.’;

    (3) Article 4 is amended as follows:

    (a) paragraph 1 is amended as follows:

    (i) in the first subparagraph, the first sentence is replaced by the following:

    ‘The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 30 652 310 073 in current prices.’;

    (ii) the second subparagraph is replaced by the following:

    ‘An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in point (b) of Article 9(1) of this Regulation, subject to the allocation by Member States, pursuant to Article 14 of Regulation (EU) 2021/1060 of the European Parliament and of the Council[9] (the ‘Common Provisions Regulation for 2021-2027’) and Article 81 of the CAP Strategic Plans Regulation, of the corresponding amounts.’;

    (b) in paragraph 2, the second subparagraph is replaced by the following:

    ‘An amount of EUR 15 827 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).’;

    (ba) paragraph 3 is replaced by the following:

    ‘3.  The financial envelope for the implementation of the measures provided for in Chapters VI and VII shall be EUR 630 000 000 in current prices.’

    (4) in Article 6(1), the first sentence is replaced by the following:

    ‘The EU guarantee and the InvestEU financial instrument shall be implemented in indirect management with the bodies referred to in points (c)(ii), (c)(iii), (c)(v) and (c)(vi) of Article 62(1) of the Financial Regulation.’;

    (5) Article 7 is amended as follows:

    (a) The title is replaced by the following:

    ‘Combinations’

    (b) paragraph 1 is replaced by the following:

    ‘Support from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation.’;

    (c) paragraph 4 is replaced by the following:

    ‘Support from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under these instruments and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing exclusively financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation.’;

    (d) the following paragraphs 5, 6 and 7 are added:

    ‘5. By derogation from Article 212(3), second subparagraph of the Financial Regulation, the released guarantee under the financial instruments established by the programmes in the programming period 2014-2020 may be used for covering financing and investment operations eligible under this Regulation for the purpose of the combination referred to in paragraph 4.

    6. By derogation from Article 216(4), point (a) of the Financial Regulation, the provisioning corresponding to the released guarantee under the Union support from the EU guarantee established by Regulation (EU) 2015/1017  may not be taken into account for the purpose of operations  referred to in Article 216(4) of the Financial Regulation and may be used for covering financing and investment operations eligible under this Regulation for the purpose of the combination referred to in paragraph 4.

    7. The release of the guarantee under the financial instruments established by the programmes in the programming period 2014-2020, the transfer of corresponding assets from fiduciary accounts to Common Provisioning Fund and the release of the guarantee under the Union support from the EU guarantee established by Regulation (EU) 2015/1017 referred to in paragraph 4 shall take place by an amendment of the relevant agreements signed between the Commission and the EIB or the EIF. 

    The conditions of the use of the released guarantees referred to in the first subparagraph, to cover financing and investment operations eligible under this Regulation, and where relevant, the transfer of corresponding assets from fiduciary accounts to the Common Provisioning Fund, shall be set out in the guarantee agreement referred to in Article 17.

    The terms and conditions of the financial products referred to in paragraphs 1 and 4 of this Article and of the portfolios concerned, including the respective pro rata shares of losses, revenues, repayments and recoveries or the respective non pro rata shares in accordance with the second subparagraph of paragraph 3, shall be set out in the guarantee agreement referred to in Article 17.’;

    (6) In Article 8(8), the second subparagraph is replaced by the following:

    ‘The Commission, together with implementing partners, shall seek to ensure that the part of the EU guarantee under the EU compartment used for the sustainable infrastructure policy window is distributed with the aim of achieving a balance between the different areas referred to in point (a) of paragraph 1.’;

    (7) In Article 9(1), point (b) is replaced by the following:

    ‘(b) the Member State compartment shall address specific market failures or suboptimal investment situations in one or several regions or Member States to deliver the policy objectives of the contributing funds under shared management or of the additional amount provided by a Member State under  Article 4(1), third subparagraph, or under Article 10a(1), second subparagraph, in particular to strengthen economic, social and territorial cohesion in the Union by addressing imbalances between its regions.’;

    (8) Article 10 is amended as follows:

    (a) the title is replaced by the following:

    ‘Specific provisions applicable to the EU Guarantee implemented under the Member State compartment’;

    (b) in paragraph 2, the fourth subparagraph is replaced by the following:

    ‘The Member State and the Commission shall conclude a contribution agreement or an amendment to it following the Commission Decision approving the Partnership Agreement pursuant to the Common Provisions Regulation for 2021-2027 or the CAP Strategic Plan under the CAP Strategic Plans Regulation or simultaneously to the Commission Decision amending a programme in accordance with the  Common Provisions Regulation for 2021-2027 or a CAP Strategic Plan in accordance with the provisions on the amendment to the CAP Strategic Plan laid down in the CAP Strategic Plans Regulation.’;

    (c) in paragraph 3, point (b) is replaced by the following:

    ‘(b) the Member State strategy, consisting of the type of financing, the target leverage, the geographical coverage, including regional coverage if necessary, types of projects, the investment period and, where applicable, the categories of final recipients and of eligible intermediaries;’;

    (9) The following Article 10a is inserted:

    ‘Article 10a

    Specific provisions applicable to the InvestEU financial instrument implemented under the Member State compartment

    1. A Member State may contribute amounts from the funds under shared management to the Member State compartment of the InvestEU Fund in view of deploying them through the InvestEU financial instrument.

    Member States may also provide additional amounts for the purposes of the InvestEU financial instrument. Such amounts shall constitute an external assigned revenue in accordance with Article 21(5), second sentence of the Financial Regulation.

    Amounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used for supporting financing and investment operations in the Member State concerned. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 11(1)(a) of the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plans in accordance with Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed.

    2.  Contribution to the InvestEU financial instrument shall be subject to the conclusion of a contribution agreement between a Member State and the Commission, which for the contributions from funds under shared management shall be done in accordance with Article 10(2), fourth subparagraph.

    Two or more Member States may conclude a joint contribution agreement with the Commission.

    3. The contribution agreement shall at least contain the amount of the contribution by the Member State and the currency of the financing and investment operations, provisions on the Union remuneration for the InvestEU financial instrument, the elements set out in points (b) to (e) and (g) of Article 10(3) and the treatment of resources generated by or attributable to the amounts contributed to the InvestEU financial instrument.

    4. The contribution agreements shall be implemented through guarantee agreements concluded in accordance with Article 10(4), first subparagraph.

    Where no guarantee agreement has been concluded within 12 months from the conclusion of the contribution agreement, the contribution agreement shall be terminated or prolonged by mutual agreement. Where the amount of a contribution agreement has not been fully committed under one or more guarantee agreements within 12 months from the conclusion of the contribution agreement, that amount shall be amended accordingly. The unused amount of a contribution from funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the respective Regulations. The unused amount of a contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

    Where a guarantee agreement has not been duly implemented within the period specified in Article 14(6) of the Common Provisions Regulation for 2021-2027 or Article 81(6) of the CAP Strategic Plans Regulation, or, in the case of a guarantee agreement related to amounts provided in accordance with paragraph 1, second subparagraph, of this Article, in the relevant contribution agreement, the contribution agreement shall be amended. The unused amounts allocated by Member States pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the respective Regulations. The unused amount of an InvestEU financial instrument attributable to the contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

    Resources generated by or attributable to the amounts contributed to the InvestEU financial instrument pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the respective Regulations. The resources generated by or attributable to the amounts contributed to the InvestEU financial instrument under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

    5. Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028.’;

    (9a) In Article 11(1), point (d)(i) is replaced by the following:

    ‘(i) be allocated an amount of up to EUR 450 000 000 from the financial envelope referred to in Article 4(3) for the advisory initiatives referred to in Article 25 and the operational tasks referred to in point (ii) of this point;’;

    (10) the title of Chapter IV is replaced by the following:

    ‘EU guarantee and InvestEU financial instrument’;

    (11) in Article 13(4), the first two sentences are replaced by the following:

    ‘75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 22 989 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 747 308 139.’;

    (12) Article 16 is amended as follows:

    (a) in paragraph 1, the second subparagraph is replaced by the following:

    ‘The InvestEU financial instrument may be used to provide funding to the implementing partners for the types of financing referred to in point (a) of the first subparagraph provided by the implementing partners.

    In order to be covered by the EU guarantee or the InvestEU financial instrument, the financing referred to in the first and second subparagraph shall be granted, acquired or issued for the benefit of financing and investment operations referred to in Article 14(1), where the financing by the implementing partner was granted in accordance with a financing agreement or transaction signed or entered into by the implementing partner after the signature of the guarantee agreement and that has not expired or been cancelled.’;

    (b) paragraph 2 is replaced by the following:

    ‘Financing and investment operations through funds or other intermediate structures shall be supported by the EU guarantee or the InvestEU financial instrument in accordance with the provisions laid down in the investment guidelines, as applicable, even if such structures invest a minority of their invested amounts outside the Union and in third countries referred to Article 14(2) or invest a minority of their invested amounts into assets other than those eligible under this Regulation.’;

    (13) Article 17 is amended as follows:

    (a) in paragraph 1, the first subparagraph is replaced by the following:

    ‘The Commission shall conclude a guarantee agreement with each implementing partner on the granting of the EU guarantee up to an amount to be determined by the Commission or on providing support under the InvestEU financial instrument.’;

    (b) paragraph 2 is amended as follows:

    (i) point (c) is replaced by the following:

    ‘(c)  detailed rules on the provision of the EU guarantee or support under the InvestEU financial instrument in accordance with Article 19, including on the coverage of financing and investment operations or portfolios of specific types of instruments and the respective events that trigger possible calls on the EU guarantee or the use of the InvestEU financial instrument;’;

    (ii) point (f) is replaced by the following:

    ‘(f) the commitment of the implementing partner to accept the decisions by the Commission and the Investment Committee as regards the use of the EU guarantee or of the InvestEU financial instrument for the benefit of a proposed financing or investment operation, without prejudice to the decision-making of the implementing partner in respect of the proposed financing or investment operation without the EU guarantee or the InvestEU financial instrument;’;

    (iii) points (h) and (i) are replaced by the following:

    ‘(h)  financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee and the InvestEU financial instrument;

    (i) key performance indicators, in particular as regards the use of the EU guarantee and the InvestEU financial instrument, the fulfilment of the objectives and criteria laid down in Articles 3, 8 and 14, and the mobilisation of private capital;’;

    (ba) the following paragraph is added:

    ‘5a. The Commission shall, upon request, provide to the European Parliament and the Council the names of the implementing partners party to the guarantee agreements and the main content of those agreements, having due regard to the legitimate interest of undertakings in the protection of their business secrets.’;

    (14) Article 18 is amended as follows:

    (a) the title is replaced by the following:

    ‘Requirements for the use of the EU guarantee and the InvestEU financial instrument’;

    (b) paragraph 1 is replaced by the following:

    ‘1.  The granting of the EU guarantee and the support from the InvestEU financial instrument shall be subject to the entry into force of the guarantee agreement with the relevant implementing partner.’;

    (c) paragraph 2 is replaced by the following:

    ‘Financing and investment operations shall be covered by the EU guarantee or be supported through the InvestEU financial instrument only where they fulfil the criteria laid down in this Regulation and, if applicable, in the relevant investment guidelines, and where the Investment Committee has concluded that those operations fulfil the requirements for benefiting from the EU guarantee or the InvestEU financial instrument. The implementing partners shall remain responsible for ensuring that the financing and investment operations comply with this Regulation and the relevant investment guidelines.’;

    (d) paragraph 3 is amended as follows:

    (i) the first sentence is replaced by the following:

    ‘No administrative costs or fees related to the implementation of financing and investment operations under the EU guarantee or the InvestEU financial instrument shall be due to the implementing partner by the Commission unless the nature of the policy objectives targeted by the financial product to be implemented and the affordability for the targeted final recipients or the type of financing provided allow the implementing partner to duly justify to the Commission the need for an exception.’

    (ii) the following second subparagraph is added:

    ‘Notwithstanding the first subparagraph, implementing partners are entitled to appropriate fees in relation to the management of fiduciary accounts relating to the InvestEU financial instrument.’

    (e) paragraph 4 is replaced by the following:

    ‘In addition, the implementing partner may use the EU guarantee or the InvestEU financial instrument to meet the relevant share of any recovery costs in accordance with Article 17(4), unless those costs have been deducted from recovery proceeds.’;

    (15) Article 19 is amended as follows:

    (a) the title is replaced by the following:

    ‘Coverage and terms of the EU guarantee and of the InvestEU financial instrument’;

    (b) paragraph 1 is amended as follows:

    (i) the second sentence of the first subparagraph is replaced by the following:

    ‘The remuneration for the EU guarantee or for the InvestEU financial instrument may be reduced in the duly justified cases referred to in Article 13(2).’;

    (ii) the second subparagraph is replaced by the following:

    ‘The implementing partner shall have appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee or by the InvestEU financial instrument, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it.’;

    (c) in paragraph 2, first subparagraph, point (a), the introductory sentence is replaced by the following:

    ‘for debt products referred to in point (a) of the first subparagraph of Article 16(1):’;

    (d) the following paragraph 2a is inserted:

    ‘2a.  The InvestEU financial instrument shall cover:

    (a)  for debt products consisting of guarantees and counter-guarantees referred to in point (a) of the first subparagraph of Article 16(1):

    (i) the principal and all interest and amounts due to the implementing partner but not received by it in accordance with the terms of the financing operations prior to the event of default;

    (ii) restructuring losses;

    (iii) losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited;

    (b)  for other eligible types of financing referred to in point (a) of the first subparagraph of Article 16(1): the amounts invested or lent by the implementing partner;

    For the purposes of point (a)(i) of the first subparagraph, for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default.

    The Invest EU financial instrument shall cover the entire exposure of the Union with respect to the relevant financing and investment operations.’;

    (16) in Article 22, paragraph 1 is replaced by the following:

    ‘A scoreboard of indicators (the ‘Scoreboard’) shall be established to ensure that the Investment Committee is able to carry out an independent, transparent and harmonised assessment of requests for the use of the EU guarantee or, as applicable, the InvestEU financial instrument for financing and investment operations proposed by implementing partners.’;

    (17) in Article 23, paragraph 2 is replaced by the following:

    ‘EIB financing and investment operations that fall within the scope of this Regulation shall not be covered by the EU guarantee or benefit from the InvestEU financial instrument where the Commission delivers an unfavourable opinion within the framework of the procedure provided for in Article 19 of the EIB Statute.’;

    (18) Article 24 is amended as follows:

    (a) in paragraph 1, first subparagraph is amended as follows:

    (i) point (a) is replaced by the following:

    ‘(a)  examine the proposals for financing and investment operations submitted by implementing partners for coverage under the EU guarantee or for support from the InvestEU financial instrument that have passed the policy check referred to in Article 23(1) of this Regulation or that have received a favourable opinion within the framework of the procedure provided for in Article 19 of the EIB Statute;’;

    (ii) point (c) is replaced by the following:

    ‘(c)  check whether the financing and investment operations that would benefit from the support under the EU guarantee or the InvestEU financial instrument comply with all relevant requirements.’;

    (b) in paragraph 4, second subparagraph, the last sentence is replaced by the following:

    ‘Any project assessment conducted by an implementing partner shall not be binding on the Investment Committee for the purposes of granting a financing or investment operation coverage by the EU guarantee or support from the InvestEU financial instrument.’;

    (c) paragraph 5 is amended as follows:

    (i) in the second subparagraph, the first sentence is replaced by the following:

    ‘Conclusions of the Investment Committee approving the coverage of the EU guarantee or support from the InvestEU financial instrument for a financing or investment operation shall be publicly accessible and shall include the rationale for the approval and information on the operation, in particular its description, the identity of the promoters or financial intermediaries, and the objectives of the operation.’;

    (ii) in the fifth subparagraph, the second sentence is replaced by the following:

    ‘That submission shall include any decisions rejecting the use of the EU guarantee or support from the InvestEU financial instrument.’;

    (d) in paragraph 6, the first sentence is replaced by the following:

    ‘Where the Investment Committee is requested to approve the use of the EU guarantee or support from the InvestEU financial instrument for a financing or investment operation that is a facility, programme or structure which has underlying sub-projects, that approval shall comprise those underlying sub-projects unless the Investment Committee decides to retain the right to approve them separately.’;

    (19) in Article 25(2), point (c) is replaced by the following:

    ‘(c)  where appropriate, assist project promoters in developing their projects so that they fulfil the objectives set out in Articles 3 and 8 and the eligibility criteria set out in Article 14, and facilitate the development of among others important projects of common European interest and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee or the InvestEU financial instrument with respect to such projects;’;

    (20) Article 28 is amended as follows:

    (a) in paragraph 2, the following second subparagraph is added:

    ‘Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.1, 3.2, 4.1, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 300 000 are concerned.’;

    (b) paragraphs 3 and 4 are replaced by the following:

    ‘3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 241 and 250 of the Financial Regulation. In accordance with Article 41(5) of the Financial Regulation, the annual report shall provide information on the level of implementation of the Programme with respect to its objectives and performance indicators. For that purpose, each implementing partner shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations, including information on the operation of the EU guarantee or the InvestEU financial instrument.’

    4. Once a year, each implementing partner shall submit a report to the Commission on the financing and investment operations covered by this Regulation, broken down by EU compartment and Member State compartment, as appropriate. Each implementing partner shall also submit information on the Member State compartment to the Member State whose compartment it implements. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the Invest EU financial instrument and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data on each financing or investment operation and an estimation of expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The report may also include information on barriers to investment encountered when carrying out financing and investment operations covered by this Regulation. The reports shall contain the information the implementing partners have to provide under point (a) of Article 158(1) of the Financial Regulation.’;

    (21) Article 35 is amended as follows:

    (a) the title is replaced by the following:

    ‘Transitional and other provisions’;

    (b) paragraphs 1 and 2 are replaced by the following:

    ‘1. By way of derogation from Article 212(3), first and fourth subparagraph, of the Financial Regulation, any revenues, repayments and recoveries from financial instruments established by programmes referred to in Annex IV to this Regulation may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation, taking into account the relevant provisions concerning the budget laid down in the Public Sector Loan Facility Regulation for 2021-2027.

    2. By way of derogation from Article 216(4), point (a), of the Financial Regulation, any surplus of provisions for the EU guarantee established by Regulation (EU) 2015/1017 may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation, taking into account the relevant provisions concerning the budget laid down in the Public Sector Loan Facility Regulation for 2021-2027.

    ▌ By way of derogation from Article 214(4)(d) of the Financial Regulation, any revenues from the EU guarantee established by Regulation (EU) 2015/1017 received in 2027 may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation.’;

    (22) Annex I is replaced by the following:

    ‘ANNEX I

    AMOUNTS OF EU GUARANTEE PER SPECIFIC OBJECTIVE

    The indicative distribution referred to in the fourth subparagraph of Article 4(2) towards financial and investment operations shall be as follows:

    (a) up to EUR 11 589 045 902 for objectives referred to in point (a) of Article 3(2);

    (b) up to EUR 7 707 119 112 for objectives referred to in point (b) of Article 3(2);

    (c) up to EUR 8 095 166 498 for objectives referred to in point (c) of Article 3(2);

    (d) up to EUR 3 260 978 561 for objectives referred to in point (d) of Article 3(2).’;

    (23) In Annex III, the following two paragraphs are added in point 1 below point 1.4:

    ‘By way of derogation from Article 2(40) of the Financial Regulation, when determining the leverage and multiplier effect for financing and investment operations providing performance guarantees, the amount of risk coverage shall be assimilated to the amount of reimbursable financing.

    By way of derogation from Article 222(3) of the Financial Regulation, the financing and investment operations providing performance guarantees shall not be required to achieve multiplier effect.’;

    (24) In Annex V, the following paragraph is added:

    ‘This Annex also applies to the InvestEU financial instrument.’

    Article 2

    Amendments to Regulation 2015/1017 [EFSI Regulation]

    Regulation (EU) 2015/1017 is amended as follows:

    (1) Article 11a is amended as follows:

    (a) the title is replaced by the following:

    ‘Combinations’.

    (b) the following second subparagraph is inserted:

    ‘The EU guarantee may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council for the purposes of combinations referred to in Article 7(4) of that Regulation and it may cover losses in relation to financing and investment operations covered by the combined support.’;

    (2) Article 16 is amended as follows:

    (a) paragraph 1 is replaced by the following:

    ‘1. The EIB, in cooperation with the EIF where appropriate, shall submit once a year a report to the Commission on EIB financing and investment operations covered by this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators referred to in Article 4(2), point (f)(iv). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.’;

    (b) paragraph 2 is deleted;

    (c) in paragraph 3, the following subparagraph is added:

    ‘In relation to the combinations referred to in Article 11a, the EIB and the EIF, respectively, shall provide the Commission annually with the financial statements in accordance with Article 212(4) of the Financial Regulation. Such financial statements shall include accounting data about the support provided by the EU guarantee under this Regulation clearly delineated from the support provided by the EU guarantee under Regulation (EU) 2021/523 of the European Parliament and of the Council.’;

    (3) in Article 22(1), the fifth subparagraph is deleted.

    Article 3

    Amendments to Regulation (EU) 2021/1153 [CEF]

    In Article 29 of Regulation (EU) 2021/1153, the following paragraph is added:

    ‘5. The guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) for the purpose of combination  referred to in Article 7 of that Regulation and may cover losses in relation to the  financing and investment operations covered by the combined support.’;

     

    (*) Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30, ELI: http://data.europa.eu/eli/reg/2021/523/oj)’.

    Article 4

    Amendments to Regulation (EU) 2021/695 [Horizon Europe]

    In Article 57 of Regulation (EU) 2021/695, the following paragraph is added:

    ‘3. The  guarantee supported by the Union budget and provided by the EIB  through the InnovFin Debt Facility established under Regulations (EU) 1290/2013 and 1291/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council(*) for the purpose of combination  referred to in Article 7 and may cover losses of the financial product containing the  financing and investment operations and covered by the combined support.’:

     

    (*) Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30, ELI: http://data.europa.eu/eli/reg/2021/523/oj)’.

    Article 5

    Entry into force

    This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

    This Regulation shall be binding in its entirety and directly applicable in all Member States.

    Done at Brussels,

    For the European Parliament For the Council

    The President The President

    MIL OSI Europe News –

  • MIL-OSI USA: Gov. Kemp: Shriners Children’s Research Institute Coming to Atlanta

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that Shriners Children’s, a nonprofit pediatric specialty healthcare system with locations across North America and a global reach, will establish a new pediatric medical research facility in Atlanta. In addition to creating 470 new jobs, Shriners Children’s will invest more than $153 million into the location at Science Square.

    “Shriners Children’s is an incredible addition to Georgia’s growing nonprofit, R&D, and life sciences communities,” said Governor Brian Kemp. “Our commitment to being the Top State for Talent attracts outstanding organizations and partners like this that further life-changing research at our top-ranked research universities across the state. I’m grateful for Shriners Children’s decision to bet on Georgia and our talent to improve lives for generations to come.”

    Shriners Children’s focuses on orthopedic and neuromuscular conditions, burn injuries, spinal cord injury rehabilitation, and cleft lip and palate. Shriners Children’s mission also features a commitment to education and research. A unique pediatric healthcare system founded by members of the Shriners International fraternity in 1922, the organization has brought hope and healing to nearly 2 million patients. Last year, Shriners Children’s served patients from all 50 U.S. states, every province in Canada, and 128 countries.

    “We are thrilled to be establishing this new center for world-class pediatric medical research in Georgia,” said Shriners Children’s Chairman of the Board of Trustees Dr. Leslie D. Stewart. “The opportunities to advance our research through collaborations and partnerships such as the one with Georgia Tech made Atlanta the clear choice.”

    “The Shriners Children’s Research Institute will serve as a multidisciplinary innovation hub to advance the healthcare of children,” said Dr. Marc Lalande, Shriners Children’s Vice President of Research Programs. “The close partnership with the outstanding biomedical engineers and scientists from Georgia Tech and Emory University will accelerate discovery and spearhead new treatments and therapies.”

    The Shriners Children’s Research Institute will have its home in Science Square Labs, strategically located across from Georgia Tech’s North Avenue Research Area. The organization will recruit talent across research fields, including cell and gene therapies, robotics, artificial intelligence, medical devices, biologics, and data informatics, as well as administrative and support roles. Interested individuals can learn more about Shriners Children’s at www.shrinerschildrens.org/en/careers.

    “Shriners Children’s new healthcare research facility represents more than just a strategic investment in Atlanta’s growing healthcare ecosystem — it’s a powerful commitment to healthier futures for children,” said Atlanta Mayor Andre Dickens. “This investment will not only create high-quality jobs and drive innovation but also furthers Atlanta’s reputation as a global hub for improving public health through scientific advancement.”

    “Shriners Children’s decision to establish its new Research Institute in Fulton County highlights the strength of our talent pipeline and the region’s growing reputation in life sciences and advanced research,” said Chairman Robb Pitts, Fulton County Board of Commissioners. “Projects like this bring high-quality, high-paying jobs to our residents and reinforce Fulton County’s role as a hub for innovation, collaboration, and economic growth.”

    “Backed by metro Atlanta’s world-class universities and a robust talent pipeline, Shriners Children’s new Research Institute exemplifies the region’s momentum in cutting-edge research and global innovation,” said Katie Kirkpatrick, President & CEO of the Metro Atlanta Chamber. “Their investment strengthens Science Square’s emergence as a hub for AI, data, and life sciences breakthroughs.”

    Project Director Jane Caraway represented the Georgia Department of Economic Development (GDEcD) Global Commerce team on this competitive project in partnership with the Invest Atlanta, Select Fulton, Metro Atlanta Chamber, University System of Georgia, and Georgia Power.

    “Shriners Children’s embodies the kind of investment we strive to attract – a world-class organization that gives back to the community, creates high-quality jobs, and strengthens Georgia’s growing life sciences ecosystem,” said GDEcD Commissioner Pat Wilson. “From the exceptional team effort that brought this project to Georgia to the research partnerships it will inspire, the Shriners Children’s Research Institute is a powerful example of our collaborative approach to economic development and innovation.”

    About Shriners Children’s

    Shriners Children’s is changing lives every day by providing innovative pediatric specialty care, conducting research to improve the quality of lives, and of care, and offering outstanding educational programs for medical professionals. For more information, including the full range of care available, please visit shrinerschildrens.org.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James and State Police Superintendent Steven G. James Announce Indictment of Washington County Couple for Defrauding Homeowners

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James and State Police Superintendent Steven G. James today announced the arrest and arraignment of John McClure, 44, and his wife, Sarah Chambers, 38, of Granville, New York, for allegedly operating a massive contractor fraud scheme in Washington and Warren Counties that defrauded more than a dozen upstate homeowners out of over $1.5 million. The 12-count indictment, unsealed in Washington County Court before Judge Kelly S. McKeighan, charges McClure and Chambers with fraudulently obtaining over $1.2 million in home improvement payments from over a dozen homeowners. A second four-count indictment, unsealed in Warren County Court before the Honorable Robert A. Smith, charges McClure with stealing over $300,000 from four additional homeowners.  

    “When hardworking New Yorkers pay for a service, they expect that service to be carried out,” said Attorney General James. “John McClure and Sarah Chambers are charged with agreeing to perform home improvement services for their clients but instead pocketing the money to visit casinos, purchase vehicles, and cover other projects to further their scheme. I thank the State Police for their assistance in putting a stop to this scam and ensuring all those who violate the law are held accountable.”

    “This couple willfully misrepresented themselves in order to cheat homeowners out of their hard-earned money,” said New York State Police Superintendent Steven G. James. “They had absolutely no regard for the well-being of their victims, inexcusably leaving one without a home. I thank the Attorney General’s office for their invaluable partnership in bringing a measure of justice to those affected by this scam.”

    The charges are the result of a joint investigation by the Office of the Attorney General’s (OAG) Criminal Enforcement and Financial Crimes Bureau (CEFC) and the New York State Police (NYSP). As set forth in the indictments and statements made at arraignment, McClure and Chambers are charged with fraudulently obtaining more than $1.5 million from more than a dozen New York homeowners between September 2019 and August 2023. During that time, McClure allegedly advertised his services on Facebook, Google, Angie’s List, Porch.com, and other websites, using various business names including McClure and Son Constructions, McClure and Sons Construction, JM Escavation (sic) and Demolition Services, and JM & Son Excavation and Demolition. McClure’s advertisements offered home improvement services including home builds and renovations, excavation, and garage, roof, and deck construction.  

    McClure allegedly solicited large deposits upfront for home improvement work but then never performed the work, failed to deliver materials he claimed to have purchased with the deposits, and refused to issue refunds to homeowners. Much of the work that was performed by McClure was so substandard that it had to be torn down and rebuilt by other, qualified contractors. After receiving deposits, but before completing agreed upon phases of work, McClure would allegedly demand more payments for additional work, such as mold remediation or roof replacement, which was either not necessary or never performed. In one instance, after accepting a large deposit to begin a project, McClure allegedly falsely claimed his bank account had been “hacked” and the money stolen, when in reality, the money had been spent on personal expenses and used to cover other projects.

    Chambers allegedly participated in the scheme by serving as a fake reference to homeowners for McClure and Sons Construction and by drafting contracts and architectural plans for projects that were never completed. Chambers is also alleged to have filed business certificates in order to open bank accounts to receive homeowner funds, and she is further alleged to have withdrawn cash from the accounts at McClure’s request. Chambers allegedly deposited a check that falsely appeared to be a customer’s payment to McClure and Sons Construction into one of the business accounts and then withdrew funds from the account before the bank discovered that the check was counterfeit.

    The OAG’s investigation and forensic audit revealed that instead of using homeowners’ money to purchase materials or perform home improvements, McClure used the money for:

    • Personal expenses such as large cash withdrawals;
    • Trips to multiple casinos, including Saratoga Casino and Hotel in Saratoga Springs and Rivers Casino and Resort in Schenectady;
    • Payments for child support and his mother’s rent;
    • Funding for his overstock and returned merchandise storefront known as MG Sales in the Aviation Mall in Glens Falls North; and
    • Purchases of multiple vehicles for McClure, Chambers, and other family members, including a 1927 Bugatti, a 1985 Lamborghini, a Toyota Sequoia, and a refurbished monster truck.  

    The victims of McClure and Chambers’ scheme included two elderly homeowners who each paid over $80,000 toward building their retirement homes. Work never commenced on either project, and as a result of the alleged theft, one victim now resides in a hotel.  

    The OAG’s 12-count indictment, unsealed in Washington County Court before Judge Kelly S. McKeighan, charges McClure with six counts of Grand Larceny in the Second Degree (a Class C felony), four counts of Grand Larceny in the Third Degree (a Class D felony), and one count of Scheme to Defraud in the First Degree (a Class E felony), and charges Chambers with two counts of Grand Larceny in the Second Degree, two counts of Grand Larceny in the Third Degree, one count of Scheme to Defraud in the First Degree, and one count of with Criminal Possession of a Forged Instrument in the Second Degree (a Class D felony). In a second filed indictment unsealed in Warren County Court before the Honorable Robert A. Smith, McClure is charged with three Counts of Grand Larceny in the Second Degree and one Count of Grand Larceny in the Third Degree. McClure and Chambers face a maximum possible sentence of up to 10 to 20 years in prison if convicted on all counts. McClure was released with electronic monitoring and Chambers was released on her own recognizance.

    Any homeowner who believes they were impacted by this scheme is encouraged to contact OAG at McClure.Complaint@ag.ny.gov.

    The charges against McClure and Chambers are allegations, and they are presumed innocent unless and until proven guilty.   

    Attorney General James thanks NYSP, the Washington County District Attorney’s Office, the Warren County District Attorney’s Office, the Washington County Sheriff’s Office, and the Washington County Code Enforcement Office for their valuable assistance in this investigation.  

    This case is being prosecuted by Assistant Attorneys General John Healy and Cheryl Lee of CEFC, with the assistance of Legal Support Analysts Kai Tsurumaki and Ifu Ojukwu, under the supervision of Supervising Analyst Paul Strocko and Deputy Supervising Analyst Jayleen Garcia. Forensic accounting was performed by Forensic Auditor Investigator Bashiri Kirven, under the supervision of Chief Auditor Kristen Fabbri and Deputy Chief Auditor Sandy Bizzarro of the Forensic Audit Section. CEFC is led by Bureau Chief Stephanie Swenton and Deputy Bureau Chief Joseph G. D’Arrigo. 

    Detective Investigator Jason Johnston of the Investigations Bureau handled the criminal investigation under the supervision of Deputy Chief Juanita Bright, Assistant Chief Samuel Scotellaro, and Detective Supervisor John Santorio of the Major Investigations Unit. The Investigations Bureau is led by Chief Investigator Oliver Pu-Folkes. Both CEFC and the Investigations Bureau are part of the Division for Criminal Justice, which is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Announces Arrests of Bronx Deed Thieves for Stealing $340,000 Share of Family Home

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today announced the arrests and indictments of Chenenne Guevarra-Francis, a retired New York City Police Department (NYPD) detective; Merrick Dammar, an attorney; and Barbara Guevarra-Francis, a retired nurse, for stealing a 50 percent ownership stake of a family home in the Bronx worth approximately $340,000. An investigation by the Office of the Attorney General (OAG) revealed that Chenenne Guevarra-Francis and her mother, Barbara, used a forged deed and other forged documents to steal the ownership stake of a home belonging to Chenenne’s sister and Barbara’s daughter, Charmein. Dammar prepared and notarized these forged documents on the day that Charmein died, allowing Chenenne and Barbara to steal the home out from under Charmein’s husband, who should have inherited his wife’s stake in the home. Chenenne, Barbara, and Dammar were all charged with felonies and arraigned today before a judge in Bronx County Supreme Court. 

    “Deed theft is a heartless crime, and it’s particularly tragic when the thieves are stealing from their own family members,” said Attorney General James. “Charmein Guevarra-Francis’ family used her death to steal her share of the family home from her widowed husband, but today we are bringing them to justice. My office will continue to go after deed theft in all of its forms to keep New Yorkers safe in their homes.” 

    Charmein Guevarra-Samuel split the ownership of a home on Eastchester Road in the Bronx with her mother, Barbara, with each owning a 50 percent stake. Charmein lived in the home for over 15 years with her husband, who stood to inherit her stake upon her death. In July 2020, Charmein suffered cardiac arrest and passed away. Immediately after her death, Barbara and Chenenne used a forged deed and forged property transfer documents to transfer Charmein’s ownership share of the home to themselves, thereby preventing Charmein’s husband from legally inheriting her $340,000 ownership share. Merrick Dammar prepared and notarized these forged documents. 

    The theft was discovered when Charmein’s husband applied for letters of administration for his wife’s estate. In May 2023, Chenenne attempted to evict Charmein’s husband. The OAG successfully blocked this eviction using a new deed theft law advanced by Attorney General James. 

    Chenenne Guevarra-Francis, Barbara Guevarra-Francis, and Merrick Dammar were each charged with:
    •    Grand Larceny in the Second Degree, a class C felony;
    •    Criminal Possession of Stolen Property in the Second Degree, a class C felony;
    •    Forgery in the Second Degree, a class D felony;
    •    Criminal Possession of a Forged Instrument in the Second Degree, a class D felony; and
    •    Offering a False Instrument for Filing in the First Degree, a class E felony.

    The maximum sentence on the top count is a sentence of five to 15 years in prison. The charges against the defendants are merely accusations and the defendants are presumed innocent until and unless proven guilty in a court of law.

    The OAG thanks the New York State Police for the criminal referral and its assistance with this investigation and prosecution. The OAG also thanks the New York City Department of Finance for their assistance.

    The case was investigated by Detectives Teresa Russo, Christopher Ryan, and Jennifer Garcia, under the direction of Supervising Detectives Anna Ospanova and Walter Lynch, and all under the supervision of Deputy Chief Juanita Bright, along with Detective Specialist John Collins, under the direction of Supervising Detective Norman Doyle, and all under the supervision of Deputy Chief Investigator Sean Donovan. The Investigations Bureau is led by Chief Oliver Pu-Folkes.

    Assistant Attorneys General Lauren Sass and Joy Kieras are handling the prosecution in this matter under the supervision of the Real Estate Enforcement Unit Section Chief Nicholas John Batsidis, Public Integrity Bureau Chief Gerard Murphy, and Deputy Chief Kiran Heer, with assistance from Legal Support Analyst Alexandra Crespo. Both the Investigations Bureau and the Public Integrity Bureau are part of the Division for Criminal Justice. The Division for Criminal Justice is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy. 
     

    MIL OSI USA News –

  • MIL-OSI Security: ATF Warns Public of Scam Involving Fraudulent Calls

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Washington, D.C. – The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) is alerting the public to a scam involving fraudulent phone calls from individuals claiming to be “ATF Officers” or “Agents.” These scammers, using phone numbers appearing to originate from Martinsburg, West Virginia, are instructing victims to purchase Apple gift cards in amounts of $500 or $1,000 to “clear a red flag” from their accounts. Victims are then asked to provide gift card numbers to the callers.

    The ATF emphasizes that these calls are not legitimate and is working with the Federal Bureau of Investigation (FBI), which is actively investigating this scam. The public is urged to exercise caution and avoid sharing personal or financial information with unsolicited callers.

    ATF Will Never:

    • Call or email private citizens to demand payment or threaten arrest. You will not be asked to wire a “settlement” to avoid arrest.
    • Ask you to use large sums of your own money to help catch a criminal.
    • Request you send money via wire transfer to foreign accounts, cryptocurrency, or gift/prepaid cards.
    • Call you about “frozen” Social Security numbers or to coordinate inheritances.

    How to Protect Yourself:

    • Do not share personal or financial information with unsolicited callers or emails.
    • Verify the legitimacy of any contact claiming to be from a government agency by calling official numbers listed on agency websites, such as www.atf.gov.
    • Report suspicious calls to the ATF at 1-888-ATF-TIPS (1-888-283-8477) or the FBI’s Internet Crime Complaint Center at www.ic3.gov.
    • If you have been a victim of this scam, contact your local law enforcement immediately.

    Disclaimer on ATF.gov

    ATF enhanced its websites by adding a prominent disclaimer to outline what ATF will never do, reinforcing public awareness and protection against scams. For more information or to report suspicious activity, contact your local ATF field office or visit www.atf.gov/contact/submit-a-tip.

    ATF is the lead federal law enforcement agency with jurisdiction involving firearms and violent crimes, and enforces criminal and regulatory laws involving bombs, explosives, and arson. More information about ATF and its programs is available at www.atf.gov. For more information, contact ATF Public Affairs Division at liaison2@atf.gov.

    ###

    MIL Security OSI –

  • MIL-OSI: NMP Acquisition Corp. Announces Closing of $100 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, California, July 02, 2025 (GLOBE NEWSWIRE) — NMP Acquisition Corp. (Nasdaq: NMPAU) (the “Company”) today announced the closing of its previously announced initial public offering of 10,000,000 units (the “Offering”) at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one right. Each right entitles the holder to receive one-fifth (1/5) of one Class A ordinary share upon consummation of the Company’s initial business combination. The units began trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “NMPAU” on July 1, 2025. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to trade on Nasdaq under the symbols “NMP” and “NMPAR,” respectively.

    Maxim Group LLC acted as the sole book-running manager for the Offering.

    The Company has granted the underwriter a 45-day option to purchase up to 1,500,000 additional units at the initial public offering price less the underwriting discount to cover over-allotments, if any.

    A registration statement on Form S-1 (File No. 333-286985) (the “Registration Statement”) relating to the securities to be sold in the Offering, as amended, was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 30, 2025. The Offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com, or by accessing the SEC’s website, www.sec.gov.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About NMP Acquisition Corp.

    NMP Acquisition Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the Offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related preliminary prospectus filed in connection with the Offering with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Contact Information

    NMP Acquisition Corp.
    Melanie Figueroa
    CEO
    Attn: Investor Relations
    mailto:ir@nmpspac.com 

    The MIL Network –

  • MIL-OSI: Donegal Group Inc. Announces Release Date for Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., July 02, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) announced today that it plans to release its results for second quarter ended June 30, 2025, on Thursday, July 24, 2025, before the opening of regular trading on the NASDAQ Stock Market. The Company will provide a supplemental investor presentation in the Investors section of its website at investors.donegalgroup.com, concurrently with its earnings press release.

    At approximately 8:30 am ET on Thursday, July 24, 2025, the Company will make available in the Investors section of its website a pre-recorded audio webcast featuring management commentary by Kevin Burke, President and Chief Executive Officer; Jeffrey Miller, Executive Vice President and Chief Financial Officer; and select members of the senior management team. Management will address questions they receive in advance in their prepared remarks. Questions for consideration should be submitted via e-mail to investors@donegalgroup.com by 5:00 pm ET on Thursday, July 10, 2025.

    About Donegal Group Inc.

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and its insurance subsidiaries conduct business together with the insurance subsidiaries of Donegal Group Inc. as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. The Company is focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing its operations and processes to transform its business, capitalizing on opportunities to grow profitably and providing superior experiences to its agents, customers and employees.

    Investor Relations Contact

    Karin Daly
    Vice President, The Equity Group Inc.
    Phone: (212) 836-9623
    E-mail: kdaly@equityny.com

    The MIL Network –

  • MIL-OSI Europe: The EIB reinforces global partnerships to boost food security and promote rural development, fight hunger and poverty

    Source: European Investment Bank

    • As part of its strategic cooperation with UN agencies, the EIB formalises its partnership with the World Food Programme, paving the way for the implementation of the first EIB-backed climate risk insurance scheme and enhancing EIB’s impact in fragile contexts.
    • The EIB extends its partnership with the Food and Agriculture Organization of the United Nations to strengthen sustainable agriculture in sub-Saharan Africa.
    • Under the Seville Platform for Action, EIB joins the Global Alliance Against Hunger and Poverty in two initiatives to fast-track finance for ending hunger, poverty and climate risk.

    The European Investment Bank (EIB) announced new partnerships and commitments to promote food security and sustainable agriculture around the world and to combat hunger and poverty and. These steps were taken during the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain.

    The EIB Group is supporting food security and sustainable agriculture across the globe. These partnerships and initiatives with UN institutions and the Global Alliance against hunger and poverty will improve and expand our support to those who need it most,” said EIB Vice-President Ambroise Fayolle. “By leveraging synergies and sharing best practices, we aim to enhance food security and nutrition, empower farmers around the world—particularly women—, support adaptation to climate change, and transform agriculture into a more resilient and sustainable sector.”

    Partnership with World Food Programme

    The EIB formalised a partnership with the World Food Programme (WFP) through a MoU that outlines key areas of cooperation, including climate resilience, food security and nutrition, critical agricultural infrastructure, innovative financing instruments, and inclusive access to finance for agricultural SMEs and smallholder farmers. This partnership has a global scope, with a focus on sub-Saharan Africa and fragile countries.

    In addition, the EIB and WFP have signed a Letter of Understanding, enabling the EIB to directly finance WFP operations and benefit from its advisory and implementation expertise.

    The first joint initiative will be a climate-risk insurance project in Ethiopia. This complements an existing €110 million EIB credit line to the Development Bank of Ethiopia aimed at improving rural access to finance – especially for small-scale farmers and women – and strengthening rural financial institutions.

    “This partnership between the European Investment Bank and the World Food Programme reflects our shared commitment to investing in sustainable solutions that tackle the root causes of hunger, build resilience, and support communities most vulnerable to the impacts of conflict, climate and economic shocks,” said Rania Dagash-Kamara, Assistant Executive Director for Partnerships and Innovation at WFP.

    Extension of memorandum of understanding with FAO

    The EIB and the Food and Agriculture Organization of the United Nations (FAO) renewed their joint commitment to promoting sustainable agriculture in sub-Saharan Africa by extending their Memorandum of Understanding – originally signed in 2015 and renewed in 2020 – until 2030.  As part of this strengthened collaboration, the EIB has provided €1.4 million to the FAO for technical assistance in identifying and preparing projects that support sustainable and climate-resilient agriculture.

    This collaboration has already facilitated the preparation of complex operations in Ethiopia and Liberia, including sector studies, feasibility assessments, and evaluations of project promoters’ implementation capacities.

    By leveraging the FAO’s expertise, the EIB aims to expand its agrifood and bioeconomy lending pipeline, contributing to improved food security, increased farmer incomes, women’s empowerment and job creation.

    A particular focus will be on supporting small and medium-sized enterprises (SMEs) in agriculture re and smallholder farmers through financial intermediaries while engaging the public and private sectors in developing agrifood value chains.

    “FAO, through its Investment Centre, is enthusiastic about growing its collaboration with the European Investment Bank (EIB) by signing this MoU, first established in 2015 and regularly renewed as a cornerstone of our shared commitment, said Mohamed Manssouri, Director of the FAO Investment Centre. “Within this framework, the latest agreement signed in 2023 is achieving great results for beneficiary countries, with two approved operations unlocking a EUR 130 million credit line to support local banks lending to smallholders and agri-SMEs across Sub-Saharan Africa, and more investments are under preparation. This partnership directly supports FAO’s vision for Better Production, Better Nutrition, a Better Environment and a Better Life, leaving no one behind,” he added.

    Global Alliance against Hunger and Poverty

    In 2024, the EIB joined other financial institutions in the Group of 20 global alliance against hunger and poverty led by Brazil.  In line with its mission to eradicate hunger and extreme poverty, the EIB committed to supporting the alliance’s integrated, multi-level approach combining social protection with access to essential services in education, health, finance and agriculture.

    At FfD4, the EIB joined two initiatives led by the Global Alliance Against Hunger and Poverty through the Seville Action Platform to fast-track finance for ending hunger, poverty and climate risk. These initiatives focus on building better-integrated finance for sustainable development goals (SDGs) 1 and 2 and on scaling up finance for climate-resilient social protection and smallholder agriculture. They aim to accelerate the implementation of large-scale national programs by streamlining financial flows from multiple donors and connecting them directly to on-the-ground needs.

    Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments contributing to EU policy goals. EIB Global carries out the EIB’s operations outside the EU. As a key partner in the EU’s Global Gateway, the EIB aims to support at least €100 billion of investments by 2028, one third of the strategy’s target. Over the 2014–2023 period, EIB lending outside the EU totalled more than €70 billion, with a significant share supporting infrastructure, climate, and food security. With offices across the world, EIB Global is close to local people, firms and institutions, and fosters strong Team Europe partnerships with development finance institutions.

    FAO

    The FAO Investment Centre works to deliver investment and finance solutions that promote inclusive economic growth, better diets and nutrition, greater equity and climate resilience. The Centre provides a full suite of investment support services to FAO Member states, working in over 120 countries. It partners with governments, national and international financing institutions, the private sector, research institutions, academia and producer organizations to help countries achieve lasting impact at scale.

    WFP

    The World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity, for people recovering from conflict, disasters and the impact of climate change.

    The Global Alliance against Hunger and Poverty

    The Global Alliance against Hunger and Poverty was established in 2024 as a proposal from the Brazilian presidency of the G20 to support and accelerate efforts to eradicate hunger and poverty (Sustainable Development Goals (SDGs) 1 and 2), while reducing inequalities (SDG 10). The core of the Alliance is the Policy Basket, a menu of rigorously evaluated policy instruments, ensuring that donor investments are directed toward cost effective, high-impact initiatives. Acting as a neutral facilitator, the Alliance builds partnerships and mobilizes financial and knowledge resources to implement these policy instruments.  

    In an innovative approach, the Alliance reduces transaction costs and avoids duplication of efforts by leveraging a unified database, streamlining the identification of knowledge and funding needs and opportunities. The Alliance also differentiates itself by favoring   the pooling of resources and expertise, enabling greater impact and efficiency compared to fragmented individual efforts. This allows the implementation of comprehensive, multisectoral strategies.  

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – US-Ukraine agreement – E-001842/2025(ASW)

    Source: European Parliament

    The United States (US)-Ukraine Reconstruction Investment Fund will be operated solely by Ukraine and the US. Nonetheless, in the preambles of the agreement between the governments of Ukraine and US on the establishment of the fund, the two parties would welcome further investments by EU investors in mining, energy, and related technology in Ukraine.

    Based on the provisions put forward in the agreement between the governments of Ukraine and US on the establishment of the fund, the Commission is conducting a preliminary assessment of any implications on the operations of the Ukraine Facility.

    Specifically, it is noted that the agreement acknowledges Ukraine’s current legal obligations towards the EU, including those taken under the Ukraine Facility.

    Once more details are provided by Ukraine on the development of the fund, the Commission will undertake a more in-depth legal analysis on the subject.

    Last updated: 2 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: IDB and EIB strengthen partnership to boost development impact

    Source: European Investment Bank

    EIB

    The Inter-American Development Bank (IDB) and the European Investment Bank (EIB) signed a cooperation agreement to increase financing and deliver stronger development impact in Latin America and the Caribbean (LAC), during the Fourth International Conference on Financing for Development (FFD4) in Seville.

    The agreement reflects a shared commitment by both institutions to work closer and more effectively as a system to increase resource mobilisation for the financing of sustainable development in LAC. It also strengthens the pipeline of EU-aligned financing under the European Union’s Global Gateway, helping to convert priorities into results on the ground in Latin America and the Caribbean.

    The partnership aims to: 

    • Scale up joint financing – through increased co-financing, including joint sovereign-guaranteed operations such as Results-Based Loans in priority sectors.
    • Mobilise private capital – by streamlining collaboration on non-sovereign operations and scaling financial innovations such as blended finance, de-linked guarantees, and co-guarantees to reduce risk and attract investment.
    • Strengthen system-wide collaboration – by exploring exposure exchange agreements, expanding mutual reliance beyond procurement to include environmental and social standards and results frameworks, and promoting staff exchanges to deepen operational alignment.
    • Align European resources with LAC priorities – by translating Global Gateway objectives into actionable pipelines and maximising the impact of EU funding across LAC.

    “This agreement shows what MDBs can do when we act as a system – aligning tools, mobilising capital and speeding up delivery. Together with the EIB, we’re also strengthening the bridge between Europe and Latin America and the Caribbean, while creating impact on the ground,” said IDB President Ilan Goldfajn.

    “Europe supports Latin America and the Caribbean. This new agreement strengthens our strategic partnership, which is key to developing our projects and having greater impact on the ground,” said EIB Group President Nadia Calviño.

    About the IDB

    The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries.

    About EIB Global:

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by the Member States. It finances investments that pursue EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. It aims to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world. Photos of EIB headquarters for media use are available here. http://twitter.com/EIB https://www.linkedin.com/company/eib-global/

    MIL OSI Europe News –

  • MIL-OSI Africa: South Africa looks to global lessons as it sharpens its focus on gender priorities at G20

    Source: South Africa News Agency

    South Africa looks to global lessons as it sharpens its focus on gender priorities at G20

    As the G20 Technical Meetings continue in South Africa, a powerful voice is emerging from within the country’s leadership, calling for bolder and more targeted investments in women, youth, and persons with disabilities. 

    Advocate Joyce Mikateko Maluleke, the Chairperson of the G20 Empowerment Women Working Group (EWWG) and Director-General of the Department of Women, Youth and Persons with Disabilities, told SAnews that South Africa is drawing critical lessons from global partners to respond to some of its most urgent challenges.

    The Third Technical Meeting of the G20 EWWG is currently taking place at the Skukuza Conference Centre at the Kruger National Park in Mpumalanga.   

    “There’s a lot that, as a country, we are learning from other countries. We have three priorities: valuing the care economy – both paid and unpaid; unlocking genuine financial inclusion for women, and eradicating gender-based violence and femicide,” Maluleke said. 

    Maluleke began by addressing the crisis of gender-based violence and femicide (GBVF), which she said continues to tear through the country’s social fabric.

    “Gender-based violence is a crisis in South Africa. It’s really one thing that, as a country, we want to learn from other countries. Other countries have done so many things… for prevention, even regulating access to social media, because one of the biggest challenges is that our children have a lot of unlimited access to the internet at an early age. Other countries shared that they control what young persons have access to,” she explained.

    From controlling explicit media to implementing surveillance technologies that aid in prevention and justice, Maluleke said there is much to learn from. 

    “They have used technology to protect women. For example, you find that there’s a surveillance camera every few meters. It does help because they can follow up… They have invested in prevention,” she said. 

    Investing in strong family support structures, something other countries do well, is an area where South Africa must improve. Maluleke said this is one of the biggest prevention measures that the country needs to adopt.  

    On financial inclusion, Maluleke highlighted the need to replicate successful international models that empower women from the ground up.

    “We’ve learned from them… The support they give to women in businesses starts from their education systems. Countries like Germany have invested in vocational training, and they have elevated artisanship to the same level as those that went to university,” she said. 

    In Germany, Maluleke noted, 60% of learners pursue technical training, while only 40% go to university. 

    “That’s why Germany is so strong in terms of engineering and [technical fields],” she remarked.

    The third priority, which is care work, remains an often-overlooked economic force, Maluleke said.

    “Most countries have indicated that [care work] is a strong, unseen engine of the economy. Women will stay at home to raise children and to look after those who are sick…” she said, urging for an investment in systems that allow for a balance between work and life commitments.

    “Care work, they say, is work of love. Yes, we love our parents, but we must still be able to live,” Maluleke emphasised.

    On prevention strategies for GBVF, the Director-General stressed the urgent need to shift focus and budget accordingly.

    “… [UN Women] said: ‘Preventing gender-based violence is not expensive. Not preventing gender-based violence is expensive.” It costs [a lot to raise] children [whose] families… are not able to [take them] to school, who won’t be able to contribute to the GDP… and who [might] end up getting involved in substance abuse, and to rehabilitate them is expensive,” she said. 

    Towards a stronger declaration and legacy

    As deliberations continue, South Africa is preparing for the signing of a declaration that addresses its three focus areas, namely, care work, financial inclusion and GBVF. 

    Maluleke explained that every working group works on the technical meetings, which will culminate in the declaration that will be signed by Ministers in the G20 when they meet. 

    She emphasised that a key objective is to secure tangible outcomes from the G20 engagement.

    “One of the achievements that we would like to achieve is that the financial sector needs to ensure that when Ministers sign the declaration as a product… they also launch a legacy project,” she added. 

    Indeed, one such legacy project is already in the pipeline.

    “We already have the World Bank… The World Bank will be launching, as a legacy project of the South African G20 Presidency, a financial facility on care work.

    “Women, who are running ECDs [Early Childhood Development Centres], will be able to apply for funding from that fund. They will launch it at the Minister’s meeting,” Maluleke said. 

    Consensus and Positive Masculinity 

    With 21 countries now part of the G20, following the African Union’s recent inclusion, building consensus remains a major hurdle. 

    “All of them must consent to the declaration. That’s why we’re starting the negotiations today… and even tomorrow, we will be negotiating,” Maluleke said. 

    Alongside the declaration, South Africa is preparing another powerful intervention: a conference on positive masculinity.

    “Masculinity shouldn’t destroy. It should protect,” Maluleke said. 

    The event will bring together G20 countries, guest nations, and international organisations, aiming to change the mindset of men and reframe masculinity as a force for protection and empowerment.

    “There are countries that have reduced gender-based violence. They say gender-based violence can be prevented, but you have to invest in that prevention.

    “Gender-based violence doesn’t discriminate… All of us have to make sure that we prevent it so that we protect our girls,” the Director-General said. 

    As negotiations unfold and commitments solidify, South Africa is poised to drive meaningful change – not just at home but across the G20 platform by aligning global best practices with local action, and by ensuring no one is left behind in the fight for dignity, equity and justice. – SAnews.gov.za 

    DikelediM

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: LCQ21: Controlling expenditure on public works projects

    Source: Hong Kong Government special administrative region

    ​Following is a question by the Hon Chan Siu-hung and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (July 2):

    Question:

    It is learnt that public works expenditures involving infrastructure, healthcare, education, housing, and so on account for a substantial proportion of government spending. However, there are views pointing out that the model of division of labour in which policy bureaux or government departments, as “users”, only need to specify the requirements and functions during the planning stage of a project, leaving the subsequent processes such as design and construction to be spearheaded by technical departments like the Civil Engineering and Development Department or the Architectural Services Department, is prone to result in user departments lacking awareness of project budget control and losing sight of cost-effectiveness, whereas the technical departments may need to adopt more costly building designs, methods, or materials, among others, in a bid to meet the individual requirements of user departments, hence driving up the cost of works even at the inception stage (i.e. the “upstream stage”) of the project. Therefore, various government departments should shift their mindset towards upholding an “awareness of being property owners” to take the lead in formulating a reasonable budget right at the early stage of project planning and strictly monitor its implementation. In this connection, will the Government inform this Council:

    (1) whether it will consider strengthening various government departments’ awareness of being property owners, with a view to exercising stringent control over the estimates of expenditure at the upstream stage of public works projects; if so, of the details; if not, the reasons for that;

    (2) of the strategies and specific measures implemented by the Project Strategy and Governance Office under the Development Bureau at various stages (including upstream, midstream and downstream) of public works to reduce project cost; whether an assessment has been conducted on the respective effectiveness of these strategies and measures; and

    (3) whether it has drawn on the cost control measures adopted by the Mainland and various places in the world at the upstream stage of public works; if not, of the reasons for that; if so, the details, including whether such measures encompass a concept similar to the awareness of being property owners?

    Reply:

    President,

    The Development Bureau (DEVB) established the Project Cost Management Office in 2016 and upgraded it to become the Project Strategy and Governance Office (PSGO) in April 2019 for formulating and implementing strategic initiatives and enhancing capabilities in cost surveillance and project governance to public works projects. On monitoring project estimates of public works, there is a set of stringent vetting mechanisms in place. While not compromising the functionality, quality and safety of works, the PSGO, as an independent third party, participates in project cost vetting from project inception stage in accordance with the “fitness-for-purpose and no frills” principle, and will follow up on project development and design optimisation and continuously monitor the performance of the projects during construction stage, and implement suitable measures for cost saving.

    Our responses to the three parts of the question are as follows:

    (1) At different project implementation stages, the works departments have been maintaining communication with the project proponent policy bureaux, providing advice to the project proponent policy bureaux on project planning and design, cost estimation, progress, etc. In addition, senior management of project proponent policy bureaux participated in the project management and leadership development programme under the Centre of Excellence for Major Project Leaders under​ the DEVB to reinforce and strengthen their understanding of project cost management and ensure that public funds are used properly. To further enhance capabilities in cost surveillance and project governance, the DEVB is working with the Financial Services and the Treasury Bureau to study on optimising the preparatory and conceptual work before project inception, with emphasis on strengthening the review of site selection, usage mix, scale, design, implementation programme, etc, by the project proponent policy bureaux and user departments. This will help the project proponent policy bureaux and user departments to comprehensively evaluate the cost-effectiveness of different implementation proposals with the “ownership” mindset, so as to formulate practical and cost-effective proposals. By planning ahead the overall estimates before project inception, the project cost-effectiveness can be further enhanced. We are currently formulating relevant details and guidelines, with the relevant measures planned to be implemented within this year.

    (2) The PSGO vigorously scrutinises cost estimates of public works projects. During the project inception stage, we also examine the technical feasibility statement submitted by the works departments to establish the technical feasibility of the project and review the preliminary cost estimate and cash flow requirements.

    During the design stage, we liaise with project proponent policy bureaux and user departments to enhance project cost-effectiveness, reduce cost and minimise risk of cost overrun through design optimisation by means of exploring different design options, construction methods and procurement models. We also carry out benchmarking with costs of other similar projects and make reference to the prevailing market situation, to ensure that the project estimates are reasonable. Furthermore, the Government adopts parallel tendering before submitting funding application of the projects to the Legislative Council so as to accurately reflect the tender prices in the approved project estimate for better financial management of the projects to reduce the risk of cost overrun.

    During the construction stage, the DEVB regularly conducts high-level meetings with works departments, complemented with the established Integrated Capital Works Platform, enabling management of different departments to grasp the real-time performance of each project, closely monitor the implementation programme of projects and provide timely intervention so as to mitigate the risks of project cost overrun and delays. At the same time, the PSGO also examines major variations in projects during the construction period and provides independent advice to works departments to ensure the cost-effectiveness of the major variations.

    Since its establishment, the PSGO has scrutinised more than 540 capital works projects, and successfully saved about $190 billion (about 16 per cent) in construction cost out of the original estimate of about $1,200 billion proposed by the project proponent policy bureaux.

    In addition, the overall cost management performance of the Capital Works Programme has all along been well performed. In the past ten years, there were 575 Category A projects approved by the Finance Committee of the Legislative Council, and so far only 15 projects required budget increase. Besides, in the past ten years, the total expenditure of the 510 Category A projects with their final accounts settled (including expenditure of the additional funding) was about 90 per cent of the total original approved project estimates.

    The DEVB has completed the strategic study on relatively high construction costs in Hong Kong. We will progressively launch the relevant cost control measures along the following four directions, which includes (i) optimising the project procurement model, (ii) reviewing the design standards and requirements, (iii) applying advanced technologies and construction methods, and (iv) streamlining the approval process, once they are ready so as to reduce the construction costs.

    (3) The Government has been liaising and actively exchanging project management experience with other authorities, including the Mainland, Singapore and the United Kingdom, to enhance the project delivery capabilities and performance. For example, the DEVB signed the Letter of Intent on Strengthening Guangdong-Hong Kong Cooperation in Construction and Related Engineering Sectors with the Department of Housing and Urban-Rural Development of Guangdong Province to deepen the co-operation in construction and engineering sectors between Guangdong and Hong Kong. We also signed a Memorandum of Understanding each with the Centre for Public Project Management of the Ministry of Finance of Singapore and the Infrastructure and Projects Authority, part of the Cabinet Office and HM Treasury of the United Kingdom, in December 2022 and February 2023 respectively. The DEVB also organised the Project Cost Management Forum to allow local and overseas industry leaders to exchange views and share experiences regarding project cost control. Among them, we make reference to the process and experience of implementing projects in the Mainland, as well as their practices for optimising construction programme. In addition, we understand that the Singapore government is involved in the upstream process of project planning to review the scope, design and cost reasonableness of the projects, and enhance the cost-effectiveness of the projects by revising the scope of the projects or optimising the design. We will continue to make reference to the experience of project cost control in different places and formulate comprehensive and systematic measures to manage project costs.

    Ends/Wednesday, July 2, 2025
    Issued at HKT 19:26

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Highlights – FISC mission to Dubin (Ireland) – Subcommittee on Tax Matters

    Source: European Parliament

    Members of the FISC Subcommittee will travel to Dublin, Ireland on 22 July for a day of exchanges on tax policies, the fight against tax avoidance and tax simplification.

    The delegation led by FISC Chair Mr Pasquale Tridico will meet with business representatives, including representatives of the Google group, the Meta group and Apple group. They will then have a discussion with Members of the Finance Committee and the Committee for Budgetary Oversight of the Oireachtas. The afternoon will be dedicated to exchanges with tax authorities, NGOs and academics.

    The objectives of the FISC delegation trip to Dublin are to better understand Irish tax policies and to have direct engagements with key policy-makers, tax authorities and stakeholders on critical issues, such as aggressive tax schemes, tax avoidance or tax simplification.

    MIL OSI Europe News –

  • MIL-OSI Europe: Missions – FISC mission to Dubin (Ireland) – 22-07-2025 – Subcommittee on Tax Matters

    Source: European Parliament

    Members of the FISC Subcommittee will travel to Dublin, Ireland on 22 July for a day of exchanges on tax policies, the fight against tax avoidance and tax simplification.

    The delegation led by FISC Chair Mr Pasquale Tridico will meet with business representatives, including representatives of the Google group, the Meta group and Apple group. They will then have a discussion with Members of the Finance Committee and the Committee for Budgetary Oversight of the Oireachtas. The afternoon will be dedicated to exchanges with tax authorities, NGOs and academics.

    The objectives of the FISC delegation trip to Dublin are to better understand Irish tax policies and to have direct engagements with key policy-makers, tax authorities and stakeholders on critical issues, such as aggressive tax schemes, tax avoidance or tax simplification.

    MIL OSI Europe News –

  • MIL-OSI Africa: Egypt: Dr. Rania Al-Mashat Participates in Several Events on Expanding Fiscal Space for Developing Countries, National Frameworks and Platforms, and Aligning Capital Flows with Sustainable Development Goals (SDGs)


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    As part of her ongoing participation in the Fourth International Conference on Financing for Development in Seville, Spain, within the Egyptian delegation headed by H.E. Prime Minister Dr. Mostafa Madbouly, on behalf of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in a number of events concerning expanding fiscal space for developing countries, national frameworks and platforms, aligning capital flows with Sustainable Development Goals (SDGs), and a new vision for debt.

    Expanding Fiscal Space for Developing Countries and a New Vision for Debt

    H.E. Dr. Rania Al-Mashat participated in a panel titled “Expanding Fiscal Space: A New Vision for Debt and Development Finance,” with the participation of Dr. Mahmoud Mohieldin, Chair of the UN Expert Group on Debt and the UN Special Envoy on Financing the 2030 Sustainable Development Agenda; Ms. Rola Dashti, Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA); and Ms. Zuzana Brixiova, Director of Macroeconomics, Finance and Governance Division at the UN Economic Commission for Africa (UNECA).

    The Minister of Planning, Economic Development and International Cooperation emphasized that the 4th International Conference on Financing for Development represents a pivotal moment for fulfilling the international community’s commitments for achieving SDGs, particularly after the successive crises the world is facing, which undermine the ability of developing and emerging countries to meet the requirements of the development path.

    H.E. Minister Al-Mashat highlighted the importance of implementing the recommendations of the UN expert group’s report on solving the debt problem in Global South countries. 

    These included 11 key recommendations, among them: redirecting and renewing resources of existing funds in multilateral development banks and the International Monetary Fund to enhance liquidity, adopting policies to extend maturities and finance loan repurchases, reducing debt service during crises, reforming the G20 Common Framework to include all middle-income countries, and reforming the Debt Sustainability Analyses (DSA) of the IMF and World Bank to better reflect the situation of low and middle-income countries, among other recommendations.

    H.E. Dr. Al-Mashat expressed her aspiration that the 4th International Conference on Financing for Development will contribute to taking concrete steps towards restructuring the global financial system, which has become inadequate for the magnitude of challenges and changes facing developing and emerging countries. She noted that rising debts and decreasing investments undermine the ability of developing and emerging countries to catch up. She also stressed the need to overcome global challenges and return to the multilateral development cooperation system.

    H.E. Dr. Al-Mashat reiterated Egypt’s efforts to promote financing for development through innovative mechanisms such as debt swap programs with Germany and Italy, and the signing of a new agreement with China. She pointed to the credibility and trust between Egypt and international financing institutions, which facilitated the mobilization of more than $15.6 billion in development financing for the private sector since 2020.

    Reforming the Global Financial Architecture: Aligning Capital Flows with Development and Climate Goals

    In a related context, H.E. Dr. Rania Al-Mashat participated in a high-level session titled “Reforming the International Financial Architecture: Aligning Capital Flows with Development and Climate Goals,” organized by the Columbia Center on Sustainable Investment (CCSI), the Sustainable Development Solutions Network (SDSN), and the Belt and Road Green Development Council (BRIGC).

    Participants included Professor Jeffrey Sachs, President of the UN Sustainable Development Solutions Network (SDSN); Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA); Professor Kevin Urama, Chief Economist of the African Development Bank; and Ms. Carla Louveira, Minister of Finance of Mozambique, among others.

    H.E. Dr. Rania Al-Mashat reaffirmed that achieving inclusive and sustainable development in the African continent cannot be based solely on borrowing or on mobilizing domestic resources. Instead, it is essential to integrate both approaches to ensure sufficient and sustainable financing for development projects.

    H.E. Minister Al-Mashat also emphasized that Egypt is working to achieve a delicate balance between domestic and international financing, guided by a clear vision that mobilizing domestic resources supports sustainability, while international partnerships provide momentum for implementing major strategic projects.

    Regarding the global financial structure,H.E. Dr. Al-Mashat added that the current international financial system has led to a deepening of the disparity in capital flows between developing, emerging, and developed countries, and limits financing opportunities in southern countries. She asserted that developing countries, especially African nations, still bear unfair financial burdens due to the high cost of financing compared to developed countries, and this disparity weakens our ability to achieve the SDGs within set timelines.

    H.E. Minister Al-Mashat mentioned that capital flows are moving in the opposite direction, away from the countries  with the greatest needs, despite the high-return investment opportunities these countries offer. She underscored that instead of capital flowing towards high-yield development opportunities, we observe outflows due to increased risks associated with global fluctuations, which limits the ability of countries to attract long-term financing. She concluded that serious reforms are urgently needed in the international financial system.

    Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.

    MIL OSI Africa –

  • MIL-OSI USA: Georgia Republicans Join Warnock in Bipartisan Fight to Save Jobs from Senate GOP Tax Bill

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Georgia Republicans Join Warnock in Bipartisan Fight to Save Jobs from Senate GOP Tax Bill


    Today, Republican members of the Georgia State Legislature urged Senate Finance Committee leadership to preserve solar deployment and manufacturing credits, per Axios

    Senator Reverend Warnock has been a fierce advocate for protecting manufacturing jobs in Georgia, which are at risk as the Senate GOP looks to fund a billionaire tax cut

    Senator Warnock released a report that found that repealing clean energy tax credits could cost Georgia up to 42,000 jobs

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) was joined by 16 Georgia Republican state lawmakers in calling for the preservation of the Advanced Manufacturing Production Tax Credit (AMPTC) and solar deployment tax credits, which will help create thousands of Georgia jobs. The GOP letter states that protecting these tax credits, which were championed by Senator Warnock, will “secure America’s energy supply and promote Georgia’s manufacturing jobs and investments.”

    “I’m glad Georgia Republicans are joining my commonsense effort to protect Georgia jobs and pro-business tax credits from the GOP tax bill,” said Senator Reverend Warnock.“Cynical Washington politicians are trying to kill Georgia jobs, which overwhelmingly benefit rural and Republican districts, in order to fund a tax cut for billionaires. If Washington were serious about bringing American manufacturing back to the United States, they would listen to these GOP lawmakers.”

    The GOP letter follows the release of the Senator’s comprehensive report that found Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the clean energy tax credits. Since the tax credit’s passage as part of the Inflation Reduction Act, clean energy jobs and investments exploded across the country, but nowhere was that growth more potent than in Georgia. In less than three years, 51 new projects in Georgia worth over $28 billion have been announced or boosted by the clean energy tax credits. According to the Senator’s report, in Georgia, nearly all the new investments and new jobs are in counties outside of the Atlanta region. Over 70 percent of the new investments and 83 percent of new jobs are in counties with median family incomes below the national median. More than 95 percent of the new jobs and investments are in counties where the percentage of people with a bachelor’s degree is below the national average.

    Last month, Senator Warnock returned to his hometown to continue his public pressure campaign urging Congressional Republicans to protect clean energy tax credits fueling an expected 42,000 Georgia clean energy jobs. He also authored an op-ed in the Atlanta Journal-Constitution, Georgia’s paper of record, making the case for protecting these good-paying jobs.

    MIL OSI USA News –

  • MIL-OSI Security: Pennsylvania Man Going to Prison for 20 Years for Receipt of Child Pornography

    Source: US FBI

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Dylan C. Irvin, 26, of Bradford, PA, who was convicted of receipt of child pornography, was sentenced to serve 20 years in prison and 10 years supervised release by U.S. District Judge Richard J. Arcara.

    Assistant U.S. Attorney Aaron J. Mango, who handled the case, stated that sometime in June or July 2023, Irvin engaged in sexual activity with a 13-year-old female (victim). Irvin used his cellular telephone to record the sexual activity and then received the video on a Snapchat account he controlled. On March 5, 2024, Irvin was arrested on state charges related to the sexual contact, at which time his cell phone was seized. A search of the phone recovered the video of Irvin and the victim.

    The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Acting Special Agent-in-Charge Mark Grimm, the New York State Police, under the direction of Major Amie Feroleto, and the Cattaraugus County Sheriff’s Office, under the direction of Sheriff Eric Butler.

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    MIL Security OSI –

  • MIL-OSI Security: Pennsylvania Man Going to Prison for 20 Years for Receipt of Child Pornography

    Source: US FBI

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Dylan C. Irvin, 26, of Bradford, PA, who was convicted of receipt of child pornography, was sentenced to serve 20 years in prison and 10 years supervised release by U.S. District Judge Richard J. Arcara.

    Assistant U.S. Attorney Aaron J. Mango, who handled the case, stated that sometime in June or July 2023, Irvin engaged in sexual activity with a 13-year-old female (victim). Irvin used his cellular telephone to record the sexual activity and then received the video on a Snapchat account he controlled. On March 5, 2024, Irvin was arrested on state charges related to the sexual contact, at which time his cell phone was seized. A search of the phone recovered the video of Irvin and the victim.

    The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Acting Special Agent-in-Charge Mark Grimm, the New York State Police, under the direction of Major Amie Feroleto, and the Cattaraugus County Sheriff’s Office, under the direction of Sheriff Eric Butler.

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    MIL Security OSI –