The EU's 28 heads of state or government, who met in Brussels for the European Council summit on Thursday, approved the EUR 315 billion investment plan of Commission President Jean-Claude Juncker.

President of the European Council Donald Tusk announced that the leaders agreed on three things - the creation of European Fund for Strategic Investments (EFSI), renewed commitment to intensify structural reforms, and continued efforts to ensure sound public finances, EurActiv reports.

Governments contributing to the EFSI are not to get into trouble if their contributions result in deficits breaching the EU budget rules laid out in the Stability and Growth Pact.

The fund will be launched next year with EUR 21 billion - EUR 16 billion coming from the EU budget and EUR 5 billion from the European Investment Bank.

In January 2015 the European Commission has to present the draft for the creation of EFSI, with expectations that the European Parliament and Council will be able to cast their decision until the summer break, so that the fund can become fully operation in September next year.

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