The main objective of this research activity is to provide territorial analysis on the impacts of European Structural and Investment Funds’ financial instruments in the 2007-2013 programming period and where data allows in the 2014-2020 programming period. The main outcome should be evidence on what the increasing shift to using financial instruments implies for the objective of territorial cohesion and whether using financial instruments as a complement to grant schemes is an effective way to implement European Structural and Investment Funds in terms of added value for territorial development.