New financial schemes for European transport infrastructure projects. State of Play for CEF and Juncker Plan

Transcription

1 New financial schemes for European transport infrastructure projects State of Play for CEF and Juncker Plan Matthieu Bertrand, Unit Connecting Europe Investment Strategy 23 rd January 2015, CPRM Commission Working Group

2 TEN-T policy By 2030: replace the patchwork of priority projects by a single multimodal European core network with - high standards, -common traffic management systems -targets for the deployment of clean fuels By 2050: develop the comprehensive network as ground layer to ensure accessibility and common standards

3 Instruments to be available for projects on the TEN-T On-going: Pilot phase of the Project Bond initiative and LGTT instrument + classic EIB lending Connecting Europe Facility financial instruments, in addition to grants: Project Bonds (with higher % for the guarantee), LGTT 2 (not limited to traffic risk), possibility of other debt instruments (loans and guarantees, dedicated investment funds for specific policies (ERTMS, retrofitting of ships or barges with LNG, Electrification) Structural and Investments Funds instruments (grants and IFIs) New: European Fund for Strategic Investments (EFSI)

4 Financial instruments under the CEF & EFSI Limited available in CEF: 26bn to cover 250bn needs! Limited eligibility of grants under CEF Mostly Core Network (5% can go to comprehensive network) Rail, Inland Waterways, Connections to ports and airports, Traffic Management systems, MoS Full eligibility of TEN-T for CEF Financial Instruments The whole TEN-T network, Core & Comprehensive All projects eligible under TEN-T Guidelines All modes of transport Ground and on-board components of traffic management systems or alternative propulsion systems Full eligibility of European transport infrastructure under EFSI! Including and beyond TEN-T, including urban projects

5 Commission proposal for the European Fund for Strategic Investments (EFSI) New Fund set up within EIB, with a 16bn EU guarantee to finance about 315bn of additional investments in the next 3 years Through loans, guarantees, sub-debt, equity instruments With a higher risk profile than existing instruments Set up of a European Investment Advisory Hub, regrouping and expanding existing Technical Assistance to help administrations and project promoters prepare projects and use financial instruments No earmarking for transport, but 29% of the 1.300bn investments identified by the EIB/EC Task force were in the transport sector

6

7 EFSI project pipeline EIB and EC to work with MS to develop a transparent project pipeline for the Fund EFSI proposal was accompanied by an illustrative list of projects prepared by EC, EIB and Member States 2000 projects for 1.300bn, 29% for transport 127bn of investment needs identified for projects on the TEN-T Core Network Corridors Christophersen-Bodewig-Secchi Interim Report gives illustrative examples of projects on the TEN-T Corridors and outline regulatory issues to facilitate investments in transport

8 Sectors suited for new financial schemes Category of projects Total Value (million EUR) Airport expansion 2, Dedicated rail connections 29, Increasing capacity in ports 12, Inland waterways 17, Logistic platforms 2, Motorways 63, Total 127, infrastructure related policies: -Traffic management systems (ERTMS, SESAR, RIS, ITS ) - retrofitting fleets with clean propulsion systems - rolling-out infrastructure for clean fuels

9 News: 13 th January 2015: Communication making the best use of the flexibility within the rules of the Stability and Growth Pact MS contribution to EFSI not taken into account for calculation of MS deficit New investment clause MS below 3% deficit can deviate temporarily from their medium-term budget objective of deficit reduction in order to accommodate TEN-T investments when co-financed by CEF, Cohesion Funds or EFSI, under conditions. Gives a strong incentive to MS to use their national funds for TEN-T projects co-financed by the EU

10 Next steps Project Bond pilot phase continuing, conclusion expected on projects in the next months (in particular Port projects) CEF debt instruments to be ready soon, EIB team already working on projects EFSI Regulation to go through legislative procedure, objective is to conclude by June EC/EIB agreement to be negotiated in parallel In Parallel: results of the 12bn-call for proposal for grants under the Connecting Europe Facility: list of selected projects to be known in July

11 Thank you for your attention!