Financing rail with the Connecting Europe Facility Financing Rail... · Stéphane Ouaki European...
Transcript of Financing rail with the Connecting Europe Facility Financing Rail... · Stéphane Ouaki European...
Transport
Stéphane Ouaki
European Commission, DG Mobility and Transport (DG MOVE)
European Railway Agency Conference Lille, 8 May 2014
Financing rail with the
Connecting Europe Facility
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Transport
Connecting Europe Facility One instrument – three sectors
Connecting Europe Facility
Transport Guidelines
Energy Guidelines
Telecom Guidelines
Financing framework 2014-2020
Sectoral policy frameworks
(setting priorities for 2030, 2050)
Regulation (EU) 1316/2013, adopted in December 2013 together with the Regulation 1315/2013 on the TEN-T Guidelines
Transport
CEF: budget for transport
• €26.2 billion for TEN-T (-40% vs EC)
•€14.9bn available to all Member States
•€11.3bn to be transferred from the Cohesion Fund
• To be allocated exclusively to projects in Cohesion Fund eligible Member States
• Respect of National allocations under the Cohesion Fund until end 2016
• Specific Programme support actions for MS experiencing difficulties in proposing projects
•To be spent via:
Grants
Innovative financial instruments (€2 billion estimated market uptake)
Transport
• 80 – 85 % of available budget for pre-identified projects listed in Annex 1 • 4 horizontal priorities
(including ERTMS) • 9 core network
corridors • and other important
cross-border and bottleneck sections
• delegated act foreseen to amend list
• 15 – 20 % for other
projects of the core and comprehensive networks and for financial instruments
CEF: eligibility
Transport
TEN-T Corridors
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Baltic-Adriatic
North Sea - Baltic
Mediterranean
Orient/East Med
Scandinavian-Mediterranean
Rhine-Alpine
Atlantic
North Sea - Mediterranean
Rhine-Danube
Transport
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up to 20% for investments in general up to 30% for bottlenecks (only for rail and inland waterway) up to 40% for cross-border projects (only for rail and inland waterway) up to 50% for studies for ERTMS: up to 50% for land-based and for on-board components up to 20% for new technologies and innovation up to 85% for the €10bn transferred from the Cohesion Fund
CEF: co-financing rates
Transport
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CEF: ERTMS deployment
• CEF support to ERTMS to be focused on Core Network and Corridors
• Cohesion Fund and ERDF to support deployment on comprehensive network
• For on-board equipment, focus on
• Innovative financial instruments
• Deployment of version 3.0 and upgrade towards 3.0.
• Corridors, in parallel with ground deployment
Transport
Latest steps in CEF implementation • January 7, 2014 Commission Communication setting out
the top funding priorities for the CEF
• March 26, 2014 AWP and MWP adopted setting out the
implementation framework and available funding for the
priorities
• Call texts and guide for applicants expected to be
published in June 2014
• 1st call for proposals open – September 1, 2014 –
February 28, 2015
Transport
Main focus of EU funding – the Communication
• On projects with the highest EU added value on the Core
Network Corridors (as pre-identified in CEF Regulation, Annex I)
• Major missing cross-border sections
• Major bottlenecks
• Other cross-border sections
• Strong incentives for rail interoperability
• Encouragement of corridor-wide action for new concepts such as
intermodality, technological innovation (incl. telematic applications)
• Substantial financial resources for first MAP
Transport
Main features of the 2014 Work programmes and calls
• 1 MAP for the €10bn transferred from Cohesion Fund, only for Cohesion MS
• 1 MAP for the 28 EU MS
ERTMS priority to be included in the 2 MAPs
• 1 AP for the 28 EU MS
• The size of the calls will be adjusted on the basis of MS project pipelines
Will be done in cooperation with MS authorities and DG REGIO, especially for Cohesion MS
Transport
Work Programmes
• Objective 1 of MWP: Concentration on Core Network Corridors,
Core Network and Horizontal priorities (pre-identified projects, rail
interoperability, ERTMS)
Total financial envelope: EUR 9.7 billion (6 bn /3.7 bn Cohesion)
• Objective 2 of MWP: Sustainable and efficient transport &
optimising integration and interconnection of transport
Total financial envelope: EUR 1.3 billion (1 bn/0.3 bn Cohesion)
• In addition EUR 930 million under AWP, most of which foreseen for
removing bottlenecks and bridging missing links (for other than
pre-identified projects of CEF Annex I)
Transport
CEF: Programme Support Actions for rail
In the Multiannual Work Programme:
• Cohesion Member States
• Capacity building for Railway Infrastructure Managers
(average grant 780,000 EUR per MS for 2014-2020 period)
• Strengthening the institutional capacity and the efficiency of
the Cohesion MS authorities to prepare projects
• ERTMS
• Services for technical support for ERTMS deployment
along Corridors
• Study to develop use of innovative financing to support
ERTMS deployment along the Corridors
• Interoperability
• Inventory of assets for persons with reduced mobility/
disabilities
Transport
CEF: Financial instruments
2 types: • Equity (Marguerite)
• Risk-sharing instruments to provide loans and/or guarantees (such as LGTT or Project Bonds)
• Combination of innovative financial instruments (e.g. Project bonds) and EU direct support (i.e. grants) to optimise the impact of financing
• Possibility to top up the CEF financial instruments: MS (directly or through Structural Funds), other EU funds and/or investors
• Possibility to use the Risk Sharing Finance Facility (RSFF) and its successor under Horizon 2020. Dedicated instrument to finance projects with high technological or innovation risk.
• Possibility of specific model for ERTMS: toll-bridge financing model
• Specific Technical support from the EIB or external consultants can be financed through CEF support actions.
Transport
Financial instruments under the CEF – How?
• Management of FIs under the CEF • Implementation by financial partners (EIB) in accordance with Financial
Regulation
• Possible combination of innovative financial instruments and grants to optimise the impact of financing
• Possibility for MS (directly or through Structural Funds), other EU funds and/or investors to top up the CEF financial instruments
• Role of EU and EIB • EU determines general eligibility criteria (TEN-T Guidelines + CEF article 7)
• EU helps develop project pipeline where appropriate
• EIB selects specific projects using standard eligibility criteria and credit risk policies, select type of support
• EU and EIB share risk, but EU risk capped at budgetary contribution, no contingent liabilities.
• Building institutional capacity for PPPs in MS
Transport
Complementarity (and not duplication) between CEF and ESIF
• Strategic framework for Cohesion Policy support to investments in transport
• Focus on TEN-T
• Consistency with the comprehensive national transport strategy
• CEF: 11.3bn EUR transferred from the Cohesion Fund
Co-funding rates applicable for the Cohesion Fund
• - A complementary list of projects for the network effect
• - Commission urges Member States to ensure higher financing for railway projects (vis-à-vis road) in the Operational Programmes
Transport
Complementarity CEF - ESIF
CEF will concentrate on projects with a high EU added value – rail – on core network and Corridors (as pre-identified in the Annex of the CEF Regulation)
CF/ERDF will concentrate on high EU added-value projects to remove bottlenecks in transport networks by supporting TEN-T infrastructure, for both the core and comprehensive networks
CF/ERDF is eligible for other modes of transport: urban
CF/ERDF can finance projects non-eligible under the CEF: rolling stock, stations