Financing European Transport infrastructure with
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1 Financing European infrastructure with the Connecting Europe Facility & the revised TEN-T Guidelines European Forum North Sweden Brussels, 30 November 2012 Stéphane Ouaki, DG MOVE
2 Connecting Europe Facility One instrument three sectors Connec&ng Europe Facility Financing framework Guidelines Energy Guidelines Telecom Guidelines Sectoral policy frameworks (setting priorities for 2020, 2030, 2050)
3 New TEN-T Guidelines Problems: TEN-T today remains a patchwork of national networks: Cross-border sections are missing, especially for rail and inland waterways, road network is very advanced. Links between the different modes of transport are weak: ports, airports, logistic platforms need to be well connected to the various modes National operational rules and technical systems (interoperability) block the internal transport market. Solutions: from a patchwork to a network Realise the missing links (cross-border, bottlenecks) Make the network intermodal: link in the nodes that allow exchange between transport modes Make the network interoperable and efficient: ERTMS, RIS, Road ITS, SESAR Use the existing infrastructure better Make a more binding framework for realising the network Guidelines propose: (after 2 years of intense preparations with MS) Multimodal two layer approach: core network and comprehensive network Comprehensive network will cover entire EU, accessibility for all citizens and businesses Core network: a selection of the most important parts of the network to be realised as a priority until 2030
4 European Core Network, rail freight and ports
5 EU road Core Network - to be completed by defined on the basis of a clear methodology and MS portfolio of projects Road Core and Comprehensive network are eligible for financing under the Connecting Europe Facility ( )
6 Connecting Europe Facility: budget proposed 31.7 billion for transport (including 10 Billion from Cohesion Fund) Connecting Europe Facility does not replace or displace cohesion policy funding. Cohesion Fund will have 24 billion for TEN-T projects + ERDF available for secondary or tertiary connectivity Coordination with CEF to be ensured through Common Strategic Framework and partnership Contracts
7 Connecting Europe Facility and TEN-T: eligibility of actions 31.7 billion for transport through Innovative financial instruments: estimate of market take-up: 2bn with an estimate leverage of up to 15 or 20 could generate total investments of 30bn to 40bn. Grant component estimate: 19.7bn with an estimated average co-funding rate of 20% could generate 98.5bn + 10bn earmarked in the Cohesion fund (grants) with an estimated average co-funding rate of 85% could generate 11.5bn Total amount of investments that could be generated: 140bn to 150bn.
8 The Connecting Europe Facility: eligibility % of available budget for pre-identified projects listed in Annex 1 3 horizontal priorities (including ITS) 10 core network corridors, and other important crossborder sections (including road sections, inland connections to ports and airports) delegated act foreseen to amend list % for other projects of the core and comprehensive networks and for financial instruments
9 The Connecting Europe Facility: co-funding rates Types of Projects All Member States (a) Studies (all modes) 50% 80-85% (b)works on Rail Cross border 40% 80-85% Bottleneck 30% 80-85% Other projects of common interest 20% 80-85% Inland waterways Cross border 40% 80-85% Bottleneck 30% 80-85% Other projects of common interest 20% 80-85% Inland transport connections to ports and airports (rail and road) 20% 80-85% Member States eligible for Cohesion Fund Development of ports 20% 80-85% Development of multi-modal platforms 20% 80-85% Reduce rail freight noise by retrofitting of existing rolling stock 20% 20% Freight transport services 20% 20% Secure parkings on road core network 20% 20% Motorways of the sea 20% Council wants 30% Traffic management systems Cross border road sections ERTMS (rail) (Council also wants RIS & VTMIS) 50% 80-85% Other modes 20% 80-85% Council PGA added new technologies and innovation for all modes of transport none (Council proposed 10%) 20% Council wants 30% 80-85% 20% 20%
10 The Connecting Europe Facility: financial instruments 2 types of financial instruments: Equity (such as Marguerite Fund) Risk-sharing instruments to provide loans and/or guarantees (such as LGTT or Project bonds) Estimates of the market take-up of the instruments (adjustment possible) 2bn for transport, 1bn for energy, higher for ICT Leverage: up to 1:15 to 1:20. Implementation by financial partners, such as EIB, in accordance with Financial Regulation No risk for EU budget: no guarantee entered in EU budget (same as LGTT). Residual risk with the financial partner. Combination of innovative financial instruments (e.g. Project bonds) and EU direct support 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
11 The Connecting Europe Facility: financial instruments and financial partners Working with a financial partner such as EIB: Commission guidelines (see previous slides) Details of instruments set up in cooperation agreement with financial partner Budgetary transfer to the financial partner to be decided every year based on expected project pipeline and needs. Financial partner decides on economic and financial viability of project to be supported on first come first serve basis, but efforts should be made to ensure sectoral and gradual geographical diversification Project bonds: Lessons learned from LGTT and RSFF EIB should be the partner for Project bonds Other financial institutions are not excluded
12 Europe 2020 Project Bond Initiative: A pilot phase in Project bonds to be an integral part of the CEF Past experience (especially LGTT) shows time lag for banks and project sponsors to incorporate complex new ideas into their financing structures In the case of project bonds also have to allow investors (pension funds, insurers) time to analyse and adapt asset allocation Pilot phase in order to start this phase now rather than in 2014 Funded by reallocating up to EUR 200 million from TEN-T, up to EUR 10 million from TEN-E and up to EUR 20 million from CIP ICT budget lines Aim to support 5-10 projects in transport (mostly road projects have been identified), energy and/or ICT
13 SPV Project Costs Project bonds: how does it work? Project Bonds Target ra&ng minimum A- EIB Sub- debt Equity & Quasi- equity Bond Issue and underwri&ng Project Bond Investor up to 20% of total Bond issue A mechanism to credit enhance senior debt and thus attract capital market investors Ø Ø Ø European Investment Bank Project Company will divide its debt into two layers: Ø Ø A Senior tranche, which will be issued as Project Bonds and placed with institutional investors (insurance companies, pension funds, etc.) A (smaller) Subordinated tranche, which would be underwritten by the Commission and the EIB, in a funded (loan) or unfunded (guarantee) form. Subordinated debt maximum 20% of total debt EIB and EU to receive a fee and/or credit margin
14 The Connecting Europe Facility: the 10 billion from Cohesion Fund (only for transport) Reason: difficulties to deliver complex cross-border projects with high EU added value, especially in rail in Cohesion MS. In order to ensure synchronised investments to give all MS access to the internal market. Mechanism: transfer pro-rata of 10 billion from Cohesion Fund Eligibility: only MS eligible to Cohesion Fund Co-funding rate: like Cohesion Fund: up to 85% (80% for phasing-out, with possibility of top-up) Implementation: separate competitive calls for projects with benchmark of greatest possible priority given to national allocations under Cohesion Fund. Goal remains to deliver core network in all MS. Core network completion decisive to ensure access to internal market for all MS. Compromise text voted by EP probably basis for final agreement. Preparation to ensure quality and maturity of projects: support from Commission services (specific call for proposals under TEN-T programme prior to 2014) as well as Jaspers to develop adequate project pipeline
15 Projects in Sweden Projects in the CEF list: 5. Helsinki Valletta Turku/Naantali - Stockholm Stockholm - Malmö (Nordic Triangle) Ports, MoS Rail port hinterland connections, icebraking capacity works ongoing on specific sections Other section on the Core Network Sundsvall Umea Lulea Bottleneck Rail studies and works Malmö - Göteborg Other Core Network Rail works Stockholm Gävle Sundsvall Other Core Network Rail Upgrading, works Mjölby Hallsberg Gävle Other Core Network Rail Upgrading, works Bothnian Kiruna NO border Other Core Network Rail studies and works Bothnian Corridor: Lulea Oulu Cross-Border Rail studies and works Further to direct contribution to be received on projects in Sweden from the CEF, Sweden, its consumers and its industries will benefit from a better integration into the Single Market. Moreover, Sweden will be able to use CEF to finance the greening of Maritime transport (for instance through LNG projects with Motorways of the Sea) to help ports and industries to cope with the environmental legislation on Maritime transport. tions: from a patchwork to a network
16 Any questions? Thank you for your attention
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