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EIB Financing of the Trans-European Networks

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EIB Financing of the Trans-European Networks Sectoral brochure European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank EIB financing of the Trans-European Networks European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank EIB support for TENs The need to provide freedom of movement of goods, persons, energy and information underpins the fundamental developmental and integra- tion aims of the European Union (EU). At the heart of European policy, the expansion of the Trans-European Transport and Energy Networks (TENs) remains a key objective for the European Investment Bank (EIB), alongside other lending priorities, such as reinforcing economic and social cohesion in the EU, supporting EU energy objectives, forging links with EU partner countries and protecting the environment. European transport networks European policy aims to build an inte- grated network of basic transport infra- structure, transforming the networks built under national considerations into an efficient and sustainable Europe-wide infrastructure system. This network of motorways, railways, waterways, ports and airports is intended to link the 27 Member States to one another and with the countries of the European Neigh- bourhood. Capacity problems and consequent con- gestion along long-distance routes in the EU are restraining factors for both trade and mobility. Better use of existing infra- structure is paramount in order to reduce Transport Networks (TEN-T) is the need to area that will be supported by EU exter- mounting costs and contain the environ- integrate the poorly endowed transport nal policy, the EU has identified 30 pri- mental impact of transport. Nonetheless, systems of most new Member States and ority projects within the TEN-T network the construction of new or improved Accession Countries. Whilst much of this on which financial support from the EU transport infrastructure is required for the investment will come from the public sec- budget will be concentrated. EU contri- development of the Single Market. tor, the involvement of the private sector butions will remain well below the invest- must be encouraged to ensure efficiency ment requirements for these projects Member States need substantial invest- and innovation and to reduce the financial and for the network generally. The EIB ment to adapt their infrastructure networks burden on the public accounts. is expected to contribute with its long- to the growing transport requirements of term loans to bridge the financial gap and an expanding EU. Indeed, a major chal- In addition to those priority corridors accelerate the completion of the network, lenge for the future of the Trans-European within the European Neighbourhood which is scheduled for 2020. EIB financing of the Trans-European Networks 1 European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank European energy networks The role of the EIB networks, notably in the new Member States. In the energy sector, the upgrading The EU strategy for the energy sector The EIB is a leading source of bank finance of electricity networks and modernisation rests on: for the Trans-European Networks in the of energy plants to reduce pollution fea- Union and Accession Countries. From the tured among the projects recently under- • environmental sustainability – to reduce inception of the policy in 1993 to Decem- taken by the Bank. the negative impact of energy produc- ber 2008, loans amounting to EUR 94.3 bil- tion and consumption on the natu- lion for transport TENs and EUR 12.4 billion ral environment, particularly through for energy TENs were signed. reduced CO2 emissions, but also through EIB value added cleaner energy in general; Bank operations generally furthering the • competitiveness in energy supply – a key development of the TENs also contrib- The EIB contributes real value added to consideration for the economic develop- ute positively to other European prior- TENs energy and transport infrastructure ment of the European Union, given the ity objectives. The TENs policy continues projects, relying on its ability to: central role played by energy in the mod- to facilitate economic and social inte- ern economy; and gration as well as the development of • mobilise on competitive terms the large • security of supply – by promoting diver- less favoured regions within the EU. In amounts necessary to co-finance the sified sources of energy, through more 2008, approximately 53% of lending for building of this infrastructure; internal supplies but also by reducing major European transport and energy • offer maturities tailored to the long con- Europe’s dependence on external sup- networks went to convergence areas struction and operating periods of the plies and the potential impact of the and, in addition to the direct effects that schemes concerned; many international risk factors that affect the construction of transport and energy • provide structured finance as a comple- the energy market. infrastructure has on these developing ment to commercial bank and ca pital regions, a number of indirect long-term market funding. Trans-European Energy Networks (TEN-E) benefits are expected as a result of syner- are a top priority in the EU’s energy pol- gies created. icy because of their seminal role in the creation of the internal energy market The promotion of clean transport and as well as in diversifying energy supplies energy infrastructure also contributes to in the Union and ensuring that they are the EIB’s long-term corporate objectives secure. of sustainable, competitive and secure The development of energy, as well as environmental protec- TENs aims to provide: tion and improvement. The prioritisation of rail projects over road, combined with • high-quality infrastructure The backing of EU initiatives the priority status attributed to natural gas supporting the links between projects, reaffirms the Bank’s commitment the 27 EU Member States and In the 1992 Maastricht Treaty, the EU Mem- to the European policy for the protection connecting the EU and the ber States agreed on the need to develop of the natural and urban environment. countries of the European the Trans-European Networks to drive for- Neighbourhood area; ward the integration aims of the Union. The EIB also invests extensively in non- In 1994, at a European Council meeting TEN transport and energy projects, con- • interconnection and interop- in Essen, a list of 14 priority projects was tributing to growth and job creation in erability of existing national identified as being key to the develop- the less developed areas of EU Member networks; ment of the transport networks, and in States and Accession Countries and/or 1996 the European Parliament and Coun- the improvement of the environment, • access to the basic networks, cil of the European Union approved the particularly through urban public trans- permeating the benefits of guidelines for their development. This list port infrastructure. Transport projects the Trans-European Networks was updated in 2004 in the light of the signed in recent years include the exten- over the whole EU territory. European Action for Growth initiative to sion and improvement of local metro include 30 priority projects, building on and tram services, the purchase of rolling the original list of 14. stock and the rehabilitation of local road 2 EIB financing of the Trans-European Networks European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank Innovative financial instruments clearly illustrated by the creation of the this Expertise Centre, which will facilitate European PPP Expertise Centre (EPEC). the sharing of experience among pub- Since 1993, the EIB has stepped up lend- Alongside national and regional PPP lic sector PPP authorities within Europe ing for TENs through a range of financ- authorities and the European Commis- and provide practical PPP implementa- ing instruments. Following the Action for sion, the EIB is an active participant in tion assistance. Growth initiative, the EIB undertook to increase its dedicated contribution to the TENs Investment Facility (TIF), introduc- ing a priority lending facility of EUR 75 billion for TEN-T until 2013 and a further EUR 0.5-1 billion annually for TEN-E. It is intended that approximately half of all EIB lending to TENs should be dedicated to priority projects. It should be noted, however, that a signifi- cant share of EIB lending to TENs goes to TEN projects required to achieve the overall TEN-T network effect but not included in the TEN priority list. In 2008, their share of EIB financing of all TEN-T projects was 31%. Other instruments include the Struc- tured Finance Facility (SFF) for TENs, which allows lending to projects of sub-invest- ment-grade credit quality, and the Loan Guarantee Instrument for Trans-European Transport Network projects (LGTT), which is designed to facilitate greater participa- tion by the private sector in the financing of TEN-T infrastructure (see boxes on SFF and LGTT). The European Commission and Parliament have underlined the need to maintain the requisite level of investment in transport infrastructure. Private sector involvement is one of the keys to advancing the TENs investment
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