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27.11.2014 16:33
EU Announced EUR 315 Bn Investment Plan, Including Energy Infrastructure
EUR 3.3 will come from the Connecting Europe Facility

  • © European Parliament

European Commission President Jean-Claude Juncker announced details of a EUR 315 bn investment plan to promote competition and economic growth in Europe.

Its core element is the new EUR 21 bn-European Fund for Strategic Investment (EFSI) created in partnership with the European Investment Bank (EIB) which will provide loans for infrastructure projects as of mid-2015, including in the energy sector.

The EFSI is expected to have multiplying effect, mobolising private investment that otherwise would not be made and thus reaching the target EUR 315 bn. Only EUR 16bn of the original money, however, would come from the EU budget, EUR 3.3 of which will be provided by the Connecting Europe Facility. The latter targets so-called Projects of Common Interest – energy and transport infrastructure meant to boost connectivity. Among those are power and gas interconnectors and major road and water transport routes, in particular the Greece-Bulgaria gas interconnector (IGB) and further gas transport infrastructure expected to bring fuel to Central Europe. Member-countries are also encouraged to become donors of the EFSI.

TAGS: EU | investment | energy | infrastructure | gas | power | electricity | European Fund for Strategic Investment | EFSI | EIB | European Investment Bank | Connecting Europe Facility | Greece | Bulgaria 

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