HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"EN
20.12.2013 Official
Journal
of
the
European
Union L
348/129
REGULATION (EU) No 1316/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 11 December 2013
establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing
Regulations (EC) No 680/2007 and (EC) No 67/2010
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
(3) According
to
the
Commission,
the
estimated
investment
EUROPEAN UNION,
requirement for trans-European networks in the
transport, telecommunications and energy sectors for
the period up to 2020 is EUR 970 000 million.
Having regard to the Treaty on the Functioning of the European
Union, and in particular Article 172 thereof,
(4) This
Regulation
lays
down,
for
the
implementation
of
the
CEF for the period 2014 to 2020, a financial envelope of
EUR 33 242 259 000 in current prices which is to
Having regard to the proposal from the European Commission,
constitute the prime reference amount, within the
meaning of point 17 of the Interinstitutional
Agreement between the European Parliament, the
After transmission of the draft legislative act to the national
Council and the Commission of 2 December 2013 on
parliaments,
budgetary discipline, on cooperation in budgetary
matters and on sound financial management ( 4 ) for the
European Parliament and the Council during the annual
Having regard to the opinion of the European Economic and
budgetary procedure.
Social Committee ( 1 ),
(5) In
order
to
optimise
the
use
of
budgetary
funds
allocated
to the CEF, the Commission should, following the mid-
Having regard to the opinion of the Committee of the
term evaluation of the CEF, be able to propose the
Regions ( 2 ),
transfer of appropriations between the transport, tele
communications and energy sectors. Such proposal
should be subject to the annual budgetary procedure.
Acting in accordance with the ordinary legislative procedure ( 3 ),
(6)
The amount of EUR 11 305 500 000 in current prices
Whereas:
transferred from the Cohesion Fund established by Regu
lation (EU) No 1301/2013 of the European Parliament
and of the Council ( 5 ) should be used to commit
(1) In
order
to
achieve
smart,
sustainable
and
inclusive
budgetary resources to financial instruments under this
growth and to stimulate job creation in line with the
Regulation only from 1 January 2017.
objectives of the Europe 2020 Strategy, the Union
needs an up-to-date, high-performance infrastructure to
(7) The
creation
of
efficient
transport
and
energy
infra
help connect and integrate the Union and all its regions,
structure networks is one of the 12 key actions identified
in the transport, telecommunications and energy sectors.
by the Commission in its Communication of 13 April
Those connections should help improve the free
2011 entitled: "Single Market Act – Twelve levers to
movement of persons, goods, capital and services. The
boost growth and strengthen confidence: 'Working
trans-European networks should facilitate cross-border
together to create new growth'.
connections, foster greater economic, social and terri
torial cohesion, and contribute to a more competitive
(8) The
Commission
has
committed
itself
to
mainstreaming
social market economy and to combating climate change.
climate change into Union spending programmes and to
directing at least 20 % of the Union budget to climate-
related objectives. It is important to ensure that climate
(2)
The aim of the creation of the Connecting Europe Facility
change mitigation and adaptation, as well as risk
(CEF) established by this Regulation is to accelerate
prevention and management, are promoted in the prep
investment in the field of trans-European networks and
aration, design and implementation of projects of
to leverage funding from both the public and the private
common interest. Infrastructure investments covered by
sectors, while increasing legal certainty and respecting the
this Regulation should help to promote the transition to
principle of technological neutrality. The CEF should
a low-carbon and climate- and disaster-resilient economy
enable synergies between the transport, telecommuni
and society, taking into account the specificities of
cations and energy sectors to be harnessed to the full,
regions with natural and demographic disadvantages, in
thus enhancing the effectiveness of Union action and
particular the outermost and island regions. In the
enabling implementing costs to be optimised.
( 4 ) OJ C 420, 20.12.2013, p. 1.
( 1 ) OJ C 143, 22.5.2012, p. 116.
( 5 ) Regulation (EU) No 1301/2013 of the European Parliament and of
( 2 ) OJ C 277, 13.9.2012, p. 125.
the Council of 17 December 2013 on the Cohesion Fund and
( 3 ) Position of the European Parliament of 19 November 2013 (not yet
repealing Council Regulation (EC) No 1084/2006 (OJ L 347,
published in the Official Journal)
20.12.2013, p. 289).

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L 348/130
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Official Journal of the European Union
20.12.2013
transport and energy sectors in particular, the CEF should
modes by 2030, and more than 50 % by 2050; the
contribute to the Union's mid-term and long-term
length of the existing high-speed rail network should
objectives in terms of decarbonisation.
triple by 2030 and by 2050 the majority of medium-
distance passenger journeys should be undertaken by rail;
by 2050, all core network airports should be connected
to the rail network and all seaports to the rail freight and,
where possible, to the inland waterway system.
(9)
In its resolution of 8 June 2011 on Investing in the
future: a new Multiannual Financial Framework (MFF)
for a competitive, sustainable and inclusive Europe ( 1 ),
the European Parliament stressed the importance of
ensuring the rapid execution of the Union's Digital
(12) In
its
resolution
of
6
July
2010
on
a
sustainable
future
Agenda and of continuing efforts towards reaching by
for transport ( 2 ), the European Parliament emphasised
2020 the targets of making access to high-speed
that an efficient transport policy required a financial
internet available to all Union citizens, also in less
framework that was appropriate to the challenges
developed regions. The European Parliament underlined
arising and that, to that end, the current resources for
that investing in an effective transport infrastructure had
transport and mobility should be increased; it further
a key role to play in enabling Europe to defend its
considered that there was a need to create a facility to
competitiveness and pave the way for post-crisis, long-
coordinate and optimise the use of different sources of
term economic growth, and that the trans-European
transport funding and of all the financial means and
transport network ("TEN-T") was vital in order to
mechanisms available at Union level.
guarantee the proper functioning of the internal market
and provide important European added value. The
European Parliament also stated that it was of the
opinion that TEN-T should, accordingly, be a key
priority in the MFF and that an increase in TEN-T
funds was necessary in the MFF. In addition, the
(13) In
its
conclusions
of
11
June
2009
on
the
TEN-T
policy
European Parliament emphasised the need to maximise
review, the Council reaffirmed the need to continue
the impact of Union funding and the opportunity offered
investing in transport infrastructure in order to ensure
by the Cohesion and by the European Structural and
proper development of the TEN-T in all transport
Investment Funds and financial instruments to fund key
modes, as a basis for the internal market and competi
national and cross-border European priority energy infra
tiveness, economic, social and territorial cohesion of the
structure projects, and stressed the need for a substantial
Union and its connection to neighbouring countries,
allocation from the Union budget for financial
focusing on the European added value that this would
instruments in this field.
bring. The Council also underlined the need for the
Union to make available the financial resources
necessary to stimulate investment in TEN-T projects
and, in particular, the need to reconcile appropriate
financing support from the TEN-T budget to the
priority projects which involve relevant cross-border
(10) With
a
view
to
financing
infrastructure
in
cross-border
regions as part of the development of the networks as a
sections and the implementation of which would
whole, synergies should be encouraged between the
extend beyond 2013 within the institutional constraints
financial instruments of the CEF and other Union funds.
of the MFF programming. In the view of the Council,

public-private partnership approaches should be further
developed and supported in this context where appro
priate.
(11) On
28
March
2011,
the
Commission
adopted
the
White
Paper entitled "Roadmap to a Single European Transport
Area — Towards a competitive and resource efficient
transport system" (the "White Paper"). The White Paper
(14) On the basis of the objectives set by the White Paper, the
aims at reducing the greenhouse gas emissions (GHG) of
TEN-T guidelines as laid down in Regulation (EU)
the transport sector by at least 60 % by 2050 compared
No 1315/2013 of the European Parliament and of the
to 1990. As far as infrastructure is concerned, the White
Council ( 3 ) identify the infrastructure of the TEN-T,
Paper aims at establishing a fully functional and Union-
specify the requirements to be fulfilled by it and
wide multimodal TEN-T core network by 2030. Inter
provide for measures for their implementation. Those
operability could be enhanced by innovative solutions
guidelines envisage, in particular, the completion of the
that improve compatibility between the systems
core network by 2030 through the creation of new infra
involved. The White Paper also aims at optimising the
structure as well as the substantial upgrading and reha
performance of multimodal logistic chains, including by
bilitation of existing infrastructure.
making greater use of more energy-efficient modes.
Therefore, it sets the following relevant targets for
( 2 ) OJ C 351E, 2.12.2011, p. 13.
TEN-T policy: 30
% of road freight carried over
( 3 ) Regulation (EU) No 1315/2013 of the European Parliament and of
distances of more than 300 km should shift to other
the Council of 11 December 2013 on Union guidelines for the
development of the trans-European transport network and
repealing Decision No 661/2010/EU (See page 1 of this Official
( 1 ) OJ C 380E, 11.12.2012, p. 89.
Journal).

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20.12.2013 Official
Journal
of
the
European
Union L
348/131
(15) Based
on
an
analysis
of
the
transport
infrastructure
plans
allocations under the Cohesion Fund. The Commission
of Member States, the Commission estimates that
should support Member States eligible for financing from
investment needs in transport amount to EUR 500 000
the Cohesion Fund in their efforts to develop an appro
million over the entirety of the TEN-T network for the
priate pipeline of projects, in particular by strengthening
period 2014-2020, of which an estimated EUR 250 000
the institutional capacity of the public administrations
million will need to be invested in the core network of
concerned and by organising additional calls for
the TEN-T.
proposals, while ensuring a transparent process for the
selection of projects.
(16) The
geographical
alignment
of
rail
freight
corridors
as
provided for by Regulation (EU) No 913/2010 of the
European Parliament and of the Council ( 1 ) and of core
(19) The amount of EUR 11 305 500 000 transferred from
network corridors under Part I of Annex I to this Regu
the Cohesion Fund, to be spent exclusively in Member
lation should, where appropriate, be ensured, taking into
States eligible for funding from the Cohesion Fund,
consideration the objectives of the respective instruments,
should not be used to finance actions with synergies
in order to reduce the administrative burden and
between transport, telecommunications and energy
streamline the development and use of the railway infra
sectors contributing to projects of common interest
structure. The rail freight corridors should be subject
resulting from a multi-sectoral call for proposals.
solely to the provisions of Regulation (EU) No 913/2010,
including as regards changes to their alignment.
(20) Institutional
and administrative capacity are essential
prerequisites for effective delivery of the objectives of
(17) Within the framework of the TEN-T policy review
launched in February 2009, a dedicated expert group
the CEF. The Commission should, as far as possible,
was created to support the Commission and look into
offer appropriate means of support to permit the
the issue of the funding strategy and financing
design and implementation of projects in the Member
perspectives for the TEN-T. Expert Group No 5 drew
States concerned.
from the experience of external experts from various
fields: infrastructure managers, infrastructure planners,
national, regional and local representatives, environ
mental experts, academia, and representatives of the
private sector. The final report of Expert Group
(21) In
its
Communication
of
17
November
2010
entitled:
No 5 (
"

2 ) adopted in July 2010 contains 40 recommen
Energy infrastructure priorities for 2020 and beyond –
dations, some of which have been taken into account in
a Blueprint for an integrated energy network", the
this Regulation. That report recommends inter alia that
Commission identified the priority corridors which are
the Commission should provide a standard framework
necessary to allow the Union to meet its ambitious
for the blending of Union grants and TEN-T public-
energy and climate targets by 2020 for the purposes of
private partnerships ("PPPs"), covering both the funds
completing the internal energy market, ensuring security
under the cohesion policy and the TEN-T budget.
of supply, enabling the integration of renewable sources
of energy and preparing the networks for further decar
bonisation of the energy system beyond 2020.
(18) Experience
with
the
MFF
(2007-2013)
shows
that
some
Member States which are eligible for financing from the
Cohesion Fund are facing significant obstacles in
delivering on time complex cross-border transport infra
(22) Major
investment
is
needed
to
modernise
and
expand
structure projects with a high European added value, as
Europe's energy infrastructure and to interconnect
well as allowing efficient use of Union funds. Therefore,
networks across borders and end the energy isolation
in order to improve the completion of transport projects
of Member States, in order to meet the Union's energy
– in particular cross-border ones – with a high European
and climate policy objectives of competitiveness, sustain
added value, part of the Cohesion Fund allocation
ability and security of supply in a cost-effective way.
(EUR 11 305 500 000) should be transferred to finance
According to the Commission, the estimated investment
transport projects on the transport core network or
needs in energy infrastructure up to 2020 amount to
transport projects relating to horizontal priorities in the
EUR 1 000 000 million, including investment of approxi
Member States eligible for financing from the Cohesion
mately EUR 200 000 million in electricity and gas trans
Fund under the CEF. In an initial phase, the selection of
mission and storage infrastructures considered to be of
projects eligible for financing should respect the national
European relevance. According to the Commission Staff
Working Paper entitled "Energy infrastructure investment
needs and financing requirements" submitted to the
( 1 ) Regulation (EU) No 913/2010 of the European Parliament and of
Council, among projects of European relevance, approxi
the Council of 22 September 2010 concerning a European rail
mately EUR 100 000 million worth of investment is at
network for competitive freight (OJ L 276, 20.10.2010, p. 22).
( 2 ) http://ec.europa.eu/transport/infrastructure/ten-t-policy/review/doc/
risk of not being delivered due to obstacles relating to
expert-groups/expert_group_5_final_report.pdf
the granting of permits, regulation and financing.

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L 348/132
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Official Journal of the European Union
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(23) The
urgent
need
to
build
the
energy
infrastructure
of
the
whole range of activities in society. The internet is
future and the significant increase in investment volumes
becoming the dominant platform for communication,
compared to past trends require a step change in the way
for doing business, for providing public and private
energy infrastructure is supported at Union level. In its
services and for social and cultural cohesion.
conclusions of 28 February 2011, the Council endorsed
Furthermore, cloud computing and software-as-a-service
the energy corridors as priorities for Europe.
are emerging as the new paradigms of computing.
Therefore, the trans-European availability of ubiquitous,
fast internet access and innovative digital services is
essential for economic growth and the single market.
(24) As regards the energy sector, the European Council of
4 February 2011 called upon the Commission to
streamline and improve authorisation procedures and
to promote a regulatory framework attractive to
investment. It underlined that the bulk of the investment
(27) Modern
fast
internet
networks
are
a
crucial
infrastructure
would have to be delivered by the market with costs
for the future in terms of connectivity for European
recovered through tariffs. The European Council
companies, in particular small and medium-sized enter
recognised that public finance is needed for projects
prises ("SMEs") that want to use cloud computing in
required from a security of supply or solidarity
order to improve cost-efficiency. In order to avoid dupli
perspective which are unable to attract market-based
cation of infrastructure, prevent the displacement of
financing. It furthermore underlined the need to
private investment and enhance capacity-building with
modernise and expand Europe's energy infrastructure
a view to creating new investment opportunities and
and to interconnect networks across borders, in order
promoting the implementation of cost-reduction
to make solidarity between Member States operational,
measures, actions should be taken to improve coor
to provide for alternative supply or transit routes and
dination of Union support to broadband from the CEF
sources of energy and to develop renewable energy
and broadband support from all other available sources,
sources in competition with traditional sources. It
including through national broadband plans.
insisted that the internal energy market should be
completed by 2014 so as to allow gas and electricity
to flow freely and that no Member State should remain
isolated from the European gas and electricity networks
after 2015 or see its energy security jeopardised by a lack
(28) The
Europe
2020
Strategy
calls
for
the
implementation
of the appropriate connections. The first two annual
of the Digital Agenda for Europe, which establishes a
work programmes adopted under this Regulation
stable legal framework to stimulate investment in an
should give priority consideration to projects of
open and competitive high-speed internet infrastructure
common interest and related actions aimed at ending
and in related services. The aim should be for Europe to
energy isolation and eliminating energy bottlenecks, so
have the fastest broadband in the world by 2020 based
as to move towards completion of the internal energy
on state-of-the-art technologies.
market.
(25) Regulation (EU) No
347/2013 of the European
(29) On
31
May
2010,
the
Council
concluded
that
the
Union
Parliament and of the Council ( 1 ) identifies the trans-
should put the necessary resources into the development
European energy infrastructure priorities which need to
of a digital single market based on fast and ultra-fast
be implemented by 2020 in order to meet the Union's
internet and interoperable applications, and
energy and climate policy objectives, sets rules to identify
acknowledged that efficient and competitive investment
projects of common interest necessary to implement
in next-generation broadband networks would be
those priorities, and lays down measures in the field of
necessary for innovation, consumer choice and the
the granting of permits, public involvement and regu
competitiveness of the Union, and could provide a
lation to speed up and/or facilitate the implementation
better quality of life through improved health care,
of those projects, including criteria for the eligibility of
safer transport, new media opportunities and easier
such projects for Union financial assistance.
access to goods, services and knowledge, in particular
across borders.
(26) Telecommunications
are
increasingly
becoming
internet-
based infrastructures, with broadband networks infra
structure catalysing the use of digital services across a
(30) The
private
sector
should
play
a
leading
role
in
rolling
out and modernising broadband networks, supported by
a competitive and investment-friendly regulatory
( 1 ) Regulation (EU) No 347/2013 of the European Parliament and of
framework. Where private investment falls short,
the Council of 17 April 2013 on guidelines for trans-European
Member States should undertake the necessary efforts
energy infrastructure and repealing Decision No 1364/2006/EC
and amending Regulations (EC) No 713/2009, (EC) No 714/2009
to achieve the targets of the Digital Agenda. Public
and (EC) No 715/2009 (OJ L 115, 25.4.2013, p. 39).
financial assistance to broadband should be limited to

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/133
financial instruments for programmes or initiatives
funding comply with the safety requirements, recommen
targeting projects which cannot be financed solely by
dations and targets established in all relevant Union road
the private sector, confirmed by an ex-ante assessment
safety law. The evaluation of the performance of the CEF
identifying market imperfections or sub-optimal
should take into account the reduction of casualties on
investment situations.
the road network of the Union.
(31) Consequently,
it
is
essential
to
stimulate,
in
accordance
(36) The
Union
and
most
Member
States
are
party
to
the
with the principle of technological neutrality, Union-wide
United Nations Convention on the Rights of Persons
deployment of fast and ultra-fast broadband networks
with Disabilities, while the remaining Member States
and to facilitate the development and deployment of
are in the process of ratifying it. It is important in the
trans-European digital services. Public investment
implementation of the relevant projects that accessibility
through financial instruments in fast and ultra-fast
for persons with disabilities, as mentioned in that
broadband networks must not lead to market distortions
Convention, be considered in the specification of the
or create disincentives to invest. It should be used to
projects.
attract private investment, and should be resorted to
only in cases where there is a lack of commercial
interest to invest.
(37) Even
though
a
large
proportion
of
the
investment
under
the Europe 2020 Strategy can be delivered by the market
and regulatory measures, the financing challenges may
(32) Several methods of implementation are necessary and
require public actions and Union support in the form
require different funding rates and financial instruments
of grants and innovative financial instruments.
to increase the efficiency and impact of the Union
financial assistance, to encourage private investment
and to respond to the specific requirements of individual
projects.
(38) In order to optimise the use of the Union budget, grants
should be targeted at those projects which receive insuf
ficient financing from the private sector.
(33) A
Regulation
on
guidelines
for
trans-European
networks
in the area of telecommunications infrastructure will
identify the criteria according to which projects of
(39) Railway
projects
should
not
be
excluded
from
receiving
common interest may be financially supported under
grants under this Regulation because they generate
this Regulation.
revenue from mandatory charges under Directive
2012/34/EU of the European Parliament and of the
Council ( 2 ).
(34) Horizon
2020
–
the
Framework
Programme
for
Research
and Innovation ( 1 ) – will focus inter alia on tackling
societal challenges (e.g. through smart, green, accessible
(40) Fiscal
measures
in
many
Member
States
will
drive,
or
and integrated transport, secure, clean and efficient
have already driven, public authorities to reassess their
energy, and information- and communication tech
infrastructure investment programmes. In this context,
nology-enabled health, government and sustainable
PPPs have been viewed as an effective means of
development) in order to respond directly to the chal
delivering infrastructure projects which ensure the
lenges identified in the Europe 2020 Strategy, by
achievement of policy objectives such as combating
supporting activities covering the entire spectrum from
climate change, promoting alternative energy sources
research to market. Horizon 2020 will support all stages
and energy and resource efficiency, and supporting
in the innovation chain, especially activities closer to the
sustainable transport and the deployment of broadband
market, including innovative financial instruments. With
networks. In its Communication of 19 November 2009
the aim of ensuring that the Union funding has a greater
entitled: "Mobilising private and public investment for
impact, and in order to ensure coherence, the CEF will
recovery and long term structural change: developing
develop close synergies with Horizon 2020.
Public Private Partnerships", the Commission committed
itself to improving access to finance for PPPs by broa
dening the scope of existing financial instruments.
(35) In
its
Communication
of
20
July
2010
entitled "Towards
a European road safety area: policy orientations on road
safety 2011-2020", the Commission set a framework for
(41) In
its
Communication
of
19
October
2010
entitled "EU
policy actions in favour of safe infrastructure as a key
Budget Review", the Commission emphasised that the
element to reduce road casualties by 50 % by 2020. The
norm for projects with long-term commercial potential
CEF should therefore ensure that requests for Union
should be the use of Union funds in partnership with the
financial and banking sectors, particularly the European
Investment Bank and Member States' public financial
( 1 ) Regulation (EU) No 1291/2013 of the European Parliament and of
the Council of 11 December 2013 establishing Horizon 2020 - The
Framework Programme for Research and Innovation (2014-2020)
( 2 ) Directive 2012/34/EU of the European Parliament and of the
and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013,
Council of 21 November 2012 establishing a single European
p. 104).
railway area (OJ L 343, 14.12.2012, p. 32).

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institutions, but also with other international financial
and other related evaluations, in particular the inde
institutions and the private financial sector, including at
pendent evaluation of the Europe 2020 Project Bond
national and regional level.
Initiative in 2015.
(42) Financial
instruments
should
be
used
to
address
specific
(46) In order to optimise the use of budgetary funds allocated
market needs, for actions which have a clear European
to the CEF, the Commission should ensure continuity of
added value and which are in line with the objectives of
all financial instruments established under Regulation
the CEF, and should not crowd out private financing.
(EC) No 680/2007 of the European Parliament and of
They should improve the leverage effect of the Union
the Council ( 2 ) and the risk-sharing instrument for
budget spending and achieve a higher multiplier effect
project bonds established under Decision No 1639/
in terms of attracting private-sector financing. This is
2006/EC of the European Parliament and of the Coun
particularly relevant in the context of difficulties in
cil ( 3 ) within their succeeding debt and equity financial
accessing credit and constraints on public finances, and
instruments under this Regulation, on the basis of an ex-
in view of the need to underpin Europe's economic
ante assessment, as provided for by Regulation (EU,
recovery. Before deciding to use financial instruments,
Euratom) No 966/2012.
the Commission should carry out an ex-ante assessment
of the instrument concerned, as required by Regulation
(EU, Euratom) No 966/2012 of the European Parliament
and of the Council ( 1 ).
(47) In the selection of the most effective form of financial
assistance, due consideration should be given to the
sector- and project-specific characteristics of eligible
projects. To allow for the most efficient use of the
Union budget and to enhance the multiplier effect of
(43) In the Europe 2020 Strategy, the Commission pledged to
Union financial assistance, as regards the energy sector,
mobilise Union financial instruments as part of a
the Commission should, to the extent possible and
consistent funding strategy that pulls together Union
subject to market take-up, endeavour to give priority to
and national public and private funding for infrastruc
the use of financial instruments whenever appropriate,
tures. This is based on the rationale that in many cases
whilst respecting the ceiling for the use of financial
sub-optimal investment situations and market imper
instruments in accordance with this Regulation. Energy
fections may be more efficiently tackled by financial
project promoters should be encouraged to explore the
instruments than by grants.
possibility of using financial instruments before applying
for grants for works. In this respect, the Commission
should give appropriate support to maximising the
uptake of financial instruments.
(44) The
CEF
should
provide
for
financial
instruments
to
promote substantial participation in infrastructure
investment by private-sector investors and financial insti
tutions. To be sufficiently attractive to the private sector,
(48) Projects of common interest in the fields of electricity,
financial instruments should be designed and imple
gas and carbon dioxide should be eligible to receive
mented with due regard to simplification and reduction
Union financial assistance for studies and, under certain
of the administrative burden but should also be able to
conditions, for works in the form of grants or in the
respond to identified financing needs in a flexible
form of innovative financial instruments. This will
manner. The design of those instruments should draw
ensure that tailor-made support can be provided to
upon the experience gained in the implementation of
those projects of common interest which are not viable
financial instruments in the MFF (2007-2013), such as
under the existing regulatory framework and market
the Loan Guarantee instrument for TEN-T projects
conditions. In the field of energy, it is important to
(LGTT), the Risk-Sharing Finance Facility (RSFF), the
avoid any distortion of competition, in particular
2020 European Fund for Energy, Climate Change and
between projects contributing to the achievement of
Infrastructure (the 'Marguerite Fund') and the Europe
the same Union priority corridor. Such financial
2020 Project Bond Initiative.
assistance should ensure the necessary synergies with
the European Structural and Investment Funds, which
will finance smart energy distribution networks of local
or regional importance. A three-step logic applies to
investments in projects of common interest. First, the
(45) The
potential
for
innovative
financial
instruments,
such
market should have the priority to invest. Second, if
as project bonds, to support the financing of transport
infrastructure with European added value should be
explored, in line with the results of ex-ante assessments
( 2 ) Regulation (EC) No 680/2007 of the European Parliament and of the
Council of 20 June 2007 laying down general rules for the granting
of Community financial aid in the field of the trans-European
( 1 ) Regulation (EU, Euratom) No 966/2012 of the European Parliament
transport and energy networks (OJ L 162, 22.6.2007, p. 1).
and of the Council of 25 October 2012 on the financial rules
( 3 ) Decision No 1639/2006/EC of the European Parliament and of the
applicable to the general budget of the Union and repealing
Council of 24 October 2006 establishing a Competitiveness and
Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298,
Innovation Framework Programme (2007 to 2013) (OJ L 310,
26.10.2012, p. 1).
9.11.2006, p. 15).

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20.12.2013 Official
Journal
of
the
European
Union L
348/135
investments are not made by the market, regulatory
(53) Multi-annual
programming
for
support
from
the
CEF
solutions should be explored, if necessary the relevant
should be directed towards supporting the Union's
regulatory framework should be adjusted, and the
priorities by ensuring the availability of the necessary
correct application of the relevant regulatory framework
financial resources and the consistency, transparency
should be ensured. Third, where the first two steps are
and continuity of joint action by the Union and the
not sufficient to deliver the necessary investment in
Member States. For proposals submitted following the
projects of common interest, Union financial assistance
implementation of the first multiannual work
could be granted if the project of common interest fulfils
programme in the sector of transport, eligibility of cost
the applicable eligibility criteria.
should start on 1 January 2014, so as to ensure the
continuity of projects already covered by Regulation
(EC) No 680/2007.
(49) Pursuant
to
Article
14
of
Regulation
(EU)
No
347/2013,
all projects of common interest falling under the
categories set out in Annex II.1, 2 and 4 to that Regu
lation are eligible for Union financial assistance in the
form of grants for studies and financial instruments.
(54) Due to the substantial budget needed for the implemen
tation of some infrastructure projects, provision should
Grants for works may be used for actions contributing
be made for the possibility of dividing budgetary
to those projects of common interest that, in accordance
commitments relating to the financial assistance for
with Article 14 of Regulation (EU) No 347/2013,
some actions into annual instalments.
demonstrate, in particular, significant positive exter

nalities and are not commercially viable, according to
the project's business plan and other assessments
carried out by, in particular, potential investors,
creditors or national regulatory authorities.
(55) Given
the
resources
available
at
Union
level,
concen
tration on projects with the highest European added
value is necessary in order to achieve the desired
(50) In
order
to
ensure
sectoral
diversification
of
beneficiaries
impact. Support should therefore be focused on the
of financial instruments as well as to encourage gradual
core network and on projects of common interest in
geographical diversification across the Member States,
the field of traffic management systems, in particular
and with particular regard to those Member States
the air traffic management systems resulting from the
which are eligible for support from the Cohesion Fund,
new-generation European air traffic management system
the Commission in partnership with the European
(the SESAR system), which require Union budgetary
Investment Bank, through joint initiatives such as the
resources of about EUR 3 000 million, as well as the
European PPP Expertise Centre (EPEC) and the Joint
Intelligent Transport System (ITS), Vessel Traffic Moni
Assistance to Support Projects in European Regions
toring and Information Systems (VTMIS), River
(Jaspers), should provide support to the Member States
Information Services (RIS) and the European Rail
in developing an appropriate pipeline of projects that
Traffic Management System (ERTMS). In the energy
could be considered for project financing.
sector, financial assistance should focus on completing
the internal energy market, ensuring security of supply,
promoting sustainability, inter alia by ensuring the trans
mission of renewable electricity from generation to
centres of demand and storage, and attracting public
(51) The
financial
instruments
under
this
Regulation
should
and private investment. In the telecommunications
reflect the rules laid down in Title VIII of Regulation (EU,
sector, financial assistance should be targeted primarily
Euratom) No 966/2012and in Commission Delegated
at projects that will generate demand for broadband,
Regulation (EU) No 1268/2012 ( 1 ), and should be in
including the building of a European digital service infra
line with best practice rules applicable to financial instru
structure, which should in turn stimulate investment in
ments.
broadband network deployment.
(52) With respect to the conditions for the financial instru
ments, it might be necessary to add additional
requirements in the work programmes, for example in
(56) In
the
energy
sector,
the
budget
envisaged
should,
as
a
order to ensure competitive markets with a view to the
priority, be allocated in the form of financial instruments,
development of the Union's policies, technological devel
subject to market uptake. Projects of common interest in
opments and other factors that may become relevant.
the telecommunications sector should be eligible for
Union financial support in the form of grants and
procurement for core service platforms, generic services
( 1 ) Commission Delegated Regulation (EU) No 1268/2012 of
and horizontal actions. Actions in the field of broadband
29 October 2012 on the rules of application of Regulation (EU,
deployment, including actions generating demand for
Euratom) No 966/2012 of the European Parliament and of the
Council on the financial rules applicable to the general budget of
broadband, should be eligible for Union financial
the Union (OJ L 362, 31.12.2012, p. 1).
support in the form of financial instruments.

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Official Journal of the European Union
20.12.2013
(57) According
to
the
analysis
carried
out
in
the
impact
Commission to amend the indicative percentages for
assessment for Regulation (EU) No
347/2013, the
each of the specific transport objectives. The indicative
number of projects of common interest contributing
allocations for specific transport objectives do not
the most to the implementation of the strategic energy
prevent the amount of EUR 11 305 500 000 transferred
infrastructure priority corridors and areas is estimated to
from the Cohesion Fund from being spent entirely on
be approximately 100 in the field of electricity and 50 in
projects implementing the core network or on projects
the field of gas. Furthermore, based on the expected
and horizontal priorities identified in Part I of Annex I to
preponderance of electricity in Europe's energy system
this Regulation.
over the next two decades, it is estimated that assistance
to electricity projects of common interest will account
for the major part of the energy financial envelope under
the CEF. While noting that this estimate will be subject to
(61) In order to reflect the conclusions drawn from the imple
change as more information becomes available, and
mentation of the CEF, including those contained in the
taking into account the need to ensure compliance
mid-term evaluation, the power to adopt acts in
with Regulation (EU) No 347/2013, the Commission
accordance with Article 290 TFEU should be delegated
should give due consideration to electricity projects,
to the Commission to modify the list of general orien
with the aim of making the major part of the financial
tations to be taken into account when setting award
assistance available to those projects over the period
criteria.
2014 to 2020, subject to market uptake, the quality
and maturity of actions proposed and their financing
requirements. This aim is without prejudice to any
(62) When
adopting
delegated
acts
under
this
Regulation,
it
is
possible re-allocation of available funding for energy
of particular importance that the Commission carry out
projects.
appropriate consultations during its preparatory work,
including at expert level. The Commission, when
preparing and drawing up delegated acts, should ensure
the simultaneous, timely and appropriate transmission of
(58) Mid-term
and
ex-post
evaluations
should
be
carried
out
relevant documents to the European Parliament and to
by the Commission and communicated to the European
the Council.
Parliament, the Council, the European Economic and
Social Committee and the Committee of Regions in
order to assess the effectiveness and efficiency of the
funding and its impact on the overall goals of the CEF
(63) In
order
to
ensure
uniform
conditions
for
the
implemen
and the priorities of the Europe 2020 Strategy. The
tation of this Regulation, implementing powers should be
Commission should make public the information about
conferred on the Commission as regards multi-annual
specific projects under the CEF. That information should
and annual work programmes. Those powers should be
be updated annually.
exercised in accordance with Regulation (EU)
No 182/2011 of the European Parliament and of the
Council ( 1 ).
(59) As
far
as
transport
and
energy
are
concerned,
on
the
basis of the sector-specific guidelines laid down in Regu
(64) The
financial
interests
of
the
Union
should
be
protected
lation (EU) No 1315/2013 and in Regulation (EU)
through proportionate measures throughout the expen
No 347/2013, lists of projects, priority corridors and
diture cycle, including the prevention, detection and
areas for which this Regulation should apply have been
investigation of irregularities, the recovery of funds lost,
drawn up and should be included in an annex to this
wrongly paid or incorrectly used and, where appropriate,
Regulation. As for transport, in order to take into
the imposition of penalties in accordance with Regulation
account possible changes in political priorities and tech
(EU, Euratom) No 966/2012. The European Parliament
nological capabilities, as well as traffic flows, the power
should be kept informed of all such measures.
to adopt acts in accordance with Article 290 of the
Treaty on the Functioning of the European Union
(TFEU) should be delegated to the Commission in
respect of adopting amendments to Part I of Annex I
(65) In order
to ensure broad and fair competition for
and detailing the funding priorities for eligible actions
projects benefitting from CEF funds, the form of the
under Article 7(2) to be reflected in the work
contract should be consistent with the objectives and
programmes.
circumstances of the project. Contract conditions
should be drafted in such a way as to fairly allocate
the risks associated with the contract, in order to
maximise cost-effectiveness and enable the contract to
be performed with the optimum efficiency. This
(60) In
order
to
take
into
account
the
actual
level
of
demand
principle should apply irrespective of whether a
for funding under the specific transport objectives and to
national or international contract model is used.
give effect to the findings of the mid-term evaluation,
where it proves necessary to deviate from the allocation
for a specific transport objective set out in Part IV of
( 1 ) Regulation (EU) No 182/2011 of the European Parliament and of
Annex I to this Regulation by more than five percentage
the Council of 16 February 2011 laying down the rules and general
principles concerning mechanisms for control by the Member States
points, the power to adopt acts in accordance with
of the Commission's exercise of implementing powers (OJ L 55,
Article 290 TFEU should be delegated to the
28.2.2011, p. 13).

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European
Union L
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(66) Some of the infrastructure projects of common interest
need for coordination of those objectives, be better
might need to link with and pass through neigh
achieved at Union level, the Union may adopt
bourhood, pre-accession and other third countries. The
measures in accordance with the principle of subsidiarity
CEF should offer simplified means of linking and
as set out in Article 5 of the Treaty on European Union.
financing those infrastructures, in order to ensure
In accordance with the principle of proportionality, as set
coherence between internal and external instruments of
out in that Article, this Regulation does not go beyond
the Union budget.
what is necessary in order to achieve those objectives.
(67) When
third
countries
and
entities
established
in
third
(74) Regulations (EC) No 680/2007 and (EC) No 67/2010 of
countries participate in actions contributing to projects
the European Parliament and of the Council ( 1 ) should,
of common interest, grants should be available only if
for reasons of clarity, be repealed.
the action is unlikely to be adequately supported by other
forms of financial assistance under the CEF or under
(75) This
Regulation
should
enter
into force
on the
day
other Union programmes.
following that of its publication in the Official Journal of
the European Union, in order to allow for the timely
adoption of the delegated and implementing acts
(68) The general
orientation on the basis of which the
provided for by this Regulation,
Commission is to take into account the social, climate
and environmental impact, as detailed in Part V of Annex
I to this Regulation, should not be applied in the field of
HAVE ADOPTED THIS REGULATION:
energy, in accordance with the approach taken in
Article 4(4) of Regulation (EU) No 347/2013.
TITLE I
COMMON PROVISIONS
(69) In
the
telecommunications
sector,
the
general
orientation
whereby account is to be taken of the stimulating effect
CHAPTER I
of Union support on public and private investment
The connecting europe facility
should be applicable only to those digital service infra
structures which aim at triggering additional investments.
Article 1
Subject-matter
(70) The
general
orientation
whereby
account
is
to
be
taken
This Regulation establishes the Connecting Europe Facility
of the cross-border dimension should not be applicable
("CEF"), which determines the conditions, methods and
in relation to broadband networks, because all
procedures for providing Union financial assistance to trans-
investments in broadband, including those happening
European networks in order to support projects of common
within Member States' borders, will enhance the connec
interest in the sectors of transport, telecommunications and
tivity of trans-European telecommunications networks.
energy infrastructures and to exploit potential synergies
between those sectors. It also establishes the breakdown of
the resources to be made available under the multiannual
(71) The
participation
of
European
Free
Trade
Association
financial framework for the years 2014-2020.
(EFTA) States which are parties to the Agreement on
the European Economic Area ('the EEA Agreement') in
the CEF should be in accordance with the conditions laid
Article 2
down in the EEA Agreement. For that purpose, each
Definitions
sector covered by this Regulation should be considered
a separate programme. The participation of EFTA States
For the purposes of this Regulation, the following definitions
in the CEF should be provided for, in particular, in the
apply:
field of telecommunications.
(1) "project of common interest" means a project identified in
(72) As far as transport is concerned, for the purpose of the
Regulation (EU) No 1315/2013 or Regulation (EU)
eligibility of projects of common interest in third
No 347/2013 or in a Regulation on guidelines for trans-
countries under this Regulation, the indicative maps
European networks in the area of telecommunications
contained in Annex III to Regulation (EU) No
infrastructure;
1315/2013 should apply. In third countries for which
that Regulation does not include indicative maps,
(2) 'cross-border section' means, in the transport sector, the
projects of common interest should be eligible when
section which ensures the continuity of a project of
there is ongoing mutual cooperation with a view to
common interest between the nearest urban nodes on
agreeing on such indicative maps.
both sides of the border of two Member States or
between a Member State and a neighbouring country;
(73) Since
the
objectives
of
this
Regulation,
namely
the
coor
dination, development and financing of the trans-
( 1 ) Regulation (EC) No 67/2010 of the European Parliament and of the
Council of 30 November 2009 laying down general rules for the
European networks, cannot be sufficiently achieved by
granting of Community financial aid in the field of trans-European
the Member States but can rather, by reason of the
networks (OJ L 27, 30.1.2010, p. 20).

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(3) 'neighbouring country' means a country falling within the
(10) "beneficiary" means a Member State, an international
scope of the European Neighbourhood Policy including the
organisation, or a public or private undertaking or body
Strategic Partnership, the Enlargement Policy, and the
that has been selected to receive Union financial assistance
European Economic Area or the European Free Trade
under this Regulation and in accordance with the
Association;
arrangements established in the relevant work
programme referred to in Article 17;
(4) 'third country' means any neighbouring country or any
other country with which the Union may cooperate to
(11) "implementing body" means a public or private under
achieve the objectives pursued by this Regulation;
taking or body designated by a beneficiary, where the
beneficiary is a Member State or an international organi
sation, to implement the action concerned. Such desig
(5) "works" means the purchase, supply and deployment of
nation shall be decided upon by the beneficiary under its
components, systems and services including software, the
own responsibility and, if it requires the award of a
carrying-out of development and construction and instal
procurement contract, in compliance with the applicable
lation activities relating to a project, the acceptance of
Union and national public procurement rules;
installations and the launching of a project;
(12) "comprehensive network" means the transport infra
(6) "studies" means activities needed to prepare project imple
structure identified in accordance with Chapter II of Regu
mentation, such as preparatory, mapping, feasibility, evalu
lation (EU) No 1315/2013;
ation, testing and validation studies, including in the form
of software, and any other technical support measure,
including prior action to define and develop a project
(13) "core network" means the transport infrastructure
and decide on its financing, such as reconnaissance of
identified in accordance with Chapter III of Regulation
the sites concerned and preparation of the financial
(EU) No 1315/2013;
package;
(14) "core network corridors" means an instrument to facilitate
(7) 'programme support actions' means, at the level of the
the coordinated implementation of the core network as
CEF, all accompanying measures necessary for its imple
provided for in Chapter IV of Regulation (EU) No
mentation and the implementation of the individual
1315/2013 and listed in Part I of Annex I to this Regu
sector-specific guidelines, such as services, in particular
lation;
the provision of technical assistance, including for the
use of financial instruments, as well as preparatory, feasi
bility, coordination, monitoring, stakeholder consultation,
(15) "bottleneck" in the transport sector means a physical,
control, audit and evaluation activities which are required
technical or functional barrier which leads to a system
directly for the management of the CEF and the
break affecting the continuity of long-distance or cross-
achievement of its objectives. Programme support actions
border flows and which can be surmounted by creating
include, in particular, studies, meetings, infrastructure
new infrastructure, or substantially upgrading existing
mapping, information, dissemination, communication
infrastructure, that could bring significant improvements
and awareness raising actions, expenditure linked to IT
which will solve the bottleneck constraints;
tools and networks focusing on exchanges of information
about the CEF, together with all other technical and
administrative assistance expenditure incurred by the
(16) "priority" means any priority electricity corridors, priority
Commission that may be required for the management
gas corridors or priority thematic areas designated in
of the CEF or implementation of the individual sector-
Regulation (EU) No 347/2013;
specific guidelines. Programme support actions also
include activities required in order to facilitate the prep
aration of projects of common interest, in particular in the
(17) "telematic applications" means the applications as defined
Member States, eligible for financing from the Cohesion
in Regulation (EU) No 1315/2013;
Fund, with a view to obtaining financing under this Regu
lation or on the financial market. Programme support
actions shall also include, where appropriate, meeting the
(18) "energy infrastructure" means the infrastructure as defined
costs of the Executive Agency entrusted by the
in Regulation (EU) No 347/2013;
Commission with the implementation of specific parts of
the CEF ("Executive Agency");
(19) "synergies between sectors" means the existence, across at
least two of the transport, telecommunications and energy
(8) "action" means any activity which has been identified as
sectors, of similar or complementary actions that may
financially and technically independent, has a set time-
enable costs or results to be optimised through the
frame and is necessary for the implementation of a
pooling of financial, technical or human resources;
project of common interest;
(20) 'isolated network' means the rail network of a Member
(9) "eligible costs" has the same meaning as in Regulation (EU,
State, or a part thereof, as defined in Regulation (EU)
Euratom) No 966/2012;
No 1315/2013.

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Article 3
(a) removing bottlenecks, enhancing rail interoperability,
bridging missing links and, in particular, improving cross-
General objectives
border sections. The achievement of this objective shall be
The CEF shall enable projects of common interest to be
measured by:
prepared and implemented within the framework of the trans-
European networks policy in the sectors of transport, telecom
munications and energy. In particular, the CEF shall support the
(i) the number of new or improved cross-border connec
implementation of those projects of common interest which
tions;
aim at the development and construction of new infrastructures
and services, or at the upgrading of existing infrastructures and
services, in the transport, telecommunications and energy
(ii) the number of kilometres of railway line adapted to the
sectors. It shall give priority to missing links in the transport
European nominal gauge standard and fitted with
sector. The CEF shall also contribute to supporting projects with
ERTMS;
a European added value and significant societal benefits which
do not receive adequate financing from the market. The
following general objectives shall apply to the transport, tele
(iii) the number of removed bottlenecks and sections of
communications and energy sectors:
increased capacity on transport routes for all modes
which have received funding from the CEF;
(a) contributing to smart, sustainable and inclusive growth, in
(iv) the length of the inland waterway network by class in
line with the Europe 2020 Strategy, by developing modern
the Union; and
and high-performing trans-European networks which take
into account expected future traffic flows, thus benefiting
the entire Union in terms of improving competitiveness on
(v) the length of the railway network in the Union
the global market and economic, social and territorial
upgraded following the requirements set out in
cohesion in the internal market and creating an
Article 39(2) of Regulation (EU) No 1315/2013;
environment more conducive to private, public or public-
private investment through a combination of financial
instruments and Union direct support where projects
(b) ensuring sustainable and efficient transport systems in the
could benefit from such a combination of instruments
long run, with a view to preparing for expected future
and by appropriately exploiting synergies across the sectors.
transport flows, as well as enabling all modes of transport
to be decarbonised through transition to innovative low-
carbon and energy-efficient transport technologies, while
The achievement of this objective shall be measured by the
optimising safety. The achievement of this objective shall
volume of private, public or public-private partnership
be measured by:
investment in projects of common interest, and in particular
the volume of private investment in projects of common
interest achieved through the financial instruments under
(i) the number of supply points for alternative fuels for
this Regulation. Special focus shall be placed on the
vehicles using the TEN-T core network for road
efficient use of public investment;
transport in the Union;
(b) enabling the Union to achieve its sustainable development
(ii) the number of inland and maritime ports of the TEN-T
targets, including a minimum 20 % reduction of greenhouse
core network equipped with supply points for alter
gas emissions compared to 1990 levels and a 20 % increase
native fuels in the Union; and
in energy efficiency, and raising the share of renewable
energy to 20 % by 2020, thus contributing to the Union's
mid-term and long-term objectives in terms of decarbon
(iii) the reduction in casualties on the road network in the
isation, while ensuring greater solidarity among Member
Union;
States.
(c) optimising the integration and interconnection of transport
Article 4
modes and enhancing the interoperability of transport
services, while ensuring the accessibility of transport infra
Specific sectoral objectives
structures. The achievement of this objective shall be
measured by:
1. Without prejudice to the general objectives set out in
Article 3, the CEF shall contribute to the achievement of the
specific sectoral objectives referred to in paragraphs 2, 3 and 4
(i) the number of multimodal logistic platforms, including
of this Article.
inland and maritime ports and airports, connected to
the railway network;
2. In the transport sector, the CEF shall support projects of
common interest, as identified in Article 7(2) of Regulation (EU)
(ii) the number of improved rail-road terminals, and the
No 1315/2013, that pursue the objectives set out below, as
number of improved or new connections between
further specified under Article 4 of that Regulation:
ports through motorways of the sea;

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(iii) the number of kilometres of inland waterways fitted
(iv) the amount of avoided curtailment of renewable energy;
with RIS; and
(v) the connection of isolated markets to more diversified
(iv) the level of deployment of the SESAR system, VTMIS
supply sources;
and ITS for the road sector.
(vi) the optimal use of energy infrastructure assets;
The indicators referred to in this paragraph shall not apply to
Member States which do not have a rail network or an inland
(c) contributing to sustainable development and protection of
waterway network, as appropriate.
the environment, inter alia by the integration of energy
from renewable sources into the transmission network,
and by the development of smart energy networks and
Those indicators shall not constitute selection or eligibility
carbon dioxide networks.
criteria for actions for support from the CEF.
The achievement of this objective shall be measured ex post
Indicative percentages reflecting the proportion of the overall
by:
budgetary resources referred to in point (a) of Article 5(1) to be
allocated to each of the three transport-specific objectives are set
out in Part IV of Annex I to this Regulation. The Commission
(i) the amount of renewable electricity transmitted from
shall not deviate from those indicative percentages by more
generation to major consumption centres and storage
than 5 percentage points;
sites;
(ii) the amount of avoided curtailment of renewable energy;
3. In the energy sector, the CEF shall support projects of
common interest that pursue one or more of the following
objectives:
(iii) the number of deployed smart grid projects which
benefited from the CEF and the demand response
enabled by them;
(a) increasing competitiveness by promoting the further inte
gration of the internal energy market and the interoper
ability of electricity and gas networks across borders. The
(iv) the amount of CO 2 emissions prevented by the projects
achievement of this objective shall be measured ex post by:
which benefited from the CEF.
The indicators referred to in this paragraph, used for the ex post
(i) the number of projects effectively interconnecting
measurement of the achievement of the objectives, shall not
Member States' networks and removing internal
constitute selection or eligibility criteria for actions of support
constraints;
from the CEF.
(ii) the reduction or elimination of Member States' energy
The conditions of eligibility for Union financial assistance for
isolation;
projects of common interest are set out in Article 14 of Regu
lation (EU) No 347/2013, whilst the selection criteria for
(iii) the percentage of electricity cross-border transmission
projects of common interest are set out in Article 4 of that
power in relation to installed electricity generation
Regulation.
capacity in the relevant Member States;
4. In
the
telecommunications
sector,
the
CEF
shall
support
actions that pursue the objectives specified in a Regulation on
(iv) price convergence in the gas and/or electricity markets
guidelines for trans-European networks in the area of telecom
of the Member States concerned; and
munications infrastructure.
(v) the percentage of the highest peak demand of the two
Article 5
Member States concerned covered by reversible flow
interconnections for gas;
Budget
1. The financial envelope for the implementation of the CEF
(b) enhancing Union security of energy supply;
for the period 2014 to 2020 is set at EUR 33 242 259 000 ( 1 )
in current prices. That amount shall be distributed as follows:
The achievement of this objective shall be measured ex post
by:
(a) transport sector: EUR 26 250 582 000,
of
which
EUR 11 305 500 000 shall be transferred from the
Cohesion Fund to be spent in line with this Regulation
(i) the number of projects allowing diversification of
exclusively in Member States eligible for funding from the
supply sources, supplying counterparts and routes;
Cohesion Fund;
(ii) the number of projects increasing storage capacity;
( 1 ) The financial enveloppe of the CEF for the period 2014 to 2020 in
constant 2011 prices is EUR 29 300 000 000, distributed as follows:
EUR 23 174 000 000, including EUR 10 000 000 000 for Cohesion
(iii) system resilience, taking into account the number of
countries (transport), EUR 5 126 000 000 (energy), EUR 1 000 000 000
supply disruptions and their duration;
(telecommunications).

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(b) telecommunications sector: EUR 1 141 602 000;
entrust part of the implementation of the CEF to the bodies
referred to in point (c) of Article 58(1) of Regulation (EU,
(c) energy sector: EUR 5 850 075 000.
Euratom) No 966/2012.
These amounts are without prejudice to the application of the
flexibility mechanism provided for under Council Regulation
Article 7
(EU, Euratom) No 1311/2013 ( 1 ).
Eligibility and conditions for financial assistance
1. Only
actions
contributing
to
projects
of
common
interest
2. The financial envelope for the implementation of the CEF
in accordance with Regulations (EU) No 1315/2013 and (EU)
shall cover expenses pertaining to:
No 347/2013 and a Regulation on guidelines for trans-
European networks in the area of telecommunications infra
(a) actions contributing to projects of common interest and
structure, as well as programme support actions, shall be
programme support actions as provided for in Article 7;
eligible for support through Union financial assistance in the
form of grants, procurement and financial instruments.
(b) programme support actions consisting of technical and
administrative assistance expenses incurred by the
Commission for the management of the CEF, including
2. In
the
transport
sector,
only
actions
contributing
to
those necessary to ensure the transition between the CEF
projects of common interest in accordance with Regulation
and the measures adopted under Regulation (EC)
(EU) No 1315/2013 and programme support actions shall be
No 680/2007, up to 1 % of the financial envelope; the
eligible for support through Union financial assistance in the
costs of the Executive Agency shall be included under this
form of procurement and financial instruments under this Regu
ceiling.
lation. Only the following shall be eligible to receive Union
financial assistance in the form of grants under this Regulation:
3. Following the mid-term evaluation referred to in
Article 27(1), the European Parliament and the Council may,
upon a proposal by the Commission, transfer appropriations
(a) actions implementing the core network in accordance with
between the transport, telecommunications and energy sectors
Chapter III of Regulation (EU) No 1315/2013, including the
of the allocation set out in paragraph 1, with the exception of
deployment of new technologies and innovation in
the amount of EUR 11 305 500 000 transferred from the
accordance with Article 33 of that Regulation, and
Cohesion Fund to finance transport sector projects in the
projects and horizontal priorities identified in Part I of
Cohesion Fund-eligible Member States.
Annex I to this Regulation;
4. The
annual
appropriations
shall
be
authorised
by
the
European Parliament and the Council within the limits of the
(b) actions implementing the comprehensive network in
multiannual financial framework for the years 2014-2020.
accordance with Chapter II of Regulation (EU) No
1315/2013, when such actions contribute to bridging
missing links, facilitating cross-border traffic flows or
CHAPTER II
removing bottlenecks and when those actions also
Forms of financing and financial provisions
contribute to the development of the core network or inter
connect core network corridors, or when such actions
Article 6
contribute to the deployment of ERTMS on principal
Forms of financial assistance
routes of rail freight corridors as defined in the Annex to
Regulation (EU) No 913/2010, up to a ceiling of 5 % of the
1. The
CEF
shall
be
implemented
by
one
or
more
of
the
financial envelope for transport as specified in Article 5 of
forms of financial assistance provided for by Regulation (EU,
this Regulation;
Euratom) No 966/2012, in particular, grants, procurement and
financial instruments.
(c) studies for projects of common interest as defined in points
2.
For the purposes of this Regulation, the work programmes
(b) and (c) of Article 8(1) of Regulation (EU) No
referred to in Article 17 shall establish the forms of financial
1315/2013;
assistance, in particular grants, procurement and financial
instruments.
(d) studies for cross-border priority projects as defined in
3. The
Commission
may
entrust,
subject
to
a
cost-benefit
Annex III to Decision No 661/2010/EU of the European
analysis, part of the implementation of the CEF to the bodies
Parliament and of the Council ( 2 );
referred to in point (a) of Article 58(1) and Article 62 of
Regulation (EU, Euratom) No 966/2012, and in particular to
the Executive Agency, with a view to the optimum management
(e) actions supporting projects of common interest as defined
and efficiency requirements of the CEF in the transport, tele
in points (a), (d) and (e) of Article 8(1) of Regulation (EU)
communications and energy sectors. The Commission may also
No 1315/2013;
( 1 ) Council Regulation (EU, Euratom) No 1311/2013 of 2 December
( 2 ) Decision No 661/2010/EU of the European Parliament and of the
2013 laying down the multiannual financial framework for the years
Council of 7 July 2010 on Union guidelines for the development of
2014-20 (OJ L 347, 20.12.2013, p. 884).
the trans-European transport network (OJ L 204, 5.8.2010, p. 1).

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(f) actions implementing transport infrastructure in nodes of
(b) actions in the field of broadband networks shall be financed
the core network, including urban nodes, as defined in
through financial instruments.
Article 41 of Regulation (EU) No 1315/2013;
(g) actions supporting telematic applications systems in
5. Actions
with
synergies
between
sectors
contributing
to
accordance with Article 31 of Regulation (EU) No
projects of common interest eligible under at least two Regu
1315/2013;
lations referred to in point (1) of Article 2 shall be eligible to
receive financial assistance under this Regulation for the
purpose of multi-sectoral calls for proposals as referred to in
(h) actions supporting freight transport services in accordance
Article 17(7) only if the components and costs of such an
with Article 32 of Regulation (EU) No 1315/2013;
action can be clearly separated per sector within the meaning
of paragraphs (2), (3) and (4) of this Article.
(i) actions to reduce rail freight noise, including by retrofitting
existing rolling stock in cooperation with, inter alia, the
railway industry;
CHAPTER III
Grants
(j) programme support actions;
Article 8
(k) actions implementing safe and secure infrastructure in
Forms of grants and eligible costs
accordance with Article 34 of Regulation (EU) No
1. Grants
under
this
Regulation
may
take
any
of
the
forms
1315/2013;
provided for by Regulation (EU, Euratom) No 966/2012.
(l) actions supporting motorways of the sea as provided for in
Article 21 of Regulation (EU) No 1315/2013.
The work programmes referred to in Article 17 of this Regu
lation shall establish the forms of grants that may be used to
Transport-related actions involving a cross-border section or a
fund the actions concerned.
part of such a section shall be eligible to receive Union financial
assistance only if there is a written agreement between the
Member States concerned or between the Member States and
2. Without prejudice to Regulation (EU, Euratom)
third countries concerned relating to the completion of the
No 966/2012, expenditure for actions resulting from projects
cross-border section.
included in the first multiannual and annual work programmes
may be eligible as from 1 January 2014.
3. In
the
energy
sector,
all
actions
implementing
those
projects of common interest that relate to the priority
corridors and areas referred to in Part II of Annex I to this
3. Only
expenditure
incurred
in
Member
States
may
be
Regulation and that meet the conditions set out in Article 14
eligible, except where the project of common interest involves
of Regulation (EU) No 347/2013, as well as programme support
the territory of one or more third countries and where the
actions, shall be eligible for Union financial assistance in the
action is indispensable to the achievement of the objectives of
form of financial instruments, procurement and grants under
the project concerned.
this Regulation.
To allow for the most efficient use of the Union budget so as to
4. The
cost
of
equipment
and
infrastructure
which
is
treated
enhance the multiplier effect of Union financial assistance, the
as capital expenditure by the beneficiary may be eligible up to
Commission shall provide financial assistance as a priority in
its entirety.
the form of financial instruments whenever appropriate, subject
to market take-up and whilst respecting the ceiling for the use
of financial instruments in accordance with Article 14(2) and
Article 21(4).
5. Expenditure
related
to
environmental
studies
on
the
protection of the environment and on compliance with the
relevant Union law may be eligible.
4. In
the
telecommunications
sector,
all
actions
imple
menting the projects of common interest and programme
support actions identified in a Regulation on guidelines for
trans-European networks in the area of telecommunications
6. Expenditure
related
to
the
purchase
of
land
shall
not
be
an
infrastructure and meeting eligibility criteria laid down in
eligible cost, except for funds transferred from the Cohesion
accordance with that Regulation shall be eligible to receive
Fund in the transport sector in accordance with a Regulation
Union financial assistance under this Regulation, as follows:
laying down common provisions on the European Regional
Development Fund, the European Social Fund, the Cohesion
Fund, the European Agricultural Fund for Rural Development
(a) generic services, core service platforms and programme
and the European Maritime and Fisheries Fund and laying down
support actions shall be financed though grants and/or
general provision on the European Regional Development Fund,
procurement;
the European Social Fund and the Cohesion Fund.

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7. Eligible
costs
shall
include
value
added
tax
("VAT") in
(a) with regard to grants for studies, 50 % of the eligible costs;
accordance with point (c) of Article 126(3) of Regulation (EU,
Euratom) No 966/2012.
(b) with regard to grants for works:
As regards the amount of EUR 11 305 500 000 transferred
from the Cohesion Fund to be spent in Member States
eligible for funding from the Cohesion Fund, the eligibility
(i) for railway networks, and road networks in the case of
rules concerning VAT shall be those applicable to the
Member States with no railway network established in
Cohesion Fund referred to in a Regulation laying down
their territory or in the case of a Member State, or part
common provisions on the European Regional Development
thereof, with an isolated network without long-distance
Fund, the European Social Fund, the Cohesion Fund, the
rail freight transport: 20 % of the eligible costs; the
European Agricultural Fund for Rural Development and the
funding rate may be increased to a maximum of
European Maritime and Fisheries Fund and laying down
30 % for actions addressing bottlenecks and to 40 %
general provision on the European Regional Development
for actions concerning cross-border sections and
Fund, the European Social Fund and the Cohesion Fund.
actions enhancing rail interoperability;
8. Rules
on
the
eligibility
of
costs
incurred
by
beneficiaries
(ii) for inland waterways: 20 % of the eligible costs; the
shall apply mutatis mutandis to costs incurred by implementing
funding rate may be increased to a maximum of
bodies.
40 % for actions addressing bottlenecks and to a
maximum of 40 % for actions concerning cross-
Article 9
border sections;
Conditions for participation
(iii) for inland transport, connections to and the devel
1. Proposals
shall
be
submitted
by
one
or
more
Member
opment of multimodal logistics platforms including
States or, with the agreement of the Member States concerned,
connections to inland and maritime ports and
by international organisations, joint undertakings, or public or
airports, as well as the development of ports: 20 %
private undertakings or bodies established in Member States.
of the eligible costs;
2. Proposals
may
be
submitted
by
entities
which
do
not
have
legal personality under the applicable national law, provided
(iv) for actions to reduce rail freight noise including by
that their representatives have the capacity to assume legal
retrofitting existing rolling stock: 20 % of the eligible
obligations on their behalf and offer a guarantee for the
costs up to a combined ceiling of 1 % of the budgetary
protection of the Union's financial interests equivalent to that
resources referred to in point (a) of Article 5(1);
offered by legal persons.
3. Proposals
submitted
by
natural
persons
shall
not
be
(v) for better accessibility to transport infrastructure for
eligible.
disabled persons: 30 % of the eligible cost of adap
tation works, not exceeding in any case 10 % of the
total eligible cost of works;
4. Where
necessary
in
order
to
achieve
the
objectives
of
a
given project of common interest and where their participation
is duly justified, third countries and entities established in third
(vi) for actions supporting new technologies and inno
countries may participate in actions contributing to projects of
vation for all modes of transport: 20 % of the
common interest.
eligible costs;
They may not receive financial assistance under this Regulation
except where it is indispensable to the achievement of the
(vii) for actions to support cross-border road sections: 10 %
objectives of a given project of common interest.
of the eligible costs;
5. Multiannual
and
annual
work
programmes
referred
to
in
(c) with regard to grants for telematic applications systems and
Article 17 may contain additional specific rules on the
services:
submission of proposals.
Article 10
(i) for land-based components of the ERTMS, of the
SESAR system, of RIS and of VTMIS: 50 % of the
Funding rates
eligible costs;
1. Except in those cases referred to in Regulation (EU,
Euratom) No 966/2012, proposals shall be selected on the
(ii) for land-based components of ITS for the road sector:
basis of calls for proposals based on the work programmes
20 % of the eligible costs;
referred to in Article 17 of this Regulation.
2. In the transport sector, the amount of Union financial
(iii) for on-board components of ERTMS: 50 % of the
assistance shall not exceed:
eligible costs;

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(iv) for on-board components of the SESAR system, of RIS,
Member States eligible for funding from the Cohesion Fund,
of VTMIS and of ITS for the road sector: 20 % of the
specific calls shall be launched for projects implementing the
eligible costs, up to a combined ceiling of 5 % of the
core network or for projects and horizontal priorities identified
budgetary resources referred to in point (a) of
in Part I of Annex I exclusively in Member States eligible for
Article 5(1);
funding from the Cohesion Fund.
(v) for actions to support the development of motorways
of the sea: 30 % of the eligible costs.
2. Applicable
rules
for
the
transport
sector
under
this
Regu
lation shall apply to such specific calls. Until 31 December
2016, the selection of projects eligible for financing shall
The Commission shall create conditions conducive to
respect the national allocations under the Cohesion Fund.
the development of projects involving motorways of
With effect from 1 January 2017, resources transferred to the
the sea with third countries;
CEF which have not been committed to a transport infra
structure project shall be made available to all Member States
(vi) for telematic applications systems other than those
eligible for funding from the Cohesion Fund, to finance
mentioned in points (i) to (iv), freight transport
transport infrastructure projects in accordance with this Regu
services and secure parkings on the road core
lation.
network: 20 % of the eligible costs.
3. In
order
to
support
Member
States
eligible
for
funding
3. In the energy sector, the amount of Union financial
from the Cohesion Fund which may experience difficulties in
assistance shall not exceed 50 % of the eligible cost of studies
designing projects that are of sufficient maturity and/or quality
and/or works. The funding rates may be increased to a
and which have sufficient added value for the Union, particular
maximum of 75 % for actions which, based on the evidence
attention shall be given to programme support actions aimed at
referred to in Article 14(2) of Regulation (EU) No 347/2013,
strengthening institutional capacity and the efficiency of public
provide a high degree of regional or Union-wide security of
administrations and public services in relation to the devel
supply, strengthen the solidarity of the Union or comprise
opment and implementation of projects listed in Part I of
highly innovative solutions.
Annex I. To ensure the highest possible absorption of the trans
ferred funds in all Member States eligible for funding from the
4. In the telecommunications sector, the amount of Union
Cohesion Fund, the Commission may organise additional calls.
financial assistance shall not exceed:
(a) for actions in the field of generic services: 75 % of the
4.
The amount of EUR 11 305 500 000 transferred from the
eligible costs;
Cohesion Fund may be used to commit budgetary resources to
financial instruments under this Regulation only as from
1 January 2017. From that date, the amount of
(b) for horizontal actions including infrastructure mapping,
EUR 11 305 500 000 transferred from the Cohesion Fund
twinning and technical assistance: 75 % of the eligible costs.
may be used to commit budgetary resources to projects for
which contractual commitments have already been entered
into by the entrusted entities.
The core service platforms shall be typically funded by
procurement. In exceptional cases, they may be funded by a
grant covering up to 100 % of eligible costs, without prejudice
to the co-financing principle.
5. Notwithstanding
Article
10,
and
as
regards
the
amount
of
EUR 11 305 500 000 transferred from the Cohesion Fund to be
spent exclusively in Member States eligible for funding from the
5. The funding rates may be increased by up to 10
Cohesion Fund, the maximum funding rates shall be those
percentage points over the percentages laid down in paragraphs
applicable to the Cohesion Fund as referred to in a Regulation
2, 3 and 4 for actions with synergies between at least two of
laying down common provisions on the European Regional
the sectors covered by the CEF. This increase shall not apply to
Development Fund, the European Social Fund, the Cohesion
the funding rates referred to in Article 11.
Fund, the European Agricultural Fund for Rural Development
and the European Maritime and Fisheries Fund and laying down
general provision on the European Regional Development Fund,
6. The amount of financial assistance to be granted to the
the European Social Fund and the Cohesion Fund for the
actions selected shall be modulated on the basis of a cost-
following:
benefit analysis of each project, the availability of Union
budget resources and the need to maximise the leverage of
Union funding.
(a) actions with regard to grants for studies;
Article 11
Specific calls for funds transferred from the Cohesion Fund
(b) actions with regard to grants for works:
in the transport sector
1. As
regards
the
amount
of
EUR
11
305
500
000
trans
ferred from the Cohesion Fund to be spent exclusively in
(i) railways and inland waterways;

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(ii) actions to support cross-border road sections and, in
beneficiaries concerned so that they may present their obser
the case of Member States with no rail networks, the
vations within a reasonable time-frame. After the mid-term
TEN-T road network;
evaluation, the Commission shall notify the European
Parliament and the Council of all decisions taken on the
annual adoption of the work programmes under Article 17.
(iii) actions for inland transport, connections to and the
development of multimodal logistics platforms
including connections to inland and maritime ports
CHAPTER IV
and airports, including automatic gauge-changing facil
ities, and the development of ports including ice-
Procurement
breaking capacities, as well as interconnecting points,
Article 13
with particular attention being given to rail connec
tions, except in the case of Member States with no
Procurement
rail network;
1. Public
procurement
procedures
carried
out
by
the
Commission or one of the bodies referred to in Article 6(3)
on its own behalf or jointly with Member States may:
(c) actions with regard to grants for telematic applications
systems and services:
(a) provide for specific conditions, such as the place of
performance of the procured activities, where such
(i) ERTMS, RIS and VTMIS, the SESAR system and ITS for
conditions are duly justified by the objectives of the
the road sector;
actions and provided such conditions do not infringe
Union and national public procurement principles;
(ii) other telematic applications systems;
(b) authorise the multiple award of contracts within the same
procedure ("multiple sourcing").
(iii) actions to support the development of motorways of
the sea;
2. Where
duly
justified
and
required
by
the
implementation
of the actions, paragraph 1 may also apply to procurement
(d) actions with regard to grants to support new technologies
procedures carried out by beneficiaries of grants.
and innovation for all modes of transport.
CHAPTER V
Article 12
Financial instruments
Cancellation, reduction, suspension and termination of the
grant
Article 14
1. Except
in
duly
justified
cases,
the
Commission
shall
cancel
Types of financial instruments
financial assistance granted for studies which have not been
1. Financial
instruments
set
up
in
accordance
with
Title
VIII
started within one year following the start date laid down in
of Regulation (EU, Euratom) No 966/2012 may be used to
the conditions governing the granting of aid or within two
facilitate access to finance by entities implementing actions
years of that date for all other actions eligible for financial
contributing to projects of common interest as defined in Regu
assistance under this Regulation.
lations (EU) No 1315/2013 and (EU) No 347/2013 and in a
Regulation on guidelines for trans-European networks in the
area of telecommunications infrastructure, and to the
2. The
Commission
may
suspend,
reduce,
recover
or achievement of their objectives. The financial instruments shall
terminate financial assistance in accordance with the conditions
be based on ex-ante assessments of market imperfections or
set out in Regulation (EU, Euratom) No 966/2012 or following
sub-optimal investment situations and investment needs. The
an evaluation of the progress of the project, in particular in the
main terms, conditions and procedures for each financial
event of major delays in the implementation of the action.
instrument are laid down in Part III of Annex I to this Regu
lation.
3. The
Commission
may
require
the
complete
or
partial
reimbursement of the financial assistance granted if, within
2. The
overall
contribution
from
the
Union
budget
to
the
two years of the completion date laid down in the conditions
financial instruments shall not exceed 10 % of the overall
governing the granting of aid, the implementation of the action
financial envelope of the CEF as referred to in Article 5(1).
receiving the financial assistance has not been completed.
3. All
financial
instruments
established
under
Regulation
(EC)
4. Before the Commission takes any of the decisions
No 680/2007 and the risk-sharing instrument for project bonds
provided for in paragraphs 1, 2 and 3 of this Article, it shall
established under Decision No 1639/2006/EC may, if applicable
examine the case comprehensively in coordination with the
and subject to a prior evaluation, be merged together with those
bodies respectively mentioned in Article 6(3) and consult the
under this Regulation.

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The merging of project bonds shall be subject to the interim
other partners or investors, whilst aiming to preserve the value
report to be carried out in the second half of 2013 as defined in
of assets provided by the Union budget.
Regulation (EC) No 680/2007 and in Decision No 1639/
2006/EC. The Project Bond Initiative shall start up progressively
within a ceiling of EUR 230 000 000 during the years 2014
4. Financial
instruments
under
this
Regulation
may
be
and 2015. The full implementation of the initiative shall be
combined with grants funded from the Union budget.
subject to independent full-scale evaluation to be carried out
in 2015 as provided for in Regulation (EC) No 680/2007 and
in Decision No 1639/2006/EC. In the light of that evaluation,
5. The
Commission
may
lay
down
additional
conditions
in
taking into account all options, the Commission shall consider
the work programmes referred to in Article 17 according to the
proposing appropriate regulatory changes, including legislative
specific needs of the transport, telecommunications and energy
changes, in particular if the predicted market uptake is not
sectors.
satisfactory or in the event that sufficient alternative sources
of long-term debt financing become available.
Article 16
Actions in third countries
4. The
following
financial
instruments
may
be
used:
Actions in third countries may be supported by means of the
financial instruments if those actions are necessary for the
(a) equity instruments, such as investment funds with a focus
implementation of a project of common interest.
on providing risk capital for actions contributing to projects
of common interest;
CHAPTER VI
Programming, implementation and control
(b) loans and/or guarantees facilitated by risk-sharing instru
ments, including the credit enhancement mechanism for
Article 17
project bonds, backing individual projects or portfolios of
Multiannual and/or annual work programmes
projects issued by a financial institution on its own
resources with a Union contribution to the provisioning
1. The
Commission
shall
adopt,
by
means
of
implementing
and/or capital allocation.
acts, multiannual and annual work programmes for each of the
transport, telecommunications and energy sectors. The
Commission may also adopt multiannual and annual work
Article 15
programmes that cover more than one sector. Those imple
menting acts shall be adopted in accordance with the exam
Conditions for granting financial assistance through
ination procedure referred to in Article 25(2).
financial instruments
1. Actions
supported
by
means
of
financial
instruments
shall
be selected on the basis of maturity and shall seek sectoral
2. The
Commission
shall
review
the
multiannual
work
diversification in accordance with Articles 3 and 4 as well as
programmes at least at mid-term. If necessary, it shall revise
geographical balance across the Member States. They shall:
the multiannual work programme by means of an imple
menting act. Those implementing acts shall be adopted in
accordance with the examination procedure referred to in
(a) represent European added value;
Article 25(2).
(b) respond to the objectives of the Europe 2020 Strategy;
3. The
Commission
shall
adopt
the
multiannual
work
programmes in the transport sector for projects of common
interest as listed in Part I of Annex I.
(c) present a leverage effect with regard to Union support, i.e.
aim at mobilising a global investment exceeding the size of
The amount of the financial envelope shall lie within a range of
the Union contribution according to the indicators defined
80 % to 85 % of the budgetary resources referred to in point (a)
in advance.
of Article 5(1).
2. The Union, any Member State and other investors may
The projects detailed in Part I of Annex I are not binding on the
provide financial assistance in addition to contributions received
Member States for their programming decisions. The decision to
by financial instruments, provided that the Commission agrees
implement those projects is a competence of Member States
to any changes to the eligibility criteria of actions and/or the
and depends on public financing capacities, and on their
investment strategy of the instrument which may be necessary
socio-economic viability in accordance with Article 7 of Regu
due to the additional contribution.
lation (EU) No 1315/2013.
3. The
financial
instruments
shall
aim
to
enhance
the 4. The Commission shall adopt the annual work
multiplier effect of Union spending by attracting additional
programmes for the transport, telecommunications and energy
resources from private investors. The financial instruments
sectors for projects of common interest which are not included
may generate acceptable returns to meet the objectives of
in the multiannual work programmes.

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5. The
Commission,
when
adopting
multiannual
and
sectoral
Article 21
annual work programmes, shall establish the selection and
award criteria in line with the objectives and priorities laid
Delegated acts
down in Articles 3 and 4 of this Regulation and in Regulations
1. Subject
to
the
approval
of
the
Member
State(s)
concerned
(EU) No 1315/2013 and (EU) No 347/2013 or in a Regulation
as provided for in the second paragraph of Article 172 TFEU,
on guidelines for trans-European networks in the area of tele
the Commission shall be empowered to adopt delegated acts in
communications infrastructure. When setting the award criteria,
accordance with Article 26 of this Regulation concerning the
the Commission shall take into account the general orientations
modification of Part I of Annex I to this Regulation, to take
laid down in Part V of Annex I to this Regulation.
account of changing financing priorities in the trans-European
networks and of changes relating to projects of common
6. In the energy sector, in the first two annual work
interest identified in Regulation (EU) No 1315/2013. When
programmes, priority consideration shall be given to projects
amending Part I of Annex I to this Regulation, the Commission
of common interest and related actions aimed at ending energy
shall ensure:
isolation and eliminating energy bottlenecks, and at the
completion of the internal energy market.
(a) that the projects of common interest in accordance with
Regulation (EU) No 1315/2013 are likely to be realised
7. Work
programmes
shall
be
coordinated
in
such
a
way
as
fully or partly under the multiannual financial framework
to exploit the synergies between transport, energy and telecom
for the years 2014-2020;
munications, in particular in such areas as smart energy grids,
electric mobility, intelligent and sustainable transport systems,
joint rights of way or infrastructure coupling. The Commission
(b) that the modifications comply with the eligibility criteria set
shall adopt at least one multi-sectoral call for proposals for
out in Article 7 of this Regulation;
actions eligible under Article 7(5), with the financial amounts
allocated for each sector being weighted according to each
sector's relative involvement in the eligible costs of the
(c) as regards Part I of Annex I to this Regulation, that all
actions selected for financing under the CEF.
sections include infrastructure projects the realisation of
which will necessitate their inclusion in a multiannual
Article 18
work programme under Article 17(3) of this Regulation,
without changing the alignment of the core network
Granting of Union financial assistance
corridors.
1. Following
every
call
for
proposals
based
on
a
multiannual
or annual work programme as referred to in Article 17, the
2. The
Commission
shall
be
empowered
to
adopt
delegated
Commission, acting in accordance with the examination
acts in accordance with Article 26 of this Regulation to modify
procedure referred to in Article 25, shall decide on the
the main terms, conditions and procedures laid down in Part III
amount of financial assistance to be granted to the projects
of Annex I to this Regulation governing the Union contribution
selected or to parts thereof. The Commission shall specify the
to each financial instrument established under the Debt
conditions and methods for their implementation.
Framework or Equity Framework laid down in Part III of
Annex I to this Regulation in accordance with the results of
2. The
beneficiaries
and
the
Member
States
concerned
shall the interim report and the independent full -scale evaluation of
be informed by the Commission of any financial assistance to
the pilot phase of the Europe 2020 Project Bond Initiative
be granted.
established under Decision No 1639/2006/EC and Regulation
(EC) No
680/2007, and in order to take into account
Article 19
changing market conditions with a view to optimising the
design and implementation of the financial instruments under
Annual instalments
this Regulation.
The Commission may divide budgetary commitments into
annual instalments. In that case, it shall commit the annual
When amending Part III of Annex I to this Regulation in the
instalments taking into account the progress of the actions
cases set out in the first subparagraph, the Commission shall at
receiving financial assistance, their estimated needs and the
all times ensure that:
budget available.
The Commission shall communicate to the beneficiaries of
(a) the amendments are made in accordance with the
grants, to the Member States concerned and, if applicable for
requirements laid down in Regulation (EU, Euratom)
financial instruments, to the financial institutions concerned an
No 966/2012, including the ex ante evaluation referred to
indicative timetable covering the commitment of the individual
in point (f) of Article 140(2) thereof, and
annual instalments.
(b) the amendments are limited to:
Article 20
Carry-over of annual appropriations
(i) modification of the threshold of the subordinated debt
Appropriations which have not been used at the end of the
financing as referred to in I.1(a) and I.1(b) of Part III of
financial year for which they were entered shall be carried
Annex I to this Regulation, with a view to seeking
over in accordance with Regulation (EU, Euratom)
sectoral diversification and geographical balance across
No 966/2012.
the Member States in accordance with Article 15;

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(ii) modification of the threshold of the senior debt
Member States shall undertake the technical monitoring and
financing as referred in I.1(a) of Part III of Annex I to
financial control of actions in close cooperation with the
this Regulation, with a view to seeking sectoral diver
Commission and shall certify that the expenditure incurred in
sification and geographical balance across the Member
respect of projects or parts thereof has been disbursed and that
States in accordance with Article 15;
the disbursement was in conformity with the relevant rules. The
Member States may request the Commission to participate
during on-the-spot checks and inspections.
(iii) the combination with other sources of funding as
referred in I.3 and II.3 of Part III of Annex I;
Member States shall inform the Commission annually, if
relevant through an interactive geographical and technical
(iv) the selection of entrusted entities as referred in I.4 and
information system, about the progress made in implementing
II.4 of Part III of Annex I; and
projects of common interest and the investments made for this
purpose, including the amount of support used with a view to
attaining climate-change objectives. On that basis, the
(v) pricing, risk and revenue-sharing as referred in I.6 and
Commission shall make public, and update at least annually,
II.6 of Part III of Annex I.
information about the specific projects under the CEF.
3. In the transport sector, and within the general objectives
Article 23
set out in Article 3 and the specific sectoral objectives referred
Compliance with Union policies and Union law
to in Article 4(2), the Commission shall be empowered to adopt
delegated acts in accordance with Article 26 detailing the
Only actions which are in conformity with Union law and
funding priorities to be reflected in the work programmes
which are in line with the relevant Union policies shall be
referred to in Article 17 for the duration of the CEF for
financed under this Regulation.
eligible actions under Article 7(2). The Commission shall
adopt a delegated act by 22 December 2014.
Article 24
Protection of the Union's financial interests
4. The
Commission
shall
be
empowered
to
adopt
delegated
acts in accordance with Article 26 to raise the ceiling set out in
1. The
Commission
shall
take
appropriate
measures
to
Article 14(2) up to 20 %, provided the following conditions are
ensure that, when actions financed under this Regulation are
met:
implemented, the financial interests of the Union are protected
by the application of preventive measures against fraud,
corruption and any other illegal activities, by effective checks
(i) the evaluation of the pilot phase of the Project Bond
and, if irregularities are detected, by the recovery of the
Initiative carried out in 2015 is positive; and
amounts unduly paid and, where appropriate, by effective,
proportionate and dissuasive administrative and financial
penalties.
(ii) the take-up of financial instruments exceeds 8 % in terms of
project contractual commitments.
2. The
Commission
or
its
representatives
and
the
Court
of
Auditors shall have the power to audit, on the basis of
5. Where
it
proves
necessary
to
deviate
from
the
allocation documents and on the spot checks, the actions of all grant
for a specific transport objective by more than five percentage
beneficiaries, implementing bodies, contractors and subcon
points, the Commission shall be empowered to adopt delegated
tractors who have received Union funds under this Regulation.
acts in accordance with Article 26 to amend the indicative
percentages set out in Part IV of Annex I.
3. The
European
Anti-Fraud
Office
(OLAF)
may
carry
out
investigations, including on-the-spot checks and inspections,
in accordance with the provisions and procedures laid down
6. The
Commission
shall
be
empowered
to
adopt
delegated in Regulation (EU, Euratom) No 883/2013 of the European
acts in accordance with Article 26 to modify the list of general
Parliament and of the Council ( 1 ) and Council Regulation
orientations in Part V of Annex I to be taken into account when
(Euratom, EC) No 2185/96 ( 2 ), with a view to establishing
setting award criteria in order to reflect the mid-term evaluation
whether there has been fraud, corruption or any other illegal
of this Regulation or conclusions drawn from its implemen
activity affecting the financial interests of the Union in
tation. This shall be done in a manner compatible with the
connection with a grant agreement or grant decision or a
respective sectoral guidelines.
contract funded under this Regulation.
Article 22
( 1 ) Regulation (EU, Euratom) No 883/2013 of the European Parliament
and of the Council of 11 September 2013 concerning investigations
Responsibility of beneficiaries and Member States
conducted by the European Anti-Fraud Office (OLAF) and repealing
Regulation (EC) No 1073/1999 of the European Parliament and of
Within their respective responsibilities, and without prejudice to
the Council and Council Regulation (Euratom) No 1074/1999
the obligations incumbent on beneficiaries under the conditions
(OJ L 248, 18.9.2013, p. 1).
governing grants, beneficiaries and Member States shall make
( 2 ) Council Regulation (Euratom, EC) No 2185/96 of 11 November
every effort to implement the projects of common interest
1996 concerning on-the-spot checks and inspections carried out
by the Commission in order to protect the European Communities'
which receive Union financial assistance granted under this
financial interests against fraud and other irregularities (OJ L 292,
Regulation.
15.11.1996, p. 2).

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/149
4. Without
prejudice
to
paragraphs
1,
2
and
3,
cooperation
Article 27
agreements with third countries and with international organi
sations, grant agreements and grants decisions and contracts
Evaluation
resulting from the implementation of this Regulation shall
1. No
later
than
31
December
2017,
the
Commission,
in
contain provisions expressly empowering the Commission, the
cooperation with the Member States and beneficiaries
Court of Auditors and OLAF to conduct such audits and inves
concerned, shall prepare an evaluation report to be presented
tigations, according to their respective competences.
to the European Parliament and the Council by the Commission
on the achievement of the objectives of all the measures (at the
TITLE II
level of results and impacts), the efficiency of the use of
resources and the European added value of the CEF, with a
GENERAL AND FINAL PROVISIONS
view to deciding on the renewal, modification or suspension
of the measures. The evaluation shall also address the scope for
Article 25
simplification, the internal and external coherence of the
Committee procedure
measures, the continued relevance of all objectives and their
contribution to the Union priorities of smart, sustainable and
1. The
Commission
shall
be
assisted
by
the
CEF
Coor
inclusive growth, including their impact on economic, social
dination Committee. The Committee shall be a committee
and territorial cohesion. The evaluation report shall include an
within the meaning of Regulation (EU) No 182/2011.
assessment of the economies of scale made by the Commission
at a financial, technical and human level when managing the
2. Where
reference
is
made
to
this
paragraph,
Article
5
of CEF and, where applicable, of the total number of projects
Regulation (EU) No 182/2011 shall apply.
harnessing the synergies between the sectors. That assessment
shall also examine how to make financial instruments more
effective. The evaluation report shall take into account
3. The
committee
shall
ensure
a
horizontal
overview
of
the evaluation results concerning the long-term impact of the
work programmes referred to in Article 17 to ensure that they
predecessor measures.
are consistent and that synergies are identified, exploited and
assessed between the transport, telecommunications and energy
2. The
CEF
shall
take
into
account
the
independent
full-scale
sectors. It shall seek, in particular, to coordinate those work
evaluation of the Europe 2020 Project Bond Initiative, to be
programmes with a view to allowing multi-sectoral calls for
carried out in 2015. On the basis of that evaluation, the
proposals.
Commission and the Member States shall assess the relevance
of the Europe 2020 Project Bond Initiative and its effectiveness
Article 26
in increasing the volume of investment in priority projects and
enhancing the efficiency of Union spending.
Exercise of delegation
1. The
power
to
adopt
delegated
acts
is
conferred
on
the 3. The
Commission
shall
carry
out
ex
post
evaluation
in
Commission subject to the conditions laid down in this Article.
close cooperation with the Member States and beneficiaries.
The ex post evaluation shall examine the effectiveness and effi
ciency of the CEF and its impact on economic, social and terri
2.
The power to adopt delegated acts referred to in Article 21
torial cohesion, as well as its contribution to the Union
shall be conferred on the Commission from 1 January 2014 to
priorities of smart, sustainable and inclusive growth and the
31 December 2020.
scale and results of support used with a view to attaining
climate-change objectives.
3. The
delegation
of
power
referred
to
in
Article
21
may
be
revoked at any time by the European Parliament or by the
4. Evaluations
shall
take
account
of
progress
as
measured
Council. A decision to revoke shall put an end to the delegation
against the performance indicators referred to in Articles 3
of the power specified in that decision. It shall take effect the
and 4.
day following the publication of the decision in the Official
Journal of the European Union or at a later date specified
5. The
Commission
shall
communicate
the
conclusions
of
therein. It shall not affect the validity of any delegated acts
those evaluations to the European Parliament, the Council, the
already in force.
European Economic and Social Committee and the Committee
of the Regions.
4. As
soon
as
it
adopts
a
delegated
act,
the
Commission
shall 6. The
Commission
and
the
Member
States,
assisted
by
the
notify it simultaneously to the European Parliament and to the
other possible beneficiaries, may undertake an evaluation of the
Council.
methods of carrying out projects as well as the impact of their
implementation, in order to assess whether the objectives,
5. A
delegated
act
adopted
pursuant
to
Article
21
shall
enter including those relating to environmental protection, have
into force only if no objection has been expressed either by the
been attained.
European Parliament or by the Council within a period of two
months of notification of that act to the European Parliament
7. The
Commission
may
request
a
Member
State
concerned
and to the Council or if, before the expiry of that period, the
by a project of common interest to provide a specific evaluation
European Parliament and the Council have both informed the
of the actions and the linked projects financed under this Regu
Commission that they will not object. That period shall be
lation or, where appropriate, to supply it with the information
extended by two months at the initiative of the European
and assistance required to undertake an evaluation of such
Parliament or of the Council.
projects.

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Article 28
Article 30
Information, communication and publicity
Transitional provisions
1. Beneficiaries
and,
where
appropriate,
Member
States This Regulation shall not affect the continuation or modifi
concerned shall ensure that suitable publicity is given, and
cation, including the total or partial cancellation, of the
transparency applied, to aid granted under this Regulation in
projects concerned, until their closure, or of financial assistance
order to inform the public of the role of the Union in the
awarded by the Commission pursuant to Regulations (EC)
implementation of the projects.
No 680/2007 and (EC) No 67/2010, or any other law
applying to that assistance on 31 December 2013, which
shall continue to apply to the actions concerned until their
2. The Commission shall implement information and closure.
communication actions relating to the CEF projects and
results. Resources allocated to communication actions under
Article 5(2) shall also contribute to the corporate communi
Article 31
cation of the political priorities of the Union as far as they
Repeal
are related to the general objectives referred to in Article 3.
Without prejudice to Article 30 of this Regulation, Regulations
(EC) No 680/2007 and (EC) No 67/2010 are repealed with
Article 29
effect from 1 January 2014.
Amendment of Regulation (EU) No 913/2010
Article 32
Regulation (EU) No 913/2010 is hereby amended as follows:
Entry into force
The Annex to Regulation (EU) No 913/2010 is replaced by the
This Regulation shall enter into force on the day following that
text of Annex II to this Regulation. Consequently, the rail
of its publication in the Official Journal of the European Union.
freight corridors revised shall remain subject to the provisions
of Regulation (EU) No 913/2010.
It shall apply from 1 January 2014.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Strasbourg, 11 December 2013.
For the European Parliament
For the Council
The President
The President
M. SCHULZ
V. LEKEVIIUS

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/151
ANNEX I
PART I
LIST OF PRE-IDENTIFIED PROJECTS ON THE CORE NETWORK IN THE TRANSPORT SECTOR
1. Horizontal Priorities
Innovative management & services Single
European
Sky
–
SESAR
system
Innovative management & services Telematic
applications
systems
for
road,
rail,
inland
waterways
and
vessels
(ITS, ERTMS, RIS and VTMIS)
Innovative management & services Core
network
ports,
motorways
of
the
sea
(MoS)
and
airports,
safe
and
secure infrastructure
New technologies and innovation New
technologies
and
innovation
in
accordance
with
points
(a)
to
(d)
of
Article 33 of Regulation (EU) No 1315/2013
2. Core network corridors
Baltic – Adriatic
ALIGNMENT:
Gdynia – Gdask – Katowice/Sawków
Gdask – Warszawa – Katowice
Katowice – Ostrava – Brno – Wien
Szczecin/winoujcie – Pozna – Wrocaw – Ostrava
Katowice – ilina – Bratislava – Wien
Wien – Graz – Villach – Udine – Trieste
Udine – Venezia – Padova – Bologna – Ravenna
Graz – Maribor – Ljubljana – Koper/Trieste
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Gdynia - Katowice Rail Works
Gdynia, Gdask Ports Port
interconnections,
(further)
development
of
multimodal platforms
Warszawa - Katowice Rail Works
Wroclaw – Pozna – Szczecin/winoujcie Rail Works
winoujcie, Szczecin Port Port
interconnections
Bielsko Biala – ilina Road Works
Katowice - Ostrava - Brno - Wien & Rail Works,
in
particular
cross-border
sections
PL-CZ,
CZ-
Katowice - ilina - Bratislava - Wien
AT, PL-SK and SK-AT, Brno-Perov line; (further)
development of multimodal platforms and airport-
rail interconnections

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Wien - Graz - Klagenfurt - Udine - Venezia Rail Partial
construction
of
new
lines
(Semmering
Base
- Ravenna
Tunnel and Koralm Railway line), rail upgrading;
works ongoing; (further) development of multimodal
platforms; upgrading of existing two-track line
between Udine - Cervignano and Trieste
Graz - Maribor - Pragersko Rail Studies
and
works
for
second
track
Trieste, Venenezia, Ravenna, Koper Ports Port
interconnections;
(further)
development
of
multimodal platforms
North Sea – Baltic
ALIGNMENT:
Helsinki – Tallinn – Rīga
Ventspils – Rīga
Rīga – Kaunas
Klaipda – Kaunas – Vilnius
Kaunas – Warszawa
BY border – Warszawa – Pozna – Frankfurt/Oder – Berlin – Hamburg
Berlin – Magdeburg – Braunschweig – Hannover
Hannover – Bremen – Bremerhaven/Wilhelmshaven
Hannover – Osnabrück – Hengelo – Almelo – Deventer – Utrecht
Utrecht – Amsterdam
Utrecht – Rotterdam – Antwerpen
Hannover – Kln – Antwerpen
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Helsinki - Tallinn Ports,
MoS Port
interconnections;
(further)
development
of
multimodal platforms and their interconnections;
icebreaking capacity; MoS
Tallinn - Rīga - Kaunas - Warszawa Rail (Detailed)
studies
for
new
UIC
gauge
fully
inter
operable line; works for new line to start before
2020; upgrading and new line on PL territory; rail
– airports/ports interconnections, rail-road terminals,
MoS
Ventspils – Rīga Rail Upgrading,
port
interconnections,
MoS
Klaipda – Kaunas Rail Upgrading,
port
interconnections,
MoS
Kaunas – Vilnius Rail Upgrading,
airports
interconnections,
rail-road
terminals
Via Baltica Corridor Road Works
for
cross-border
sections
(EE,
LV,
LT,
PL)
BY border - Warszawa - Pozna - DE Rail Works
on
existing
line,
studies
for
high-speed
rail
border

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/153
PL Border - Berlin - Hannover - Amster Rail Studies
and
upgrading
of
several
sections
(Amsterdam
dam/Rotterdam
– Utrecht – Arnhem; Hannover – Berlin)
Wilhelmshaven - Bremerhaven - Bremen Rail Studies
and
works
Berlin - Magdeburg – Hannover, Mittel IWW Studies,
works
for
better
navigability
and
upgrading
landkanal, western German canals, Rhine,
waterways and locks
Waal, Noordzeekanaal, IJssel, Twentekanaal
Amsterdam locks & Amsterdam - IWW Locks
studies
ongoing;
port:
interconnections
(studies
Rijnkanaal
and works, including Beatrix lock upgrade)
Mediterranean
ALIGNMENT:
Algeciras – Bobadilla –Madrid – Zaragoza – Tarragona
Sevilla – Bobadilla – Murcia
Cartagena – Murcia – Valencia – Tarragona
Tarragona – Barcelona – Perpignan – Marseille/Lyon – Torino – Novara – Milano – Verona – Padova – Venezia –
Ravenna/Trieste/Koper - Ljubljana – Budapest
Ljubljana/Rijeka – Zagreb – Budapest – UA border
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Algeciras - Madrid Rail Studies
ongoing,
works
to
be
launched
before
2015,
to be completed 2020
Sevilla - Antequera - Granada - Almería - Rail Studies
and
works
Cartagena - Murcia - Alicante - Valencia
Madrid-Zaragoza-Barcelona Rail Upgrading
of
existing
lines
(gauge,
sidings,
platforms)
Valencia - Tarragona - Barcelona Rail Construction
between
2014
-
2020
Barcelona Port Interconnections
rail
with
port
and
airport
Barcelona - Perpignan Rail Cross-border
section,
works
ongoing,
new
line
completed by 2015, upgrading existing line (gauge,
sidings, platforms)
Perpignan - Montpellier Rail Bypass
Nmes
-
Montpellier
to
be
operational
in
2017, Montpellier - Perpignan for 2020
Lyon Rail Relieving
Lyon
bottlenecks:
studies
and
works
Lyon – Avignon – Marseille Rail Upgrading
Lyon - Torino Rail Cross-border
section,
works
base
tunnel;
studies
and
works access routes
Milano - Brescia Rail Partially,
upgrading
and,
partially,
new
high-speed
line
Brescia - Venezia - Trieste Rail Works
to
start
before
2014
on
several
sections
in
synergy with upgrading actions undertaken in over
lapping stretches as in the Baltic-Adriatic Corridor
Milano – Cremona- Mantova – Porto IWW Studies
and
works
Levante/Venezia – Ravenna/Trieste

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Cremona, Mantova, Venezia, Ravenna, Inland Ports Port
interconnections,
(further)
development
of
Trieste
multimodal platforms
Trieste - Divaa Rail Studies
and
partial
upgrading
ongoing;
cross-border
section to be realised until after 2020
Koper - Divaa - Ljubljana – Pragersko Rail Studies
and
upgrading/partially,
new
line
Rijeka – Zagreb – Budapest Rail Studies
and
works
(including
construction
of
new
track and second track between Rijeka and HU
border)
Rijeka Port Infrastructure
upgrading
and
development,
devel
opment of multimodal platforms and interconnec
tions
Ljubljana – Zagreb Rail Studies
and
works
Ljubljana node Rail Rail
node
Ljubljana,
including
multi-modal
platform;
rail airport interconnection
Pragersko - Zalalv Rail Cross-border
section:
studies,
works
to
start
before
2020
Lendava - Letenye Road Cross-border
upgrading
Boba- Székesfehérvár Rail Upgrading
Budapest-Miskolc-UA border Rail Upgrading
Vásárosnamény-UA border Road Cross-border
upgrading
Orient/East-Med
ALIGNMENT:
Hamburg – Berlin
Rostock – Berlin – Dresden
Bremerhaven/Wilhelmshaven – Magdeburg – Dresden
Dresden – stí nad Labem – Mělník/Praha - Kolín
Kolín – Pardubice – Brno – Wien/Bratislava – Budapest – Arad – Timioara – Craiova – Calafat – Vidin – Sofia
Sofia – Plovdiv – Burgas
Plovdiv – TR border
Sofia – Thessaloniki – Athína – Piraeus – Lemesos – Lefkosia
Athína – Patras/Igoumenitsa
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Dresden - Praha Rail Studies
for
high-speed
rail
Praha Rail Upgrading,
freight
bypass;
rail
connection
airport
Hamburg – Dresden – Praha – Pardubice IWW Elbe
and
Vltava
studies,
works
for
better
navigability
and upgrading
Děín locks IWW Studies

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/155
Praha - Brno - Beclav Rail Upgrading,
including
rail
node
Brno
and
multi-modal
platform
Beclav – Bratislava Rail Cross-border,
upgrading
Bratislava – Hegyeshalom Rail Cross-border,
upgrading
Mosonmagyaróvár – SK Border Road Cross-border
upgrading
Tata – Biatorbágy Rail Upgrading
Budapest – Arad – Timioara – Calafat Rail Upgrading
in
HU
nearly
completed,
ongoing
in
RO
Vidin – Sofia – Burgas/TR border
Rail Studies
and
works
Vidin
–
Sofia
–
Thessaloniki
–
Sofia – Thessaloniki – Athína/Piraeus
Athína; upgrading Sofia – Burgas/TR border
Vidin – Craiova Road Cross-border
upgrading
Thessaloniki, Igoumenitsa Port Infrastructure
upgrading
and
development,
multimodal interconnections
Athína/Piraeus/Heraklion – Lemesos Port,
MoS Port
capacity
and
multimodal
interconnections
Lemesos – Lefkosia Ports,
Upgrading of modal interconnection, including
multimodal
Lefkosia south orbital, studies and works, traffic
platforms
management systems
Lefkosia – Larnaca Multimodal
Multimodal interconnections and telematic appli
platforms
cations systems
Patras Port Port
interconnections,
(further)
development
of
multimodal platforms
Athína - Patras Rail Studies
and
works,
port
interconnections
Scandinavian – Mediterranean
ALIGNMENT:
RU border – Hamina/Kotka – Helsinki – Turku/Naantali – Stockholm – Malm
Oslo – Gteborg – Malm – Trelleborg
Malm – Kbenhavn – Kolding/Lübeck – Hamburg – Hannover
Bremen – Hannover – Nürnberg
Rostock – Berlin – Leipzig – München
Nürnberg – München – Innsbruck – Verona – Bologna – Ancona/Firenze
Livorno/La Spezia - Firenze – Roma – Napoli – Bari – Taranto – Valletta
Napoli – Gioia Tauro – Palermo/Augusta – Valletta
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Hamina/Kotka – Helsinki Port,
rail Port
interconnections,
rail
upgrading,
icebreaking
capacities
Helsinki Rail Airport-rail
connection
RU border – Helsinki Rail Works
ongoing

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Official Journal of the European Union
20.12.2013
Helsinki – Turku Rail Upgrading
Turku/Naantali – Stockholm Ports,
MoS Port
interconnections,
icebreaking
capacity
Stockholm - Malm (Nordic Triangle) Rail Works
ongoing
on
specific
sections
Trelleborg - Malm – Gteborg – NO Rail, port, MoS Works,
multimodal
platforms
and
port
hinterland
border
connections
Fehmarn Rail Studies
ongoing,
construction
works
Fehmarn
Belt
fixed link to start in 2015
Kbenhavn - Hamburg via Fehmarn: access Rail Access
routes
DK
to
be
completed
by
2020,
access
routes
routes DE to be completed in 2 steps: one-track elec
trification with the completion of the fixed link and
two-track seven years later
Rostock Ports,
MoS Interconnections
ports
with
rail;
low-emission
ferries;
ice-breaking capacity
Rostock - Berlin - Nürnberg Rail Studies
and
upgrading
Hamburg/Bremen - Hannover Rail Studies
ongoing
Halle – Leipzig – Nürnberg Rail Works
ongoing,
to
be
completed
by
2017
München – Wrgl Rail Access
to
Brenner
Base
tunnel
and
cross-border
section: studies
Brenner Base Tunnel Rail Studies
and
works
Fortezza - Verona Rail Studies
and
works
Napoli - Bari Rail Studies
and
works
Napoli – Reggio Calabria Rail Upgrading
Verona – Bologna Rail Upgrading
ongoing
Ancona, Napoli, Bari, La Spezia, Livorno Ports Port
interconnections,
(further)
development
of
multimodal platforms
Messina - Catania – Augusta/Palermo Rail Upgrading
(remaining
sections)
Palermo/Taranto - Valletta/Marsaxlokk Ports,
MoS Port
interconnections
Valletta - Marsaxlokk Port,
airport Upgrading
of
modal
interconnection,
including
Marsaxlokk-Luqa-Valletta
Bologna – Ancona Rail Upgrading
Rhine – Alpine
ALIGNMENT:
Genova – Milano – Lugano – Basel
Genova –Novara – Brig – Bern – Basel – Karlsruhe – Mannheim – Mainz – Koblenz – Kln
Kln – Düsseldorf – Duisburg – Nijmegen/Arnhem – Utrecht – Amsterdam
Nijmegen – Rotterdam – Vlissingen
Kln – Liège – Bruxelles/Brussel – Gent
Liège – Antwerpen – Gent – Zeebrugge

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/157
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Genova Port Port
interconnections
Genova - Milano/Novara - CH border Rail Studies;
works
starting
before
2020
Basel – Antwerpen/Rotterdam -
IWW Works
for
better
navigability
Amsterdam
Karlsruhe - Basel Rail Works
ongoing
Frankfurt - Mannheim Rail Studies
ongoing
Liège Rail Port
and
airport
rail
connection
Rotterdam – Zevenaar Rail Studies
ongoing,
upgrading
Zevenaar - Emmerich - Oberhausen Rail Works
ongoing
Zeebrugge – Gent – Antwerpen - DE Rail Upgrading
border
Atlantic
ALIGNMENT:
Algeciras – Bobadilla – Madrid
Sines / Lisboa – Madrid – Valladolid
Lisboa – Aveiro – Leixes/Porto
Aveiro – Valladolid – Vitoria – Bergara – Bilbao/Bordeaux – Paris – Le Havre/Metz – Mannheim/Strasbourg
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
High-speed rail Sines/Lisboa - Madrid Rail,
ports Studies
and
works
ongoing,
upgrading
of
modal
interconnection ports of Sines/Lisboa
High-speed rail Porto - Lisboa Rail Studies
ongoing
Rail connection Aveiro – Salamanca – Rail Cross-border:
works
ongoing
Medina del Campo
Rail connection Bergara - San Sebastián - Rail
Completion expected in ES by 2016, in FR by 2020
Bayonne
Bayonne - Bordeaux Rail Ongoing
public
consultation
Bordeaux - Tours Rail Works
ongoing
Paris Rail Southern
high-speed
bypass
Baudrecourt - Mannheim Rail Upgrading
Baudrecourt - Strasbourg Rail Works
ongoing,
to
be
completed
2016
Le Havre - Paris IWW Upgrading
Le Havre - Paris Rail Studies,
upgrading
Le Havre Port,
Rail
Studies and works on port capacity, MoS and inter
connections

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North Sea – Mediterranean
ALIGNMENT:
Belfast – Baile tha Cliath/Dublin – Corcaigh/Cork
Glasgow/Edinburgh – Liverpool/Manchester – Birmingham
Birmingham – Felixstowe/London /Southampton
London – Lille – Brussel/Bruxelles
Amsterdam – Rotterdam – Antwerpen – Brussel/Bruxelles – Luxembourg
Luxembourg – Metz – Dijon – Macon – Lyon – Marseille
Luxembourg – Metz – Strasbourg – Basel
Antwerpen/Zeebrugge – Gent – Dunkerque/Lille – Paris
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Corcaigh/Cork - Dublin - Baile tha Cliath/ Rail Studies
and
works;
Baile
tha
Cliath/Dublin
Intercon
Belfast
nector (DART);
Belfast Port,
Upgrading
multimodal
connections
Glasgow - Edinburgh Rail Upgrading
Manchester – Liverpool Rail Upgrading
and
electrification,
including
Northern
Hub
Birmingham – Reading – Southampton Rail Upgrading
of
the
freight
line
Baile tha Cliath/Dublin, Corcaigh/Cork, Ports, rail
Studies and works on port capacity, MoS and inter
Southampton
connections
Dunkerque Port Further
development
of
multimodal
platforms
and
interconnections
Calais - Paris Rail Preliminary
studies
Bruxelles/Brussel Rail Studies
and
works
(North-South
connection
for
conventional and high-speed)
Felixstowe – Midlands Rail,
port,
Rail upgrading, interconnections port and multimodal
multimodal
platforms
platforms
Maas, including Maaswerken IWW Upgrading
Albertkanaal/Canal Bocholt-Herentals IWW Upgrading
Rhine-Scheldt corridor: Volkeraklock and IWW Locks:
studies
ongoing
Kreekaklock, Krammerlock and Lock Hans
weert
Terneuzen Maritime Locks:
studies
ongoing;
works
Terneuzen - Gent IWW Studies,
upgrading
Zeebrugge Port Locks:
studies,
interconnections
(studies
and
works)

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the
European
Union L
348/159
Antwerpen Maritime,
port,
Locks: studies ongoing; port: interconnections
rail
(including second rail access to the port of
Antwerpen)
Rotterdam - Antwerpen Rail Upgrading
rail
freight
line
Canal Seine Nord; Seine - Escaut IWW Studies
and
works;
upgrading
including
cross-border
and multimodal connections
Dunkerque – Lille IWW Studies
ongoing
Antwerpen, Bruxelles/Brussels, Charleroi IWW Upgrading
Waterways upgrade in Wallonia IWW Studies,
upgrading,
intermodal
connections
Brussel/Bruxelles - Luxembourg -
Rail Works
ongoing
Strasbourg
Antwerpen – Namur - LUX border – FR Rail Upgrading
of
rail
freight
line
border
Strasbourg - Mulhouse - Basel Rail Upgrading
Rail Connections Luxembourg - Dijon - Rail Studies
and
works
Lyon (TGV Rhin - Rhne)
Lyon Rail Eastern
bypass:
studies
and
works
Canal Sane - Moselle/Rhin IWW Preliminary
studies
ongoing
Rhne IWW Upgrading
Port of Marseille-Fos Port Interconnections
and
multimodal
terminals
Lyon - Avignon - Port de Marseille - Fos Rail Upgrading
Rhine – Danube
ALIGNMENT:
Strasbourg – Stuttgart – München – Wels/Linz
Strasbourg – Mannheim – Frankfurt – Würzburg – Nürnberg – Regensburg – Passau – Wels/Linz
München/Nürnberg – Praha – Ostrava/Perov – ilina – Koice – UA border
Wels/Linz – Wien – Bratislava – Budapest – Vukovar
Wien/Bratislava – Budapest – Arad – Braov/Craiova – Bucureti – Constana – Sulina
PRE-IDENTIFIED SECTIONS INCLUDING PROJECTS:
Rail connection Strasbourg - Kehl Appen Rail Works
interconnection
Appenweier
weier
Karlsruhe - Stuttgart - München Rail Studies
and
works
ongoing
Ostrava/Perov – ilina – Koice – UA Rail Upgrading,
multimodal
platforms
border
Zlín – ilina Road Cross-border
road
section
München – Praha Rail Studies
and
works
Nürnberg – Praha Rail Studies
and
works

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Official Journal of the European Union
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München - Mühldorf - Freilassing -
Rail Studies
and
works
ongoing
Salzburg
Salzburg - Wels Rail Studies
Nürnberg - Regensburg - Passau - Wels Rail Studies
and
works
Rail connection Wels - Wien Rail Completion
expected
by
2017
Wien – Bratislava / Wien – Budapest / Rail Studies
high-speed
rail
(including
the
alignment
of
Bratislava – Budapest
the connections between the three cities)
Budapest - Arad Rail Studies
for
high-speed
network
between
Budapest
and Arad
Komárom – Komárno IWW Studies
and
works
for
cross-border
bridge
Arad - Braov - Bucureti - Constana Rail Upgrading
of
specific
sections;
studies
high-speed
Main – Main-Donau-Canal IWW
Studies and works on several sections and bottle
necks; inland waterway ports: multimodal intercon
nections with rail
Slavonski Brod Port Studies
and
works
Giurgiu, Galai Port Further
development
of
multimodal
platforms
and
connections with the hinterland: studies and works
Danube (Kehlheim -
IWW
Studies and works on several sections and bottle
Constana/Midia/Sulina)
necks; inland waterway ports:multimodal intercon
nections
Sava IWW
Studies and works on several sections and bottlenecks
(including cross-border bridge)
Bucureti – Dunre Canal IWW Studies
&
works
Constana Port,
MoS Port
interconnections,
MoS
(including
icebreaking
services)
Craiova – Bucureti Rail Studies
and
works
3. Other Sections on the Core Network
Sofia to FYROM border Cross-border Rail Studies
ongoing
Sofia to Serbian border Cross-border Rail Studies
ongoing
Timioara – Serbia border Cross-border Rail Studies
ongoing
Wrocaw – Praha Cross-border Rail Studies
Nowa Sól – Hradec Králové Cross-border Road Works
Brno – AT border Cross-border Road Upgrading
Budapest – Zvolen Cross-border Road Upgrading
Budapest – SRB Border Cross-border Rail Studies
Bothnian Corridor: Lule – Oulu Cross-border Rail Studies
and
works

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20.12.2013 Official
Journal
of
the
European
Union L
348/161
Iai- MD border Cross-border Rail Studies
ongoing
and
works
Suceava-UA border Cross-border Rail Studies
and
works
Priority Projects as defined in Annex III Cross-border Rail Studies
ongoing
of Decision No 661/2010/EU (Prague -
Linz, New High-capacity rail: Central
Trans-Pyrenees crossing, "Iron Rhine"
(Rheidt-Antwerpen))
Trgu Neamt–Ungheni Cross-border Road Upgrading
Marijampol-Kybartai (LT/RU border) Cross-border Road Upgrading
Vilnius-LT/BY border Cross-border Road Upgrading
Ioannina– Kakavia(EL/AL border) Cross-border Road Studies
Kleidi– Polikastro – Evzonoi(EL/FYROM Cross-border Road Upgrading
border)
Serres– Promahonas – EL/BG border Cross-border Road Works
ongoing
Alexandroupoli – Kipoi EL/TR border Cross-border Road Studies
and
works
Dubrovnik – HR/ME border Cross-border Road Works
Kdzierzyn Kole – Chaupki-granica Cross-border Rail Works
A Corua - Vigo - Palencia
Bottleneck Rail,
MoS Works
ongoing
Gijón - Palencia
(including ports and
multimodal platforms)
Frankfurt – Fulda – Erfurt – Berlin Bottleneck Rail Studies
Rail Egnatia Bottleneck Rail Studies
ongoing
Sundsvall – Ume – Lule Bottleneck Rail Studies
and
works
Zagreb – SR border Bottleneck Rail Studies
and
works
A Corua - Madrid (high-speed
Bottleneck Rail Works
ongoing
passenger service)
Stockholm – Gvle – Sundsvall Other
core Rail Works
network
Mjlby – Hallsberg – Gvle Other
core
Rail Works
Network
Bothnian – Kiruna – NO border Other
core Rail Studies
and
works
network
Milford Haven – Swansea – Cardiff Other
core
Rail Upgrading
network
Rail connection Sionainn/Shannon
Other core
Rail studies
Faing/Foynes - Gabhal Luimnigh/
network
Limerick junction
High Speed 2 Other
core
Rail Studies
&
works
for
a
network
high-speed line London –
Midlands

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Official Journal of the European Union
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UA Border – Kraków – Katowice –
Other core
Rail Works
Wrocaw – Dresden
network
Riga – RU/BY border Other
core
Rail Upgrading
network
Vilnius – BY border Other
core
Rail Upgrading,
airport
inter
network
connection
Kybartai – Kaunas Other
core
Rail Upgrading
network
Tallinn – Tartu – Koidula – RU border Other
core
Rail Upgrading
network
Marseille – Toulon – Nice – Ventimiglia Other core
Rail Studies
high-speed
– Genova
network
Bordeaux – Toulouse Other
core
Rail Studies
high-speed
network
Helsinki – Oulu Other
core
Rail Upgrading
of
sections
network
Bilbao – Pamplona – Zaragoza –
Other core
Rail Studies
and
works
Sagunto
network
Brunsbüttel - Kiel (Nord-Ostseecanal) Other
core
IWW Optimisation
of
navi
network
gation status
Cardiff - Bristol - London Other
core
Rail Upgrading,
including
network
Crossrail
Alba-Iulia – Turda – Dej – Suceava –
Other core
Rail Studies
and
works
Pacani – Iai
network
Bucureti - Buzu Other
core
Rail Rail
infrastructure
network
improvement and repair,
and connections with the
hinterland
Ruhr area - Münster - Osnabrück -
Other core
Rail Upgrading
of
the
section
Hamburg
network
Münster - Lünen
(doubletrack)
Nantes - Tours - Lyon Other
core
Rail Studies
and
works
network
Ploieti-Suceava Other
core
Rail Studies
network
Heraklion Other
core
Airport, combined
Studies and construction
network
transport infrastucture/ works, upgrade and
systems
development infras
tucture, multimodal
interconnections
Huelva – Sevilla Other
core
Rail Works
ongoing
network
Fredericia-Frederikshavn Other
core
Rail Upgrading,
including
network
electrification
Barcelona – Valencia – Livorno Other
core MoS Upgrading
network

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EN
20.12.2013 Official
Journal
of
the
European
Union L
348/163
PART II
LIST OF INFRASTRUCTURE PRIORITY CORRIDORS AND AREAS IN THE ENERGY SECTOR
1. Priority electricity corridors
(1) Northern Seas offshore grid ("NSOG"): integrated offshore electricity grid development and the related interconnectors
in the North Sea, the Irish Sea, the English Channel, the Baltic Sea and neighbouring waters to transport electricity
from renewable offshore energy sources to centres of consumption and storage and to increase cross-border electricity
exchange.
Member States concerned: Belgium, Denmark, France, Germany, Ireland, Luxemburg, the Netherlands, Sweden, the
United Kingdom;
(2) North-South electricity interconnections in Western Europe ("NSI West Electricity"): interconnections between
Member States of the region and with the Mediterranean area including the Iberian peninsula, notably to integrate
electricity from renewable energy sources and reinforce internal grid infrastructures to foster market integration in the
region.
Member States concerned: Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Malta,
Portugal, Spain, the United Kingdom;
(3) North-South electricity interconnections in Central Eastern and South Eastern Europe ("NSI East Electricity"): inter
connections and internal lines in North-South and East-West directions to complete the internal market and integrate
generation from renewable energy sources.
Member States concerned: Austria, Bulgaria, Croatia, Czech Republic, Cyprus, Germany, Greece, Hungary, Italy,
Poland, Romania, Slovakia, Slovenia;
(4) Baltic Energy Market Interconnection Plan in electricity ("BEMIP Electricity"): interconnections between Member States
in the Baltic region and reinforcing internal grid infrastructures accordingly, to end isolation of the Baltic States and to
foster market integration, inter alia by working towards the integration of renewable energy in the region;
Member States concerned: Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland, and Sweden.
2. Priority gas corridors
(1) North-South gas interconnections in Western Europe ("NSI West Gas"): gas infrastructure for North-South gas flows
in Western Europe to further diversify routes of supply and increase short-term gas deliverability.
Member States concerned: Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands,
Portugal, Spain, the United Kingdom;
(2) North-South gas interconnections in Central Eastern and South Eastern Europe ("NSI East Gas"): gas infrastructure for
regional connections between and in the Baltic Sea region, the Adriatic and Aegean Seas, the Eastern Mediterranean
Sea and the Black Sea, and to enhance diversification and security of gas supply;
Member States concerned: Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Germany, Greece, Hungary, Italy,
Poland, Romania, Slovakia, Slovenia;
(3) Southern Gas Corridor ("SGC"): infrastructure for the transmission of gas from the Caspian Basin, Central Asia, the
Middle East and the Eastern Mediterranean Basin to the Union, to enhance diversification of gas supply.
Member States concerned: Austria, Bulgaria, Croatia, Czech Republic, Cyprus, France, Germany, Hungary, Greece,
Italy, Poland, Romania, Slovakia, Slovenia;
(4) Baltic Energy Market Interconnection Plan in gas ("BEMIP Gas"): gas infrastructure to end the isolation of the three
Baltic States and Finland and their dependency on a single supplier, to reinforce internal grid infrastructures accord
ingly, and to increase diversification and security of supplies in the Baltic Sea region;
Member States concerned: Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland, and Sweden.

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3. Priority thematic areas
(1) Smart grids deployment: adoption of smart grid technologies across the Union to efficiently integrate the behaviour
and actions of all users connected to the electricity network, in particular the generation of large amounts of
electricity from renewable or distributed energy sources and demand response by consumers;
Member States concerned: all;
(2) Electricity highways: first electricity highways by 2020, with a view to building an electricity highways system across
the Union that is capable of:
(a) accommodating ever-increasing wind surplus generation in and around the Northern and Baltic Seas and
increasing renewable generation in the East and South of Europe and also North Africa;
(b) connecting these new generation hubs with major storage capacities in the Nordic countries, the Alps and other
regions with major consumption centres, and
(c) coping with an increasingly variable and decentralised electricity supply and flexible electricity demand;
Member States concerned: all;
(3) Cross-border carbon dioxide network: development of carbon dioxide transport infrastructure between Member States
and with neighbouring third countries with a view to the deployment of carbon dioxide capture and storage.
Member States concerned: all.
PART III
TERMS, CONDITIONS AND PROCEDURES OF FINANCIAL INSTRUMENTS
Objective and rationale
The objective of the financial instruments under the CEF is to facilitate infrastructure projects' access to project and
corporate financing by using Union funding as leverage.
The financial instruments shall help finance projects of common interest with a clear European added value, and facilitate
greater private sector involvement in the long-term financing of such projects in the transport, telecommunications and
energy sectors, including broadband networks.
The financial instruments shall benefit projects with medium- to long-term financing needs and shall produce greater
benefits in terms of market impact, administrative efficiency and resource use.
They shall provide to infrastructure stakeholders such as financiers, public authorities, infrastructure managers,
construction companies and operators a coherent market-oriented toolbox of Union financial assistance.
The financial instruments shall consist of:
(a) an instrument for loans and guarantees facilitated by risk-sharing instruments, including credit enhancement mech
anisms to project bonds ('Debt Instrument'); and
(b) an instrument for equity ('Equity Instrument'),
which shall help to overcome market constraints by improving the financing and/or risk profiles of the infrastructure
investments. This, in turn, shall enhance the access of firms and other beneficiaries to loans, guarantees, equity and other
forms of private financing.
Prior to the finalisation of the design of the Debt and Equity Instruments, the Commission shall carry out an ex-ante
assessment in accordance with Regulation (EU, Euratom) No 966/2012. Evaluations of existing, comparable financial
instruments shall, where appropriate, contribute to that assessment.

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I. Debt
instrument
1. General
provisions
The goal of the Debt Instrument shall be to contribute to overcoming deficiencies of the European debt capital
markets by offering risk-sharing for debt financing. Debt financing shall be provided by entrusted entities or
dedicated investment vehicles in the form of senior and subordinated debt or guarantees.
The Debt Instrument shall consist of a risk-sharing instrument for loans and guarantees and of the Project Bond
Initiative. The project promoters may, in addition, seek equity financing under the Equity Instrument.
a. Risk-sharing
instrument
for
loans
and
guarantees
The risk-sharing instrument for loans and guarantees shall be designed to create additional risk capacity in the
entrusted entities. This shall allow the entrusted entities to provide funded and unfunded subordinated and senior
debt to projects and corporates in order to facilitate promoters' access to bank financing. If the debt financing is
subordinated, it shall rank behind the senior debt but ahead of equity and related financing related to equity.
The unfunded subordinated debt financing shall not exceed 30 % of the total amount of the senior debt issued.
The senior debt financing provided under the Debt Instrument shall not exceed 50 % of the total amount of the
overall senior debt financing provided by the entrusted entity or the dedicated investment vehicle.
b. Project
Bond
Initiative
The risk-sharing instrument for project bonds shall be designed as a subordinated debt financing in order to facilitate
financing for project companies raising senior debt in the form of bonds. This credit enhancement instrument shall
aim at helping the senior debt to achieve an investment grade credit rating.
It shall rank behind the senior debt but ahead of equity and financing related to equity.
The subordinated debt financing shall not exceed 30 % of the total amount of the senior debt issued.
2. Financial
parameters
and
leverage
Risk- and revenue-sharing parameters shall be set in such a way that specific policy objectives, including targeting of
particular categories of projects, can be achieved while still preserving the market-oriented approach of the Debt
Instrument.
The expected leverage of the Debt Instrument — defined as the total funding (i.e. Union contribution plus
contributions from other financial sources) divided by the Union contribution — shall be expected to range from
6 to 15, depending on the type of operations involved (level of risk, target beneficiaries, and the debt financing
concerned).
3. Combination
with
other
sources
of
funding
Funding from the Debt Instrument may be combined with other ring-fenced budgetary contributions listed below,
subject to the rules laid down in Regulation(EU, Euratom) No 966/2012 and the relevant legal base:
(a) other parts of the CEF;
(b) other instruments, programmes and budget lines in the Union budget;
(c) Member States, including regional and local authorities, that wish to contribute own resources or resources
available from the funds under the cohesion policy without changing the nature of the instrument.
4. Implementation
Entrusted entities
Entrusted entities shall be selected in accordance with Regulation (EU, Euratom) No 966/2012.
The implementation under indirect management mode may take the form of direct mandates to entrusted entities.
For instruments under direct mandates (i.e. in indirect management mode), the entrusted entities shall manage the
Union contribution to the Debt Instrument and shall be risk-sharing partners.

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In addition, the setting-up of dedicated investment vehicles may be envisaged to allow the pooling of contributions
from multiple investors. The Union contribution may be subordinated to that of other investors.
Design and implementation
The design shall be aligned with the general provisions for financial instruments set out in Regulation (EU, Euratom)
No 966/2012.
The detailed terms and conditions for implementing the Debt Instrument, including monitoring and control, shall be
laid down in an agreement between the Commission and a respective entrusted entity, taking into account the
provisions laid down in this Annex and in Regulation (EU, Euratom) No 966/2012.
Fiduciary account
The entrusted entity shall set up a fiduciary account to hold the Union contribution and revenues resulting from the
Union contribution.
5. Use
of
the
Union
contribution
The Union contribution shall be used:
(a) towards risk provisioning;
(b) to cover agreed fees and costs associated with the establishment and management of the Debt Instrument,
including its evaluation and support actions, which have been determined in line with Regulation (EU,
Euratom) No 966/2012 and market practice. The administrative and performance-based fees to be paid to the
entrusted entity shall not exceed 2 % and 3 % respectively of the Union contribution effectively used for
individual operations, on the basis of a cost-based agreed methodology between the Commission and the
entrusted entities;
(c) for directly related support actions.
6. Pricing,
risk
and
revenue
sharing
The Debt Instruments shall bear a price, to be charged to the beneficiary, in accordance with the relevant rules and
criteria of the entrusted entities or dedicated investment vehicles and in line with best market practices.
As regards direct mandates to entrusted entities, the risk-sharing pattern shall be reflected in an appropriate sharing
between the Union and the entrusted entity of the risk remuneration charged by the entrusted entity to its borrowers.
As regards dedicated investment vehicles, the risk-sharing pattern shall be reflected in an appropriate sharing between
the Union and the other investors of the risk remuneration charged by the dedicated investment vehicle to its
borrowers.
Notwithstanding the risk-sharing pattern chosen, the entrusted entity shall always share a portion of the defined risk
and shall always bear the full residual risk tranche.
The maximum risk covered by the Union budget shall not exceed 50 % of the risk of the target debt portfolio under
the debt instrument. The maximum risk-taking ceiling of 50 % shall apply to the target size of dedicated investment
vehicles.
7. Application
and
approval
procedure
Applications shall be addressed to the entrusted entity or a dedicated investment vehicle, respectively, in accordance
with their standard application procedures. The entrusted entities and the dedicated investment vehicles shall approve
the projects in accordance with their internal procedures.
8. Duration
of
the
Debt
Instrument
The last tranche of the Union contribution to the Debt Instrument shall be committed by the Commission by
31 December 2020. The actual approval of debt financing by the entrusted entities or the dedicated investment
vehicles shall be finalised by 31 December 2022.

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9. Expiry
The Union contribution allocated to the Debt Instrument shall be reimbursed to the relevant fiduciary account as
debt financing expires or is repaid. The fiduciary account shall maintain sufficient funding to cover fees or risks
related to the Debt Instrument until its expiry.
10. Reporting
The reporting methods on the implementation of the Debt Instrument shall be agreed by the Commission in the
agreement and the entrusted entity in line with Regulation (EU, Euratom) No 966/2012.
In addition, the Commission shall, with the support of the entrusted entities, report annually to the European
Parliament and the Council until 2023 on implementation, the prevailing market conditions for the use of the
instrument, the updated projects and the project pipeline including information on projects at different stages of the
procedure while respecting confidentiality and sensitive market information in accordance with Article 140(8) of
Regulation (EU, Euratom) No 966/2012.
11. Monitoring, control and evaluation
The Commission shall monitor the implementation of the Debt Instrument, including through on-the-spot controls
as appropriate, and shall perform verification and controls in line with Regulation (EU, Euratom) No 966/2012.
12. Support Actions
The implementation of the Debt Instrument may be supported by a set of accompanying measures. These may
include, amongst other measures, technical and financial assistance, measures to raise the awareness of capital
providers and schemes to attract private investors.
The European Investment Bank shall, at the request of the European Commission or the Member States concerned,
provide technical assistance, including on financial structuring to projects of common interest, including the ones
implementing the core network corridors as listed in Part I. Such technical assistance shall also include support to
administrations in order to develop appropriate institutional capacity.
II. Equity
instrument
1. General
provisions
The goal of the Equity Instrument shall be to contribute to overcoming the deficiencies of European capital markets
by providing equity and quasi-equity investments.
The maximum amounts of the Union contribution shall be limited as follows:
— 33 % of the target equity fund size; or
— co-investment by the Union in a project shall not exceed 30 % of the total equity of a company.
The project promoters may, in addition, seek debt financing under the Debt Instrument.
2. Financial
parameters
and
leverage
Investment parameters shall be set in such a way that specific policy objectives, including the targeting of particular
categories of infrastructure projects, can be achieved while still preserving the market-oriented approach of this
instrument.
The expected leverage of the Equity Instrument — defined as the total funding (i.e. the Union contribution plus all
contributions from other investors) divided by the Union contribution — shall be expected on average to range from
5 to 10, depending on market specificities.
3. Combination
with
other
sources
of
funding
Funding from the Equity Instrument may be combined with other ring-fenced budgetary contributions listed below,
subject to the rules of Regulation (EU, Euratom) No 966/2012 and the relevant legal base:
(a) other parts of the CEF;
(b) other instruments, programmes and budget lines in the Union budget; and

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Official Journal of the European Union
20.12.2013
(c) Member States, including regional and local authorities, that wish to contribute own resources or resources
available from the funds under the cohesion policy without changing the nature of the instrument.
4. Implementation
Entrusted entities
Entrusted entities shall be selected in accordance with Regulation (EU, Euratom) No 966/2012.
The implementation under indirect management mode may take the form of direct mandates to entrusted entities, in
indirect management mode. For instruments under direct mandates (i.e. in indirect management mode), the entrusted
entities shall manage the Union contribution to the Equity Instrument.
In addition, the setting-up of dedicated investment vehicles may be envisaged to allow the pooling of contributions
from multiple investors. The Union contribution may be subordinated to that of other investors.
In duly justified cases, in order to achieve specific policy objectives, the Union contribution may be provided to a
specific project by an entrusted entity as a co-investment.
Design and implementation
The design shall be aligned with the general provisions for financial instruments set out in Regulation (EU, Euratom)
No 966/2012.
The detailed terms and conditions for implementing the Equity Instrument, including its monitoring and control,
shall be laid down in an agreement between the Commission and a respective entrusted entity, taking into account
the provisions laid down in this Annex and in Regulation (EU, Euratom) No 966/2012.
Fiduciary account
The entrusted entity shall set up a fiduciary account to hold the Union contribution and revenues resulting from the
Union contribution.
5. Use
of
the
Union
contribution
The Union contribution shall be used:
(a) towards equity participations;
(b) to cover agreed fees and costs associated with the establishment and management of the Equity Instrument,
including its evaluation, which have been determined in line with Regulation (EU, Euratom) No 966/2012 and
market practice; and
(c) for directly related support actions.
6. Pricing,
risk
and
revenue
sharing
The equity remuneration shall comprise the customary return components allocated to equity investors and shall
depend on the performance of the underlying investments.
7. Application
and
approval
procedure
Applications shall be addressed to the entrusted entity or a dedicated investment vehicle, respectively, in accordance
with their standard application procedures. The entrusted entities and the dedicated investment vehicles shall approve
the projects in accordance with their internal procedures.
8. Duration
of
the
Equity
Instrument
The last tranche of the Union contribution to the Equity Instrument shall be committed by the Commission by
31 December 2020. The actual approval of equity investments by the entrusted entities or the dedicated investment
vehicles shall be finalised by 31 December 2022.
9. Expiry
Union contribution allocated to the Equity Instrument shall be reimbursed to the relevant fiduciary account as
investments are exited or otherwise mature. The fiduciary account shall maintai