Minister Varadkar: CEF is a key instrument for targeted infrastructure investment at European level
Minister for Transport, Tourism & Sport Leo Varadkar has announced a significant break-through with the European Parliament on a new regulation which will see almost €30 billion in EU funding targeted at enhancing the transport, energy and telecoms networks of the EU from 2014 to 2020.
At the final trilogue meeting this morning between the officials representing the Irish Presidency and Rapporteurs from the European Parliament, agreement was reached on a compromise text for the Connecting Europe Facility (CEF).
“CEF is a key instrument for targeted infrastructure investment at European level which will make a significant contribution to the development of the Single Market and boost sustainable growth, jobs and competitiveness across the European Union. The €30 billion in EU funding will also be used to leverage additional private investment,” Minster Varadkar said.
“Connectivity is key to the EU’s competitiveness and economic recovery. CEF will offer funding opportunities over the next 7 years to deliver key transport, energy and telecoms infrastructure for all Member States, particularly those currently isolated from European networks.”
Minister Rabbitte also welcomed the agreement, adding that the Connecting Europe facility will provide financial support for those projects identified in the Sectoral Guidelines (Transport, Energy and Telecommunications) that cannot be financed fully by the market. This is particularly relevant in the context of ending the isolation of ‘energy islands’ and completing the IEM.
The agreement now goes to Coreper for final approval.