EU Pledges €11.9 Billion to make Transport Network ‘Economic Lifeblood’ of Single Market
Almost €12 billion is to be invested in improving European transport connections along nine major corridors in a bid to become the ‘economic lifeblood’ of the single market.
The European Commission has invited Member States to propose projects to use €11.9 billion of EU funding, the largest ever single amount of EU funding earmarked for transport infrastructure. Member States have until 26th February 2015 to submit their bids.
The funding will remove bottlenecks, revolutionise East West connections and streamline cross border transport operations for businesses and citizens throughout the EU.
Commission Vice President Siim Kallas, responsible for transport, commented: "Transport is fundamental to an efficient European economy, so investing in transport connections to fuel the economic recovery is more important than ever. Areas of Europe without good transport connections are not going to grow or prosper. Member States need to seize this opportunity to bid for funding to be better connected, more competitive and provide smoother and quicker journeys for citizens and businesses."
EU financing for transport has tripled to €26 billion for the period 2014-2020 (compared to €8 billion for 2007-2013), under the new Connecting Europe Facility (CEF). This is the first tranche of the new funding for transport to be made available.
Taken together these innovations amounts to the most radical overhaul of EU transport infrastructure policy since its inception in the 1980s.
The new core network, to be established by 2030, will connect:
- 94 main European ports with rail and road links
- 38 key airports with rail connections into major cities
- 15,000 km of railway line upgraded to high speed
- 35 cross border projects to reduce bottlenecks
The funding will be attributed to the most competitive projects and focused on nine major transport corridors in Europe with the results of the bidding, the allocation to projects will be announced in summer 2015.
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