European Action for Growth and the TENs Investment Facility

The European Action for Growth, approved by the EU in December 2003, seeks to mobilise investment in areas of on-going structural reform, stimulate growth, create jobs and promote the creation of a knowledge-based economy, as outlined in the Lisbon Strategy of March 2000. Giving new impetus to the implementation of the TENs policy was an integral part of this initiative.

Under the European Action for Growth initiative, the EIB committed to increasing its dedicated TENs Investment Facility (TIF) contribution, introducing a priority lending facility of EUR 75 billion for TEN-T until 2013 and a further EUR 0.5-1 billion annually for TEN-E. TEN-Telecommunications is currently dealt with as part of the Innovation 2010 Initiative (i2i).

In the TEN-Transport (TEN-T) sector, the European Action for Growth identified 30 priority projects amounting to an estimated EUR 225 billion of the total investment costs. The priority projects were selected on the basis of their:

• long-term strategic importance for the integration of the internal market in the enlarged Union
• degree of maturity
• economic and financial viability
• impact on growth
• leverage effect on private capital participation.

21 of the 30 priority projects are rail schemes, but road, port and airport schemes are also included.

In addition, the Commission's priority list of TEN-Energy projects (TEN-E) comprises a total of 10 electricity and natural gas transportation schemes, ranging from small cross-border power links to transcontinental gas pipelines.