Under the Connecting Europe Facility (CEF), €26.25 billion will be made available from the EU’s 2014-2020 budget to co-fund TEN-T projects in the EU Member States. Of this amount, €11.305 billion will be available only for projects in Member States eligible for the Cohesion Fund.
The Connecting Europe Facility regulation sets out the rules for awarding EU financial support, priority projects and the maximum limits of EU co-financing per type of project. It also includes a pre-identified list of projects where most CEF investments will be placed.
The Commission has set out more specifications for the CEF investment policy priorities in a proposed Commission Delegated Regulation, and estimates of the financial support foreseen for each priority in a Commission Communication .
Annual and multi-annual work programmes are used to detail the priorities and total amount of financial support to be committed for each of these priorities in a given year. The first programming year is 2014.
The priorities of the work programmes will be established on the basis of the Delegated act of 7 January 2013 detailing the transport funding priorities for the Connecting Europe Facility and will be in line with the indicative amounts per funding priorities contained in the Commission's Communication, as recalled by the Commission statement of 19 March 2014.
CEF financial support takes primarily two forms:
- grants, which are non-reimbursable investments from the EU budget; and
- contributions to innovative financial instruments, developed together with entrusted financial institutions such as the European Investment Bank, such as: the Marguerite Fund , the Loan Guarantee for TEN Transport (LGTT) and the Project Bond Initiative .