Brussels, 10/07/2015 (Agence Europe) - The Interconnection in Europe Mechanism (IEM) is to receive €13.1 billion now that the member states at the IEM coordinating committee on 10 July adopted the 2014-2020 investment plan unveiled by the European Commission in last month.
A shortlist of 276 projects (whittled down from 700 by the European Commission) will receive funding in order to fill the structural investment gap between European regions. “I am very pleased that the member states endorsed our proposal for the largest investment plan ever made by the EU in the transport area,” said Transport Commissioner Violeta Bulc. A call for projects will be published in October, she explained on 29 June (see EUROPE 11346).
At the end of July, the Commission will officially enshrine the financing decisions and then the beneficiaries will need to sign individual subsidy contracts with the Innovation Executive Agency (INEA) and the first payments will be made during the third quarter of this year. The INEA and Commission will monitor the projects.
Alongside the Commission's investment plan, the IEM, which has a budget of €24 billion, will co-finance trans-European transport network (TEN-T) projects for the period 2014-2020. The Commission says that by 2030, this investment will generate close to 10 million jobs and 1.8% growth in GDP. (Pascal Hansens)