“Connecting Europe Facility” (CEF) is the EU’s new funding mechanism for infrastructure projects of common interest for trans-European transport, energy and telecoms networks with an overall budget of about € 29.3 billion for 2014-2020 (at constant 2011 prices). The CEF should accelerate the completion of trans-European networks and help to leverage funding from both the public and the private sector.
The CEF regulation informally agreed by EP and Council on 27 June lays down the conditions, methods and procedures for providing Union financial assistance to trans-European networks in order to support projects of common interest in the sectors of transport, telecommunications and energy infrastructures and to exploit potential synergies between those sectors. Out of €23.17 billion earmarked for transport projects, €10 billion would be transferred from the Cohesion Fund to be used exclusively in member states eligible for Cohesion Fund money.
The total budget for funding energy projects will be € 5.12 billion and MEPs insisted that these projects should be funded primarily by financial instruments. The total budget for the funding of telecommunication projects will amount to € 1 billion. Here to read more.