EU to Undertake Massive Transport Infrastructure Projects
Published By : 16 Sep 2014 | Published By : QYRESEARCH
As a measure for improving transport connections, the European Commission has invited bids for infrastructure projects worth € 11.9 billion. This funding package is by far the largest funding of the European Union earmarked for the purpose of transport infrastructure.
The member states of the European Union have been asked to submit their respective bids on or before February 26, 2015.
The funds will be utilized for developing a core transport network that will consist of nine prime transport corridors. This structure will act as the economic life-blood of a single consolidated market. The funding is mainly directed towards streamlining cross-border transport operations, removal of bottlenecks, and revolutionizing east-west connectivity.
Siim Kallas, the vice president of the European Commission who is responsible for transport has stated that transport being the backbone of the European Economy, requires a strong and well developed transport infrastructure. Therefore, investing in constructing activities for developing transport connections can in a way propel the economic recovery. Certain regions of Europe which do not have well-developed transport connectivity cannot prosper economically. The member states of the European Union need to make the best possible use of the funding for smooth flow of business activities and uninterrupted journeys for the citizens of Europe.
As against the 2007-2013 funding package that was worth €8 billion, the current European Union funding package has more than tripled to €26 billion for the period 2014-2020.
This new transport connectivity network that will finally be established by the year 2030, will connect the following – 35 cross-border projects, 94 prime European ports, 15000 km of railway line, and finally 38 main airports with rail connections.
The EU funds need to be co-financed by the member states, even though the projects will receive funds from the EU. The fund allocation to the respective projects will finally be declared in the year 2015.