EIB to mobilize substantial resources for financing trans-European networks The European Investment Bank (EIB), the EU's financial institution, confirmed recently its commitment to mobilizing substantial financial resources for priority trans-European transport, telecommunications and energy transfer networks (TENs). The EIB, which played an active p... The European Investment Bank (EIB), the EU's financial institution, confirmed recently its commitment to mobilizing substantial financial resources for priority trans-European transport, telecommunications and energy transfer networks (TENs). The EIB, which played an active part in preparing the report of the representatives of the Heads of State or Government on identifying priority TENs ("Christophersen Group"), submitted a proposal to the Council for creating a special TENs Window for financing infrastructure of Community interest, especially priority projects, on terms and conditions tailored to their particular needs. In addition to providing significant volumes of funds - equivalent to around one third of its activity on an annual basis - the EIB is ready to: - Extend the maturities of its loans and grace periods in respect of repayment; - Offer financial engineering designed to reduce the risks incurred by banks and promoters, by according refinancing facilities, by providing advance funding and by signing framework financing agreements; - Extend its eligibility criteria for financing projects, in order to give consideration to funding transport, telecommunications and energy transfer networks irrespective of their location; - Become involved in projects at the outset so as to allow the contractual and financial structuring best suited to the characteristics of each project. The terms and conditions offered by the special TENs Window are intended to accommodate the particular financing needs of certain projects of an unusual scale and of vital interest for the EU. The EIB has conducted economic, technical and financial appraisals of the majority of the 14 TENs transport projects approved by the European Council and has committed some ECU 4 billion towards financing nine of them. It has also considered five of the six energy TENs, for which it has already mobilized over ECU 1.6 billion.
