27.3. 87 Official Journal of the European Communities No C 80/7 
II 
(Preparatory Acts) 
COMMISSION 
Proposal for a Council Decision on financing major Community infrastructure projects 
COM(86) 722 final 
(Submitted by the Commission to the Council on 23 December 1986) 
(87/C 80/14) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, HAS DECIDED AS FOLLOWS: 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 235 
thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Par­
liament, 
Having regard to the opinion of the Economic and 
Social Committee, 
Whereas large-scale infrastructure projects are a 
powerful factor for integration and help to unify the 
internal market, thereby making European industry more 
competitive; 
Whereas the emergence and launching of such projects 
encounter a variety of obstacles, including financial 
obstacles, that stem from their characteristics and from 
the different types of risk associated with them; 
Whereas their financing will, from now on, have to rely 
more than in the past on private capital, which is not 
necessarily attracted by this type of project; 
Whereas the interest and European dimension of such 
projects justify assistance being provided by the 
Community; 
Whereas the purpose of such assistance must be to 
mobilize private capital and channel it towards large-
scale projects of European interest; 
Whereas specific Community action is, therefore, needed 
to promote the emergence and financial launching of 
infrastructure projects of European interest; 
Whereas the European Investment Bank has stated its 
willingness to participate in such action, Article 1 
Provision shall be made for Community action to assist 
large-scale infrastructure projects of European interest 
located in whole or in part in the Community. The 
purpose of such action shall be to facilitate the 
emergence and launching of such projects by mobilizing 
new sources of capital and channelling the proceeds 
towards them. 
Article 2 
1. Large-scale infrastructure projects of European 
interest shall aim either to provide a link which does not 
exist, to offer substantially improved services or to 
provide new services. 
2. They may concern various sectors of activity, 
focusing primarily on transport, telecommunications, 
energy and the environment. 
3. The projects and their implementation shall comply 
with the provisions of the Treaty and of secondary 
legislation, notably in competition matters, and with 
Community rules and policies applicable in the fields 
concerned. 
Article 3 
In order to facilitate the emergence and launching of 
large-scale infrastucture projects of European interest, 
the following means of financing may be drawn on: 
— specific budgetary resources, 
— resources available under Community policies and 
measures whose objectives the projects are designed 
to achieve, 
— specific loans from the own resources of the 
European Investment Bank (EIB) and, should the 
need arise, from resources raised by the European 
Economic Community (EEC) on capital markets. 
No C 80/8 Official Journal of the European Communities 27. 3. 87 
Article 4 
1. The preparatory work and studies necessary to 
demonstrate the technical, financial and economic 
viability of projets may qualify for a contribution from 
the Community in the form of a grant or repayable 
advance. 
2. Such expenditure shall be financed under Article 
581 of the budget in the case of transport infrastructure 
and under Article 709 in the case of energy infra­
structure. In other cases, it shall be financed under a 
specific budget heading (Article 798) entitled 
'Preparatory studies and measures in connection with 
large-scale European infrastructure projects' in the 
chapter relating to financial engineering operations. An 
amount of differentiated appropriations shall be entered 
under the specific budget heading in the annual budget 
procedure. 
Article 5 
1. The large-scale projects referred to in Article 2 may 
be declared to be of European Interest. In order to have 
such a declaration conferred on them, the projects shall 
be submitted to the Commission either directly or 
through the intermediary of a Member State. 
Such projects must draw to a large extent on private 
savings and comply with the objectives and criteria laid 
down by the Community programmes relating to the 
sectors to which they belong. The Commission shall: 
— determine whether or not they comply with this 
Decision; 
— identify the advantages they bring in the light of not 
only technical and financial but also socio-economic 
criteria. Account shall be taken among other things 
of the impact the projects have on Community 
competitiveness and of their effects, including in 
terms of employment and incomes, on the countries 
and regions most directly concerned. 
2. The declaration of European interest shall be made 
by the Commission after agreement has been reached 
with the Member States directly concerned by the 
projects. The Commission shall inform the Council and 
Parliament thereof. 
However, in the case of projects relating to sectors not 
covered by Community programmes, the declaration of 
European interest may be conferred only after agreement 
by the Council. 
The Commission's decision declaring projects to be of 
European interest shall be published in the Official 
Journal of the European Communities. 3. Large-scale infrastructure projects declared to be of 
European interest may: 
— depending on their nature, be covered by provisions 
designed to facilitate the raising of private funds, 
provisions which shall be submitted on a case-by-case 
basis by the Commission to the Council, after 
consulting the Economic Policy Committee; 
— receive a grant from the Community budget and 
qualify for specific loans as referred to in Article 3. 
Article 6 
1. The financial packaging necessary for the start-up 
of the work involved in projects declared to be of 
European interest may qualify for Community assistance 
in the form of repayable advances. 
2. In the annual budget procedure, an amount of 
differentiated appropriations shall be entered under a 
specific budget heading entitled 'Contribution to large-
scale European infrastructure projects' in the chapter 
relating to financial engineering operations. 
3. The repayment date of any repayable advance shall 
be agreed between the Commission and the beneficiary: 
— either when the work is started; 
— or on completion of the work; 
— or during the operational phase provided a profit-
sharing clause is included. 
Article 7 
1. Loans made by the EIB out of its own resources for 
projects declared to be of European interest may be 
covered by a guarantee under the Community budget. 
The budget guarantee may be granted in respect of EIB 
loans that are not likely to qualify either for a guarantee 
from the Member State or States involved in the project 
or for any other adequate guarantees. 
2. The guarantee under the Community budget shall 
be conditional and partial. The Commission shall decide 
on a case-by-case basis whether to grant it and on the 
operational arrangements. Its decision shall be laid down 
in an agreement concluded with the EIB. 
3. Decisions to grant guarantees taken by the 
Commission shall be subject to an overall ceiling fixed at 
1 000 million ECU. If necessary, the Council, acting by a 
qualified majority on a proposal from the Commission 
and after consulting Parliament, shall raise the ceiling.