12. 2. 88 Official Journal of the European Communities No C 40/7 
II 
(Preparatory Acts) 
COMMISSION 
Amended proposal for a Council Decision on financing major Community infrastructure 
projects (') 
COM(87) 724 final 
(Submitted by the Commission to the Council pursuant to the third paragraph of Article 149 of the 
EEC Treaty on 7 January 1988) 
(88/C 40/10) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, 
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 
Parliament, 
Having regard to the opinion of the Economic and 
Social Committee, 
Whereas large-scale infrastructure projects arc 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; 
0) OJ No C 80, 27. 3. 1987, p. 7. Whereas the Treaty does not provide the necessary 
specific powers, 
HAS ADOPTED THIS DECISION: 
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 to provide a link which does not exist, 
to offer substantially improved services or to provide new 
services. 
2. The projects may concern various sectors of 
activity, focusing primarily on transport, telecommuni­
cations, energy, the environment and the preservation or 
restoration of the cultural heritage. 
3. The projects and their implementation shall comply 
with the provisions of the Treaty and of secondary legis­
lation, 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 infrastructure 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, 
No C 40/8 Official Journal of the European Communities 12. 2. 88 
— 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 on capital markets. 
Article 4 
The preparatory work and studies necessary to demon­
strate the technical, financial and economic viability of 
projects may qualify for a contribution from the 
Community in the form of a grant or repayable advance. 
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. In the case of projects relating to sectors covered 
by Community programmes, 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. 
In the case of projects relating to sectors not covered by 
Community programmes, the declaration of European 
interest shall be made by the Council acting by a 
qualified majority on a proposal from the Commission 
and after consulting Parliament. 
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 Parliament, and the Economic Policy 
Committee, 
— receive a grant from the Community budget and 
qualify for specific loans as referred to" in Article 3. 
4. For planning and implementation purposes, tenders 
for projects declared to be of European interest shall be 
invited on a Community-wide basis, the invitations being 
published in the Supplement to the Official Journal of the 
European Communities. 
5. As far as technically possible, invitations to tender 
shall be for lots so as to enable small and medium-sized 
enterprises to participate in the execution of infra­
structure projects declared to be of European interest. 
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. 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 limited to 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. 
Article 8 
This Decision is addressed to the Member States.