Article 19 The SMEG Facility
1. The SMEG Facility shall be operated by the EIF on behalf of the Commission. The SMEG Facility shall carry out the following tasks: (a) providing counter-guarantees or, where appropriate, co-guarantees for guarantee schemes operating in the eligible countries; (b) providing direct guarantees for any other appropriate financial intermediary. 2. The SMEG Facility shall consist of four windows, as follows: — the first window, (a) debt financing via loans or leasing, shall reduce the particular difficulties SMEs face in accessing finance either due to the perceived higher risk associated with investments in certain knowledge-related activities such as technological development, innovation and technology transfer or due to the lack of sufficient collateral, — the second window, (b) microcredit financing, shall encourage financial institutions to play a greater role in the provision of loans of a smaller amount which would normally involve proportionately higher unit handling costs for borrowers with insufficient collateral. In addition to guarantees or counter-guarantees, financial intermediaries may receive grants to partially offset the high administrative costs inherent in microcredit financing, — the third window, (c) guarantees for equity or quasi-equity investments in SMEs, shall include investments which provide seed capital and/or capital in the start-up phase, as well as mezzanine financing, in order to reduce the particular difficulties which SMEs face because of their weak financial structure and those arising from business transfers, — the fourth window, (d) securitisation of SME debt finance portfolios, shall mobilise additional debt financing for SMEs under appropriate risk-sharing arrangements with the targeted institutions. Support for those transactions shall be conditional upon an undertaking by the originating institutions to grant a significant part of the resulting liquidity of the mobilised capital for new SME lending in a reasonable period of time. The amount of this new debt financing shall be calculated in relation to the amount of the guaranteed portfolio risk and shall be negotiated, together with the period of time, individually with each originating institution.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 19 ):
The SMEG Facility 1. The SMEG Facility shall be operated by the EIF on behalf of the Commission. The SMEG Facility shall carry out the following tasks: (a) providing counter-guarantees or, where appropriate, co-guarantees for guarantee schemes operating in the eligible countries; (b) providing direct guarantees for any other appropriate financial intermediary. 2. The SMEG Facility shall consist of four windows, as follows: — the first window, (a) debt financing via loans or leasing, shall reduce the particular difficulties SMEs face in accessing finance either due to the perceived higher risk associated with investments in certain knowledge-related activities such as technological development, innovation and technology transfer or due to the lack of sufficient collateral, — the second window, (b) microcredit financing, shall encourage financial institutions to play a greater role in the provision of loans of a smaller amount which would normally involve proportionately higher unit handling costs for borrowers with insufficient collateral. In addition to guarantees or counter-guarantees, financial intermediaries may receive grants to partially offset the high administrative costs inherent in microcredit financing, — the third window, (c) guarantees for equity or quasi-equity investments in SMEs, shall include investments which provide seed capital and/or capital in the start-up phase, as well as mezzanine financing, in order to reduce the particular difficulties which SMEs face because of their weak financial structure and those arising from business transfers, — the fourth window, (d) securitisation of SME debt finance portfolios, shall mobilise additional debt financing for SMEs under appropriate risk-sharing arrangements with the targeted institutions. Support for those transactions shall be conditional upon an undertaking by the originating institutions to grant a significant part of the resulting liquidity of the mobilised capital for new SME lending in a reasonable period of time. The amount of this new debt financing shall be calculated in relation to the amount of the guaranteed portfolio risk and shall be negotiated, together with the period of time, individually with each originating institution.
Article 20 The CBS
1. The CBS shall be operated with international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the EIF and the Council of Europe Development Bank (CEB). The CBS shall carry out the following tasks: (a) improving the investment and technology expertise of funds and other financial intermediaries investing in innovative SMEs or SMEs with growth potential; (b) stimulating the supply of credit to SMEs by enhancing the credit appraisal procedures for SME lending. 2. The CBS shall consist of the Seed Capital Action and the Partnership Action. The Seed Capital Action shall provide grants to stimulate the supply of venture capital for innovative SMEs and other SMEs with growth potential, including those in the traditional economy, through support for seed and start-up funds or similar organisations. Support may also be provided for the long-term recruitment of additional staff with specific investment or technology expertise. The Partnership Action shall provide grants to financial intermediaries to cover the cost of technical assistance to improve their credit appraisal procedures for SME debt financing, in order to stimulate the supply of finance to SMEs in countries with low banking intermediation. For the purpose of the Partnership Action ‘low intermediation’ shall relate to banking in countries where domestic credit as a percentage of Gross Domestic Product is significantly below the Community average according to relevant data established by the European Central Bank or the International Monetary Fund. The Partnership Action shall accompany the credit lines or the risk-sharing provided by international financial institutions to partner banks or financial institutions from the eligible countries. A significant part of the action shall relate to improving banks' and other financial institutions' capacity to assess the commercial viability of projects with a significant eco-innovation component.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 20 ):
The CBS 1. The CBS shall be operated with international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the EIF and the Council of Europe Development Bank (CEB). The CBS shall carry out the following tasks: (a) improving the investment and technology expertise of funds and other financial intermediaries investing in innovative SMEs or SMEs with growth potential; (b) stimulating the supply of credit to SMEs by enhancing the credit appraisal procedures for SME lending. 2. The CBS shall consist of the Seed Capital Action and the Partnership Action. The Seed Capital Action shall provide grants to stimulate the supply of venture capital for innovative SMEs and other SMEs with growth potential, including those in the traditional economy, through support for seed and start-up funds or similar organisations. Support may also be provided for the long-term recruitment of additional staff with specific investment or technology expertise. The Partnership Action shall provide grants to financial intermediaries to cover the cost of technical assistance to improve their credit appraisal procedures for SME debt financing, in order to stimulate the supply of finance to SMEs in countries with low banking intermediation. For the purpose of the Partnership Action ‘low intermediation’ shall relate to banking in countries where domestic credit as a percentage of Gross Domestic Product is significantly below the Community average according to relevant data established by the European Central Bank or the International Monetary Fund. The Partnership Action shall accompany the credit lines or the risk-sharing provided by international financial institutions to partner banks or financial institutions from the eligible countries. A significant part of the action shall relate to improving banks' and other financial institutions' capacity to assess the commercial viability of projects with a significant eco-innovation component.
Article 21 Services in support of business and innovation
1. Services in support of business and innovation, in particular for SMEs, shall be encouraged. 2. Taking into account the established experience and skills of existing European business support networks, financial support may be granted to network partners to provide, in particular: (a) information, feedback, business cooperation and internationalisation services; (b) services for innovation and for the transfer of both technology and knowledge; (c) services encouraging the participation of SMEs in the Seventh Framework RTD Programme. Details concerning such services are laid down in Annex III. 3. The Commission shall select network partners through calls for proposals in relation to the various services referred to in paragraph 2. Following those calls for proposals the Commission may establish a framework partnership agreement with selected network partners specifying the type of activities to be offered, the procedure for awarding grants to them and the general rights and obligations of each party. The framework partnership may cover the duration of the programme. 4. In addition to the services referred to in paragraph 2, the Commission may provide financial support for the implementation of other activities within the scope of the Framework Programme following calls for proposals which may be restricted to the network partners. Such services shall ensure that interested parties and potential applicants may obtain comprehensive assistance relating to the possibilities for support under the Framework Programme. 5. The Commission shall support the network partners by making available the appropriate coordination and operational support. Organisations established in countries which are not participating in the Framework Programme may be permitted to benefit from that coordination and operational support. 6. The Commission shall ensure that network partners cooperate with each other and, in the event that a network partner is unable to address an enquiry directly, it shall refer the enquiry to a competent network partner.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 21 ):
Services in support of business and innovation 1. Services in support of business and innovation, in particular for SMEs, shall be encouraged. 2. Taking into account the established experience and skills of existing European business support networks, financial support may be granted to network partners to provide, in particular: (a) information, feedback, business cooperation and internationalisation services; (b) services for innovation and for the transfer of both technology and knowledge; (c) services encouraging the participation of SMEs in the Seventh Framework RTD Programme. Details concerning such services are laid down in Annex III. 3. The Commission shall select network partners through calls for proposals in relation to the various services referred to in paragraph 2. Following those calls for proposals the Commission may establish a framework partnership agreement with selected network partners specifying the type of activities to be offered, the procedure for awarding grants to them and the general rights and obligations of each party. The framework partnership may cover the duration of the programme. 4. In addition to the services referred to in paragraph 2, the Commission may provide financial support for the implementation of other activities within the scope of the Framework Programme following calls for proposals which may be restricted to the network partners. Such services shall ensure that interested parties and potential applicants may obtain comprehensive assistance relating to the possibilities for support under the Framework Programme. 5. The Commission shall support the network partners by making available the appropriate coordination and operational support. Organisations established in countries which are not participating in the Framework Programme may be permitted to benefit from that coordination and operational support. 6. The Commission shall ensure that network partners cooperate with each other and, in the event that a network partner is unable to address an enquiry directly, it shall refer the enquiry to a competent network partner.
Article 22 Innovation and eco-innovation pilot and market replication projects
The Community shall provide support to projects concerned with the first applications or market replication of innovative or eco-innovative techniques, products or practices of Community relevance, which have already been technically demonstrated with success but which, owing to residual risk, have not yet significantly penetrated the market. These shall be designed to promote broader utilisation of such techniques, products or practices within the participating countries and facilitate their market uptake.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 22 ):
Innovation and eco-innovation pilot and market replication projects The Community shall provide support to projects concerned with the first applications or market replication of innovative or eco-innovative techniques, products or practices of Community relevance, which have already been technically demonstrated with success but which, owing to residual risk, have not yet significantly penetrated the market. These shall be designed to promote broader utilisation of such techniques, products or practices within the participating countries and facilitate their market uptake.
Article 23 Policy analyses, development, coordination and twinning
The following may be undertaken in support of policy analyses, development and coordination with participating countries: (a) studies, data collection, surveys and publications, based where possible on official statistics; (b) twinnings and meetings of experts, including experts from public institutions, experts sent by SMEs and other interested parties, conferences and other events; (c) awareness raising, networking and other relevant activities; (d) benchmarking of national and regional performances, and work on good practices, including their dissemination and implementation.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 23 ):
Policy analyses, development, coordination and twinning The following may be undertaken in support of policy analyses, development and coordination with participating countries: (a) studies, data collection, surveys and publications, based where possible on official statistics; (b) twinnings and meetings of experts, including experts from public institutions, experts sent by SMEs and other interested parties, conferences and other events; (c) awareness raising, networking and other relevant activities; (d) benchmarking of national and regional performances, and work on good practices, including their dissemination and implementation.
Article 24 Entrepreneurship and Innovation Programme support measures
The Commission shall regularly undertake the following: (a) analysis and monitoring of competitiveness and sectoral issues, including for the Commission's annual report on the competitiveness of European industry; (b) preparation of impact assessments of Community measures of particular relevance for the competitiveness of enterprises and their publication with a view to identifying areas of existing legislation requiring simplification or the need for new legislative measures to make innovation more attractive in the Community; (c) evaluation of specific aspects or specific implementation measures in relation to the Entrepreneurship and Innovation Programme; (d) dissemination of appropriate information in relation to the Entrepreneurship and Innovation Programme.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 24 ):
Entrepreneurship and Innovation Programme support measures The Commission shall regularly undertake the following: (a) analysis and monitoring of competitiveness and sectoral issues, including for the Commission's annual report on the competitiveness of European industry; (b) preparation of impact assessments of Community measures of particular relevance for the competitiveness of enterprises and their publication with a view to identifying areas of existing legislation requiring simplification or the need for new legislative measures to make innovation more attractive in the Community; (c) evaluation of specific aspects or specific implementation measures in relation to the Entrepreneurship and Innovation Programme; (d) dissemination of appropriate information in relation to the Entrepreneurship and Innovation Programme.
Article 25 Annual work programme
The annual work programme shall set out in detail, and in line with the objectives set out in Article 10: (a) measures needed for its implementation; (b) priorities; (c) qualitative and quantitative objectives; (d) appropriate evaluation criteria and qualitative and quantitative indicators for analysing effectiveness in delivering outcomes that will contribute to the achievement of the objectives of the specific programmes and the Framework Programme as a whole; (e) operational timetables; (f) the rules for participation; (g) the criteria for the selection and evaluation of the measures. The annual work programme shall clearly identify measures promoting eco-innovation. Activities under Article 24 shall not be covered by the annual work programme.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 25 ):
Annual work programme The annual work programme shall set out in detail, and in line with the objectives set out in Article 10: (a) measures needed for its implementation; (b) priorities; (c) qualitative and quantitative objectives; (d) appropriate evaluation criteria and qualitative and quantitative indicators for analysing effectiveness in delivering outcomes that will contribute to the achievement of the objectives of the specific programmes and the Framework Programme as a whole; (e) operational timetables; (f) the rules for participation; (g) the criteria for the selection and evaluation of the measures. The annual work programme shall clearly identify measures promoting eco-innovation. Activities under Article 24 shall not be covered by the annual work programme.
Article 26 Establishment and objectives
1. The ICT Policy Support Programme in support of ICT policy is hereby established. 2. The ICT Policy Support Programme shall provide for the following actions: (a) development of the Single European information space and strengthening of the internal market for ICT products and services and ICT-based products and services; (b) stimulation of innovation through the wider adoption of and investment in ICT; (c) development of an inclusive information society and more efficient and effective services in areas of public interest, and improvement of quality of life. 3. The actions referred to in paragraph 2 shall be carried out with a particular emphasis on the promotion and awareness-raising of the opportunities and benefits of ICT for citizens, public authorities and businesses, in particular SMEs.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 26 ):
Establishment and objectives 1. The ICT Policy Support Programme in support of ICT policy is hereby established. 2. The ICT Policy Support Programme shall provide for the following actions: (a) development of the Single European information space and strengthening of the internal market for ICT products and services and ICT-based products and services; (b) stimulation of innovation through the wider adoption of, and investment in, ICT and broadband; (c) development of an inclusive information society and more efficient and effective services in areas of public interest, and improvement of quality of life. 3. The actions referred to in paragraph 2 shall be carried out with a particular emphasis on the promotion and awareness-raising of the opportunities and benefits of ICT for citizens, public authorities and businesses, in particular SMEs.
Article 27 The single European information space
Action in relation to the single European information space shall aim to: (a) ensure seamless access to ICT-based services and establish appropriate framework conditions for the rapid, appropriate and effective convergence of digital communications and services, incorporating, inter alia, interoperability, the use of open standards, and security and trust aspects; (b) improve the conditions for the development of digital content, taking into account multilingualism and cultural diversity; (c) monitor the European information society, through data collection and analysis of the development, availability and use of digital communication services, including the growth of internet, access to and take-up of broadband as well as developments of content and services.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 27 ):
The single European information space Action in relation to the single European information space shall aim to: (a) ensure seamless access to ICT-based services and establish appropriate framework conditions for the rapid, appropriate and effective convergence of digital communications and services, incorporating, inter alia, interoperability, the use of open standards, and security and trust aspects; (b) improve the conditions for the development of digital content, taking into account multilingualism and cultural diversity; (c) monitor the European information society, through data collection and analysis of the development, availability and use of digital communication services, including the growth of internet, access to and take-up of broadband as well as developments of content and services.
Article 28 Innovation through the wider adoption of and investment in ICT
Action in relation to innovation through the wider adoption of and investment in ICT shall aim to: (a) promote innovation in processes, services and products enabled by ICT, in particular in SMEs and public services, taking into account the necessary skills requirements; (b) facilitate public and private interaction as well as partnerships for accelerating innovation and investments in ICT; (c) promote and raise awareness of the opportunities and benefits of ICT and its new applications for citizens and businesses, including enhancing confidence in and openness to new ICT, and stimulating debate at the European level on emerging ICT trends and developments.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 28 ):
Innovation through the wider adoption of and investment in ICT Action in relation to innovation through the wider adoption of and investment in ICT shall aim to: (a) promote innovation in processes, services and products enabled by ICT, in particular in SMEs and public services, taking into account the necessary skills requirements; (b) facilitate public and private interaction as well as partnerships for accelerating innovation and investments in ICT; (c) promote and raise awareness of the opportunities and benefits of ICT and its new applications for citizens and businesses, including enhancing confidence in and openness to new ICT, and stimulating debate at the European level on emerging ICT trends and developments.
Article 29 An inclusive information society, more efficient and effective services in areas of public interest and improved quality of life
Actions in relation to the development of an inclusive information society and more efficient and effective services in areas of public interest, and the improvement of quality of life shall aim to: (a) widen ICT, including digital content, accessibility and digital literacy; (b) reinforce trust and confidence as well as support of ICT use, addressing, in particular, privacy concerns; (c) improve the quality, efficiency, availability and accessibility of electronic services in areas of public interest and for ICT-enabled participation, including, where appropriate, interoperable pan-European or cross-border public services as well as the development of common interest building blocks and the sharing of good practices.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 29 ):
An inclusive information society, more efficient and effective services in areas of public interest and improved quality of life Actions in relation to the development of an inclusive information society and more efficient and effective services in areas of public interest, and the improvement of quality of life shall aim to: (a) widen ICT, including digital content, accessibility and digital literacy; (b) reinforce trust and confidence as well as support of ICT use, addressing, in particular, privacy concerns; (c) improve the quality, efficiency, availability and accessibility of electronic services in areas of public interest and for ICT-enabled participation, including, where appropriate, interoperable pan-European or cross-border public services as well as the development of common interest building blocks and the sharing of good practices.
Article 30 General
The ICT Policy Support Programme may be implemented by projects, best practice actions and thematic networks, including actions for wide-scale testing and demonstration of innovative public services with a pan-European dimension. Projects, best practice actions and thematic networks shall aim to stimulate the deployment and best use of innovative ICT-based solutions, in particular for services in areas of public interest and for SMEs. Community support shall also facilitate the coordination and the implementation of actions for developing the information society across the Member States.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 30 ):
General The ICT Policy Support Programme may be implemented by projects, best practice actions and thematic networks, including actions for wide-scale testing and demonstration of innovative public services with a pan-European dimension. Projects, best practice actions and thematic networks shall aim to stimulate the deployment and best use of innovative ICT-based solutions, in particular for services in areas of public interest and for SMEs. Community support shall also facilitate the coordination and the implementation of actions for developing the information society across the Member States.
Article 31 Projects, best practice actions and thematic networks
1. The following shall be supported: (a) projects including implementation, pilot and market replication projects; (b) best practice actions to spread knowledge and share experience across the Community; (c) thematic networks bringing together a variety of stakeholders around a given objective so as to facilitate coordination activities and the transfer of knowledge. 2. The projects shall aim to promote innovation, technology transfer and the dissemination of new technologies that are ready for market uptake. The Community may award a grant to contribute to the budget of the projects referred to in paragraph 1(a). 3. The best practice actions shall be conducted in clusters addressing specific themes and linked through thematic networks. The Community contribution for the actions referred to in paragraph 1(b) shall be limited to the direct costs deemed necessary or appropriate for achieving the specific objectives of the action. 4. The thematic networks may be linked to best practice actions. Support for thematic activities shall be granted towards the additional eligible costs of coordinating and implementing the network. The Community contribution may cover the additional eligible costs of those measures.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 31 ):
Projects, best practice actions and thematic networks 1. The following shall be supported: (a) projects including implementation, pilot and market replication projects; (b) best practice actions to spread knowledge and share experience across the Community; (c) thematic networks bringing together a variety of stakeholders around a given objective so as to facilitate coordination activities and the transfer of knowledge. 2. The projects referred to in paragraph 1(a) shall aim to promote innovation, technology transfer and the dissemination of new technologies that are ready for market uptake. The Union may award a grant to contribute to the budget of those projects. The Union may, alternatively, make, during a pilot phase in 2012 and 2013, a financial contribution to the EIB towards the provisioning and capital allocation for debt instruments or guarantees to be issued by the EIB from its own resources under the risk-sharing instrument for project bonds. 2a. The risk-sharing instrument for project bonds referred to in the third subparagraph of paragraph 2 is a joint instrument by the Commission and the EIB which provides added value as a Union intervention, addresses sub-optimal investment situations when projects do not receive adequate financing from the market, and provides additionality. It avoids distortion of competition, aims to secure a multiplier effect and aligns interests in the form of a credit enhancement. The risk-sharing instrument for project bonds shall: (a) take the form of a debt instrument or a guarantee granted by the EIB with the support of a Union budget contribution in favour of financing provided to projects in the field of ICT and broadband, complementing or attracting financing by Member States or the private sector; (b) mitigate the debt service risk of a project and the credit risk of bond holders; (c) be used only for projects whose financial viability is based on project revenues. 2b. The Union exposure to the risk-sharing instrument for project bonds, including management fees and other eligible costs, shall in no case exceed the amount of the Union contribution to the risk-sharing instrument for project bonds nor extend beyond the maturity of the underlying portfolio of credit enhancement facilities. There shall be no further liability on the general budget of the Union. The residual risk related to project bond operations shall always be borne by the EIB. 2c. The main terms, conditions and procedures of the risk-sharing instrument for project bonds are laid down in Annex IIIa. The detailed terms and conditions for implementing the risk-sharing instrument for project bonds, including risk sharing, remuneration, monitoring and control, shall be laid down in a cooperation agreement between the Commission and the EIB. That cooperation agreement shall be approved by the Commission and the EIB according to their respective procedures. 2d. In 2013, an amount of up to EUR 20 million may be used from the budget allocated for the pursuance of ICT and broadband policy in accordance with the rule set out in point (b) of Annex I. Given the limited duration of the pilot phase, the risk-sharing instrument for project bonds may reuse any revenues received before 31 December 2013 for new debt instruments and guarantees within the same risk-sharing facility and for projects fulfilling the same eligibility criteria in order to maximise the volume of investments supported. In the event that the risk-sharing instrument for project bonds is not extended into the next multiannual financial framework, any remaining funds shall be returned to the revenue side of the general budget of the Union. 2e. In addition to the reporting requirements set out in point 49 of the Interinstitutional Agreement of 17 May 2006 on budgetary discipline and sound financial management, and without prejudice to any other regulatory reporting requirements, the Commission shall report to the European Parliament and the Council every six months during the pilot phase on the performance of the risk-sharing instrument for project bonds, including the financial terms and placement of any project bonds issued. 3. The best practice actions shall be conducted in clusters addressing specific themes and linked through thematic networks. The Community contribution for the actions referred to in paragraph 1(b) shall be limited to the direct costs deemed necessary or appropriate for achieving the specific objectives of the action. 4. The thematic networks may be linked to best practice actions. Support for thematic activities shall be granted towards the additional eligible costs of coordinating and implementing the network. The Community contribution may cover the additional eligible costs of those measures. Subsection 2 Other provisions
Article 32 Applications
Applications for Community support for projects, best practice actions and thematic networks referred to in Article 31 shall include a financial plan listing all the components of the funding of the projects, including the financial support requested from the Community, and any other requests for support from other sources. Applicants making applications for other forms of Community support such as services or studies may also be required to provide information concerning the financial plan where appropriate.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 32 ):
Applications Applications for Community support for projects, best practice actions and thematic networks referred to in Article 31 shall include a financial plan listing all the components of the funding of the projects, including the financial support requested from the Community, and any other requests for support from other sources. Applicants making applications for other forms of Community support such as services or studies may also be required to provide information concerning the financial plan where appropriate.
Article 33 Policy analyses, development and coordination with participating countries
The following shall be undertaken in support of policy analyses, development and coordination with participating countries: (a) studies, data collection, surveys, and publications, based, where possible, on official statistics; (b) meetings of experts, including experts from public institutions, experts sent by SMEs and other interested parties, conferences and other events; (c) awareness-raising, networking and other relevant activities; (d) benchmarking of national performances and work on good practices, including their dissemination and implementation.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 33 ):
Policy analyses, development and coordination with participating countries The following shall be undertaken in support of policy analyses, development and coordination with participating countries: (a) studies, data collection, surveys, and publications, based, where possible, on official statistics; (b) meetings of experts, including experts from public institutions, experts sent by SMEs and other interested parties, conferences and other events; (c) awareness-raising, networking and other relevant activities; (d) benchmarking of national performances and work on good practices, including their dissemination and implementation.
Article 34 Promotion, communication, information sharing and dissemination
1. The following shall be undertaken in support of the implementation of the ICT Policy Support Programme or the preparation of future activities: (a) promotion, dissemination, information and communication activities; (b) exchange of information, knowledge and experience, the staging of conferences, seminars, workshops or other meetings and the management of clustered activities. 2. Measures devoted to the commercialisation of products, processes or services, marketing activities and sales promotion shall not be eligible for support.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 34 ):
Promotion, communication, information sharing and dissemination 1. The following shall be undertaken in support of the implementation of the ICT Policy Support Programme or the preparation of future activities: (a) promotion, dissemination, information and communication activities; (b) exchange of information, knowledge and experience, the staging of conferences, seminars, workshops or other meetings and the management of clustered activities. 2. Measures devoted to the commercialisation of products, processes or services, marketing activities and sales promotion shall not be eligible for support.
Article 35 Projects of common interest: procurement based on technical specifications determined in coordination with Member States
Where it is necessary in order to achieve the objectives of the ICT Policy Support Programme, and where there is a clear common interest of Member States as concerns European-level deployment of products, services, core service components or building blocks, the Commission may establish projects of common interest comprising necessary technical and organisational tasks. Existing initiatives shall be taken into consideration in order to avoid the duplication of efforts. The Commission shall, in coordination with the Member States, agree on common technical specifications and implementation schedules for such projects. On the basis of those common technical specifications and implementation schedules, the Commission shall issue calls for tender for implementation of the projects concerned. Such calls for tender shall be carried out solely by the Commission in accordance with Community procurement rules.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 35 ):
Projects of common interest: procurement based on technical specifications determined in coordination with Member States Where it is necessary in order to achieve the objectives of the ICT Policy Support Programme, and where there is a clear common interest of Member States as concerns European-level deployment of products, services, core service components or building blocks, the Commission may establish projects of common interest comprising necessary technical and organisational tasks. Existing initiatives shall be taken into consideration in order to avoid the duplication of efforts. The Commission shall, in coordination with the Member States, agree on common technical specifications and implementation schedules for such projects. On the basis of those common technical specifications and implementation schedules, the Commission shall issue calls for tender for implementation of the projects concerned. Such calls for tender shall be carried out solely by the Commission in accordance with Community procurement rules.
Article 36 Annual work programme
The annual work programme shall set out in detail, and in line with the objectives set out in Article 26: (a) measures needed for its implementation; (b) priorities; (c) qualitative and quantitative objectives; (d) appropriate evaluation criteria and qualitative and quantitative indicators for analysing effectiveness in delivering outcomes that will contribute to the achievement of the objectives of the specific programmes and the Framework Programme as a whole; (e) operational timetables; (f) the rules for participation; (g) the criteria for the selection and evaluation of the measures.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 36 ):
Annual work programme The annual work programme shall set out in detail, and in line with the objectives set out in Article 26: (a) measures needed for its implementation; (b) priorities; (c) qualitative and quantitative objectives; (d) appropriate evaluation criteria and qualitative and quantitative indicators for analysing effectiveness in delivering outcomes that will contribute to the achievement of the objectives of the specific programmes and the Framework Programme as a whole; (e) operational timetables; (f) the rules for participation; (g) the criteria for the selection and evaluation of the measures.