COMMISSION PUTS FORWARD RECORD €13.1 BILLION INVESTMENT IN TRANSPORT INFRASTRUCTURE TO BOOST JOBS AND GROWTH

Today the Commission is further delivering on its top priority of creating jobs and boosting growth in Europe, by unveiling a record €13.1 billion investment plan in 276 transport projects, selected under the Connecting Europe Facility (CEF). This investment will unlock additional public and private co-financing for a combined amount of €28.8 billion. Along with the future European Fund for Strategic Investments (EFSI), the CEF will play a major role in bridging the investment gap in Europe, which is one of the Commission's top priorities. Beyond transport, it will benefit the European economy as a whole by creating more favourable conditions for growth and jobs.

EU Commissioner for Transport Violeta Bulc said, "Today, I am very pleased to propose the largest investment plan ever made by the EU in the transport area. The projects we selected will serve citizens and businesses alike, by upgrading infrastructure and removing existing bottlenecks. They will also promote sustainable and innovative mobility solutions. This unprecedented investment represents a major contribution to the Commission’s agenda of growth and job creations. Implementing the trans-European transport network could create up to 10 million jobs and increase Europe’s GDP by 1.8% by 2030”.

Selected projects are primarily located in the core trans-European transport network. Among the beneficiaries are flagship initiatives such as Rail Baltica, the Brenner Base Tunnel, the Seine-Escaut waterway, the Caland Bridge and the Fehmarn Belt Fixed Link. Smaller-scale initiatives include cross-border projects between Groningen and Bremen, the Iron Rhine rail line, LNG (Liquefied Natural Gas) deployment plans or projects enhancing the navigability of the Danube River.

Launched in September 2014, the CEF calls for proposals generated an unprecedented interest. The Commission received 700 applications totalling €36 billion of requested funding, three times more than the available envelope. This allowed the Commission to select the projects with the highest European added value, while guaranteeing a balanced distribution geographically and between the transport modes. In particular, nearly €4.8 billion have been earmarked for Member States eligible for Cohesion Funds. Contribution to other Commission priority actions, such as the Energy Union or the Digital Single Market, was also evaluated during the selection process.

The EU's financial contribution is made in the form of grants, the co-financing rate of which is between 20% and 85% of a given project, depending on its type.

Next steps

The proposed funding decision must now be formally adopted by the Connecting Europe Facility Committee, which will meet on 10 July 2015. The individual grant agreements will then be prepared by the Innovation and Networks Executive Agency (INEA) and signed with the project beneficiaries in the second half of 2015.

Background

Under the Connecting Europe Facility (CEF), €24.05 billion will be made available from the EU’s 2014-2020 budget to co-fund TEN-T projects in the EU Member States. Of this amount, €11.305 billion will be available only for projects in Member States eligible for the Cohesion Fund. Annual and multi-annual work programmes specify the set of priorities and the total amount of financial support to be committed for each of these priorities in a given year. 2014 has been the first programming year under the CEF.

 Citation from European Projects : http://goo.gl/CZ3wxz

WHY RUSSIAN STARTUPS ARE FLOCKING TO SINGAPORE

A spate of Russian startups descended on the Southeast Asian tech hub of Singapore this week in a quest to raise capital and form local partnerships to build a foothold in the region.

"It's not so easy to find investments from European or U.S. companies, perhaps because of the political situation, so we'd like to find investors here in Singapore," Alina Chunaeva, deputy director of financial technology venture Artquant, told CNBC on the sidelines of the tech business conference Echelon on Wednesday.

Moscow-based Artquant, which has developed a stock market analytics tool incorporating artificial intelligence, is currently operating off the $600,000 of funding put up by its Russian founders, according to tech website e27.

Equally high on Chunaeva's agenda during her maiden visit to the city-state is finding a local strategic partner that can help her fledgling company crack the lucrative Asian market.

"Our potential clients are traders, investment banks and different financial institutions so Singapore and Southeast Asia are very interesting for us," she said.

Artquant is one of 10 Russian startups taking part in the Singapore roadshow, organized by the Skolkovo Foundation, a Russian government-backed organization founded in 2010 with the aim of fostering technology innovation and entrepreneurship in the country.

The startups – which are showcasing products ranging from ultra-compact electric vehicles to video surveillance technology - are meeting local venture funds, accelerators and state agencies to explore expanding into the region.

While this is Skolkovo's first roadshow in Singapore, it's not the incubator's first in Asia. Last year, it organized a similar visit to Hong Kong, which resulted in two companies starting production in China and one opening an office in Hong Kong.

Konstantin Artemyev, chief executive of electric vehicle upstart Bravo Motors, is keeping his fingers crossed that he too will strike a partnership that will help him gain access to Asia's burgeoning consumer market.

"We've seen interest from both investors and local partners. Right now, we're talking to a Singaporean company that is involved with car sharing," Artemyev said. "It's a good start for us."

Looking East

While Russia itself is a large market, Igor Bogachev, vice president of the IT Cluster at Skolkovo Foundation, says Asia is a vast business opportunity that can't be missed.

"Asia is a big market for any IT company. The economies are growing pretty fast. That's why we believe the opportunities here," he said.

The question now is whether Asian investors are willing to look past the country's shaky political and economic backdrop.

Bogachev, however, insists that business should be viewed separately from politics.

"These are technology companies. They have nothing to do with sanctions," he said. But as a consolation prize for taking a chance with Russia's politics, the recent slide in the ruble makes investments into the country far cheaper for overseas investors, he noted.

The Russian currency has slumped over 60 percent against the U.S. dollar over the past 12 months.

Citation from CNBC : http://goo.gl/FsLFLh

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