Press release of the partners to the Long-term investment intergroup conference Transport infrastructure pipeline: what makes a good project?


Transport infrastructure projects must be well prepared, with a clear socio-economic return


BRUSSELS – 13 October 2016 – In order for transport infrastructure projects to be successful in the future, a number of improvements need to occur, according to the partners taking part in the European Parliament’s long-term investment intergroup conference.

In an exchange of views at the conference which took place today and focussed on the transport infrastructure pipeline in Europe, the partners agreed that project preparation must be improved, and that the visibility of the projects should be increased via project portals.

The discussion revealed where the existing project preparation practices may be improved, in tune with the emphasis that the World Bank, IMF and MDBs placed on this topic during the annual meetings in Washington, DC last week (IISS Project Assessment Tool). Investment portals should afford a greater visibility of infrastructure projects and the investment environment should benefit from more transparent rules. Available resources should be deployed prioritizing infrastructure developments that create jobs and growth.

Dominique Riquet, President of the Intergroup, said “A good transport project should: be useful from the infrastructure point of view, provide a quality service, fundable by all the parties, generate fair revenues and improve competitiveness of the concerned area.

European Commissioner for Transport Violeta Bulc said that “the objective of the Commission’s Investment Plan is to boost project pipeline, to attract private investors, and to remove  barriers for investments. A good transportation project must generate revenues, but also demonstrate a social and economic value as well as a firm political will to contribute to decarbonisation.”

Olav Jones, deputy director general of Insurance Europe, said: “As the largest institutional investors, Europe’s insurers welcome the significant political focus placed over the past two years on infrastructure investment. In particular, the industry welcomed initiatives to increase the supply of suitable infrastructure assets, and supported work by policymakers to address regulatory barriers to infrastructure investment, such as its treatment under Solvency II. Insurance Europe hopes that these policy efforts will continue in a positive direction for the mutual benefit of all stakeholders.

Eugene Zhuchenko, Executive Director of the Long Term Infrastructure Investors Association, said “Private investors are looking for a deeper pipeline of infrastructure projects in Europe. We welcome contributions from today’s dialogue to setting better project definition standards, building sponsor’s capacity to develop new projects and implementing frameworks that crowd in more of the private capital

Marie-Laure Mazaud, Executive Director in charge of Transportation Sector & Development at Caisse des Dépôts et Consignations (CDC), pointed out that “the recent transposition of the new EU directives on public procurement and concessions in the French regulation constitutes a particularly rich and complete toolbox allowing the local authorities to fund their investment projects in optimal conditions, including PPPs. This framework offers all the guarantees and ingredients necessary to implement win-win projects for both the public and the private sectors, while financial resources have never been more abundant and attractive. CDC will support this trend and mobilize its engineering expertise to structure and finance such projects through equity investments and loans”.

Jean-Louis Marchand, FIEC President, concluded “The Investment Plan for Europe needs to reach the regions if we want it to be successful. For this purpose, the visibility of infrastructure projects at the regional scale should be strengthened. The creation of portals of regional projects, that could be part of the European investment project portal (EIPP), can be a response to these needs.

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Background information

The Intergroup is designed to support and promote the issue of long-term investment in perspective of future legislative work. Its creation followed a campaign conducted by organizations from the public and private financial spheres and contributors to the real economy. Three major national promotional banks and institutions, Cassa Depositi e Prestiti, the Group Caisse des Dépôts et Consignations and KfW Bankengruppe, have played a particularly active role. The intergroup is chaired by Dominique Riquet (ALDE-FR), Simona Bonafé (S&D-IT), Adina-Ioana Valean (PPE-RO) and Burkhard Balz (PPE-DE). Currently, the Intergroup has reached 80 members has received the support of some 50 professional federations and stakeholders.

About the partners:

FIECFIEC is the European Construction Industry Federation, representing via its 29 National Member Federations in 26 countries (23 EU & EFTA and Turkey) construction enterprises of all sizes, i.e. small and medium-sized enterprises as well as “global players”, carrying out all forms of building and civil engineering activities.

LTII logoFounded in 2014, the Long Term Infrastructure Inventors Association (LTIIA) gathers investors that collectively manage in excess of 5 trillion dollars of assets and that include some of the most active investors globally in the field of long term investment in infrastructure. The Association’s three key priorities at the core of its action: (i) proactive engagement with public stakeholders to support attractive investment frameworks, (ii) development of financial performance benchmarks, and (iii) definition and sharing of best practices in relation to Environmental, Social and Governance issues. See for more information.

Insurance Europe 2Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies — the national insurance associations — Insurance Europe represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs. Insurance Europe, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe’s economic growth and development. European insurers generate premium income of €1 200bn, directly employ over 975 000 people and invest nearly €9 800bn in the economy.

CDC bicentenaireCaisse des Dépôts et Consignations (CDC) is designated by the French law as a long-term investor and a public group dedicated to promoting the general interest and the national economic development. With a balance sheet of €156bn, the Caisse des Dépôts Group provides in particular financial support for infrastructures projects and, through its subsidiary Bpifrance, to enterprises. CDC also manages assets on behalf of the French State, notably the savings funds for €260bn. For almost 200 years, it has never failed in its mission, whatever the economic situation, thanks to proven know-how: an excellent awareness of local issues, a capacity to construct links between the public and private sectors, to create innovative solutions which respond to collective needs. At European level, CDC is one of the core sponsors of the Marguerite Fund, which provides financing to projects in the field of energy and transport infrastructures as well as renewable energy and fight against climate change.

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Conference of the Committee of the Regions on the obstacles to investment

Open Days

As part of the European Week of Regions and Cities (Open Days), the European Committee of the Regions (CoR) will host a workshop on overcoming obstacles to investment, on October 12. Markku Markkula, President of the CoR, will discuss with representatives of the OECD, think-tanks and academia on how to boost long-term investments most conducive to innovation, productivity and growth, the local and regional authorities need fresh financial resources, to be seen as partners by their national governments and to improve their administrative capacity.

More information and online registrations on the website of the CoR

European Commission VP Dombrovskis responses positively to the request of the Long-Term Investment intergroup on infrastructure financing

On July 22, 11 MEPs from the long-term investment Intergroup wrote to Vice-President Dombrovskis to call for the Commission’s opposition to the Basel Committee proposal to increase the Risk Weighted Assets for specialized lending and infrastructure financing.

On September 21, They received an encouraging reply of VP Dombrovskis, who confirms that “the Commission is considering creating, as part of the forthcoming CRR/CRD review, a special asset class and the associated criteria for less risky bank lending to infrastructure projects which could benefit from reduced capital requirements“.

Letter from the Long-Term Investment intergroup

Response letter from Valdis Dombrovskis, Vice-President of the European Commission

Event of Bruegel on the potential impediments to long-term investment


On 4 October, the international economic policy think tank Bruegel will organise an event on the potential impediments to long-term investment in the EU. Various factors such as accounting rules, market failures, prudential regulation and fiscal disincentives can discourage long-term investment. As stated by Grégory Claeys, Research Fellow at Bruegel, “this can be problematic because long-term potential growth of advanced economies like Europe relies mainly on productivity gains which are derived from investments in innovation, infrastructures, human capital and knowledge“. A panel discussion featuring Sophie Barbier Director for European Affairs at Caisse des Dépôts et Consignations, Miguel Gil-Tertre, member of the Cabinet of Vice-President Katainen, Sandra Rigot, Professor at Paris 13 University and Edoardo Reviglio, Cassa Depositi e Prestiti’s Chief Economist, will be followed by a Q&A with the audience chaired by Grégory Claeys.

More information and online registration on Bruegel’s website

Basel Committee project on risk calibration for banks exposure to infrastructure projects : the Intergroup writes to VP Dombrovkis

On July 22, 11 MEPs from the long-term investment Intergroup wrote to Vice-President Dombrovskis and called for the Commission’s opposition to recent draft proposals from the Basel Committee on the revision of the standardized approach for credit risk. A major concern is related to the calibration for specialized lending, including for infrastructure financing which could reach 150% in some instances. A figure to be put into perspective as the Basel Committee considers that unrated corporate exposures should be risk weighted at 100 %, even while their loss rate is generally higher than for infrastructure project finance loans.

A solution to protect the financing of infrastructure projects by banks without compromising financial stability could reside in a model in which “the eligible infrastructure assets could be restricted to projects within the EU and, outside the EU, to sectors with high recovery rates, low volatility and complying with the investment guidelines of long-term investors.

The Long-term Investment and reindustrialisation Intergroup will keep mobilizing to defend the imperative financing of infrastructures in the EU.

See the letter

June 29, lunch-debate : Ensuring long-term investments for a sustainable railway sector

On June 29, the Long-Term Investment and Reindustrialisation Intergroup held a lunch-debate in the European Parliament on long term investments in the railway sector.

This lunch-debate, sponsored by the European rail industry (UNIFE) and the Community of European Railway and Infrastructure Companies (CER), was the occasion to discuss the barriers for investment in the railway sector and the merits of the European Fund for Strategic Investment (EFSI) to address them. 


List of the participants

Presentation of Arnaud De Monts, Alstom

Speech of Paul Mazataud, Europe Director of SNCF Réseau

Presentation of Pierre Menet, Caisse des Dépôts et Consignations

Conference – The Juncker Plan : and so what?

On June 28, the Long-term investment and reindustrialisation Intergroup of the European Parliament held a conference on the follow-up of the Juncker Plan in the presence of more than 200 participants, including Members of the European Parliament (MEPs), officials from the European Commission, the European Investment Bank (EIB), as well as representatives of the industrial and the financial sector, regional development banks and representatives of the civil society.

Download the minutes of the conference

28 of June b



List of the participants

Biographies of the speakers

Keynote speech of Jacques de Larosière

Closing remarks of President Markku Markkula

Presentation of Raphael Lance, Mirova Fund

Presentation of Giulia Gregori, Novamont


As of 16:30         Welcome and registration

17:00                     Welcome Address

Dominique RIQUET, MEP, Chair of the Long Term Investment Intergroup

Keynote Speech

Jacques DE LAROSIERE, Former Governor of the Banque de France, Managing Director of the International Monetary Fund and Honorary President of Eurofi

Keynote Speech

Jyrki KATAINEN, Vice-President of the European Commission for Jobs, Growth, Investment and Competitiveness

18:00                 2 Case studies

Raphael LANCE, Head of Renewable Funds at Mirova, on the Langmarken onshore wind farm located in Värmland County, Sweden

Giulia GREGORI, Strategic Planning Manager at Novamont, on the development of an integrated supply chain in the field of biochemicals and bioplastics, Italy

18:15                  Additionnality – risk is good!

Moderator Simona BONAFE, MEP, Vice-Chair of the Long Term Investment Intergroup

Klaus TRÖMEL, Secretary General, European Investment Bank

Lutz-Christian FUNKE, Senior Vice-President, Managing Affairs and Communication, KfW Bankengruppe

Antonella BALDINO, Head of Development Finance. Cassa Depositi e Prestiti

Benjamin ANGEL, Director for Treasury and financial operations, Dg Ecfin, European Commission & Member of the EFSI Steering board

Laurence MONNIER, Head of infrastructure debt, Aviva


19:20                Investment platforms – small is beautiful…

Moderator Adina-Ioana VALEAN, Vice-President of the European Parliament, Vice-Chair of the Long Term Investment intergroup

Laurent ZYLBERBERG, Director of Institutional, International and European Relations, Caisse des Dépôts et Consignations & Chairman of the Management board, Marguerite Fund

Klaus TRÖMEL, Secretary General, European Investment Bank

Wilhelm MOLTERER, Managing Director of the European Fund for Strategic Investments

Joanne SEGARS, Chief Executive of the Pensions and Lifetime Savings Association, former Chair of PensionsEurope


20:20               Closing remarks

Introduction by Burkhard BALZ, MEP, ViceChair of the Long Term Investment Intergroup

Markku MARKKULA, President of the European Committee of the Regions


As of 20:40   Cocktail


On June 16, Roberto Gualtieri, Chairman of the Economic and Monetary (ECON) Committee of the European Parliament, wrote to Commissioner Hill to express the concerns of the ECON Members of the IFRS Working Group over the International Financial Reporting Standard IFRS 9 potential negative impact on long term investments.

As the ECON Committee is soon to enter the three-month long regulatory scrutiny period for the endorsement of IFRS 9, many questions are left unanswered:

  • Will the extension of the volume of financial assets measured at fair value increase pro-cyclicality?
  • How will the new loan loss provisioning rules impact the bank’s equity levels and financial stability?
  • How will IFRS 9 interfere with prudential requirements for banks?
  • Regarding the misalignments of IFRS 9 with the accounting standard on insurance contacts IFRS 4, will the European Commission follow EFRAG’s advice to allow for all regulated insurance companies in the EU to adopt the deferral approach proposed by the IASB?

As the EU is in a dire need for long-term investments, the European Parliament wants to prevent any risk of having new regulation jeopardize investors’ ability to manage their assets in a positive fashion for the whole economy.

See the letter


Conference – The Need for Long-Term Investments in the Water sector

On April 28, Michel Dantin, MEP and Vice-Chair of the European Parliament Intergroup on “Climate Change, Biodiversity, and Sustainable Development” together with Dominique Riquet, MEP and President of the “Long-Term Investment and Reindustrialisation Intergroup” welcomed policy-makers and stakeholders in the European Parliament in Brussels to the conference “The Need for Long-Term Investments in the Water Sector” to discuss the matter alongside the Dutch EU Presidency, the European Commission, the EIB and OECD.

Download the press release

Materials of the speakers :

Pierre Menet, Caisse des Dépôts et Consignations, The need for long term investments in the water sector

Xavier Leflaive, Environment Directorate, OECD

Thomas van Gilst, Head of Water Management Division, Project Directorate, EIB

Jan Busstra, Netherlands Water Director, Three action levels for investing in the Water Sector