The European Commission has unveiled a €13.1bn plan to invest in 276 transport projects, in a bid to boost the region’s economy and create more favourable conditions for growth and jobs.

Under the Connecting Europe Facility (CEF) the investment, announced yesterday, is expected to unlock a combined amount of €28.8bn with public and private co-financing.

The EU’s financial contribution is made in the form of grants, providing between 20% and 85% of a given project, depending on its type.

The commission said the CEF would play a major role in bridging the investment gap in Europe.

Violeta Bulc, EU commissioner for transport, said implementing the trans-European transport network could create up to 10 million jobs and increase Europe’s gross domestic product by 1.8% by 2030.

“I am very pleased to propose the largest investment plan ever made by the EU in the transport area,” Bulc said. “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.”

Beneficiaries include: Rail Baltica, linking up Finland, the Baltic states and Poland; the Brenner Base Tunnel running through the Alps; France’s Seine-Escaut waterway; the Caland Bridge in the Netherlands; and the Fehmarn Belt Fixed Link connecting Denmark and Germany.

Smaller-scale initiatives include cross-border projects between Groningen and Bremen, the Iron Rhine rail line and projects to enhance the navigability of the Danube River.