EU draws up 1.3 trillion-euro investment wish list to revive economy
A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach
By Robin Emmott
BRUSSELS (Reuters) - The European Union has drawn up a wish list of almost 2,000 projects worth 1.3 trillion euros (1.02 trillion pounds) for possible inclusion in an investment plan to revive growth and jobs without adding to countries' debts.
Investment has been a casualty of the financial crisis in Europe, tumbling around 20 percent in the euro zone since 2008, according to the European Central Bank.
Following a call by European Commission President Jean-Claude Juncker, EU governments have submitted projects ranging from a new airport terminal in Helsinki to flood defences in Britain, according to a document seen by Reuters.
"Almost 2,000 projects were identified with a total investment cost of 1,300 billion euros of which 500 billion are to be realised within the next three years," said the document, to be discussed by EU finance ministers on Tuesday.
Projects on the list, which officials stress is not definitive, also include housing regeneration in the Netherlands, a new port in Ireland and a 4.5 billion euro fast rail connection between Estonia, Latvia, Lithuania and Poland.
Other job-creating schemes involve refuelling stations for hydrogen fuel cell vehicles in Germany, expanding high-speed broadband networks in Spain and making France public buildings use less energy.
Almost a third of the projects are energy related, another third are focussed on transport and the remainder on innovation, the environment and housing.
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EU draws up 1.3 trillion-euro investment wish list to revive economy