” “"Today, we not only provide the market with an innovative financial tool, we also state, once again, that the participation of the private sector in the funding of transport infrastructure which is interesting for Europe is welcome and essential": Jacques Barrot, deputy president of the EU Commission in charge of transportation, explains the meaning of the agreement between the EU Executive and the European Investment Bank (EIB), "which establishes a tool for guaranteeing loans for the projects of the trans-European transport network", also known as Loan Guarantee Instrument for trans-European transport network projects. This tool "will enable the private sector to be more involved in the funding of the infrastructure" that connects the EU member states among each other. The 1 billion euros’ worth of public funding (500 million euros from the EU Commission and 500 million euros from the EIB) "aims at supporting investments up to a total amount of 20 billion euros". The completion of the railway and road networks between the 27 member states is considered "a prerequisite for the accomplishment of a true single market and true regional integration". The overall amount to be spent in this project over the period 2007-2013 has been estimated at 300 billion euros.” “
