L 27/20 Official Journal of the European Union 30.1.2010 REGULATION (EC) No 67/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 30 November 2009 laying down general rules for the granting of Community financial aid in the field of trans-European networks (codified version) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 156 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), After consulting the Committee of the Regions, Acting in accordance with the procedure laid down in Article 251 of the Treaty (3), Whereas: (1) Council Regulation (EC) No 2236/95 of 18 September 1995 laying down general rules for the granting of Com- munity financial aid in the field of trans-European net- works (3) has been substantially amended several times (). In the interests of clarity and rationality the said Regula- tion should be codified. (2)  Article 155 of the Treaty provides that the Community shall establish a series of guidelines covering the objectives, priorities and broad lines of measures envisaged in the sphere of trans-European networks and that it may sup- port projects of common interest supported by Member States in the sphere of trans-European networks. Under that Article Community aid may be granted to projects of common interest which are identified in the framework of the guidelines. (3)  General rules should be laid down for the Community financing of trans-European networks, thereby permitting implementation of Article 155. (4)  Involvement of private capital funding trans-European net- works should be increased and the partnership between the public and private sectors developed. (5)  Community aid may take the form in particular of feasi- bility studies, loan guarantees or interest rate subsidies. (') Opinion of 10 June 2009 (not yet published in the Official Journal). (%) Opinion of the European Parliament of 24 November 2009 (not yet published in the Official Journal) and Council Decision of 26 Novem- ber 2009. () OJ L 228, 23.9.1995, p. 1. (*) See Annex II. (11) These subsidies and guarantees relate in particular to finan- cial support from the European Investment Bank or other public or private financial bodies. In certain duly justified cases direct grants to investments may be considered. Loan guarantees should be granted on a commercial basis by the European Investment Fund or by other financial organisations. Community financial aid may cover all or part of the premiums paid by the beneficiaries of these guarantees. Community aid is chiefly intended to overcome any finan- cial obstacles which may arise during the start-up phase of a project. It is necessary to set a limit for Community aid in relation to the total cost of investment. However, a higher rate of Community aid to promote completion of the cross-border connections for the priority projects should be provided. The establishment of public-private partnerships (or of other forms of cooperation between the public and private sectors) demands a firm financial commitment from insti- tutional investors which is sufficiently attractive to raise private capital. Granting Community financial aid on a multiannual basis would remove the uncertainties which are slowing down project development. Measures should therefore be taken to grant financial support to the projects selected on the basis of a multiannual legal commitment. Community aid should be granted to projects on the basis of how much they contribute to the objectives of Article 154 of the Treaty and the other objectives and pri- orities covered by the guidelines referred to in Article 155 of the Treaty. Account should also be taken of other aspects such as the stimulative effect on public and private finance, the direct and indirect socio-economic effects of projects, in particular on employment, and the conse- quences for the environment. It is appropriate to allow risk capital participation in invest- ment funds with a priority focus on providing risk capital for trans-European network projects up to 1 % of the over- all amount for the period 2000 to 2006 in order to gain experience with this form of financing. This limit may be increased up to 2 % following a review of the functioning of this instrument. It is also appropriate to examine its pos- sible future extension.