29.7.1999 Official Journal of the European Communities L1971 (Acts whose publication is obligatory) REGULATION (EC) No 1655/1999 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 July 1999 amending Regulation (EC) No 2236/95 laying down general rules for the granting of Community financial aid in the field of trans-European networks THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular the first paragraph of Article 156 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the Economic and Social Committee (?), Having regard to the opinion of the Committee of the Regions (3), Acting in accordance with the procedure laid down in Article 251 of the Treaty (%), (1)  Whereas experience with the application of Regulation (EC) No 2236/95 (°) has demonstrated that a number of amendments need to be made thereto; (2)  Whereas it is necessary to facilitate the financing of certain projects by including, among the possible forms of aid, a contribution to the formation of risk capital; whereas it is desirable to use the financial resources provided under Regulation (EC) No 2236/95 in order to maximise the contribution from private finance; (3)  Whereas a layer of risk capital in the financial package of a project may contribute to putting public-private partnerships in trans-European network projects on their way; whereas the supply of risk capital for trans-Euro- pean networks, particularly during their early stages, is limited; (4)  Whereas it is appropriate to allow risk capital participa- tion in investment funds with a priority focus on providing risk capital for trans-European network () O] C 175, 9.6.1998, p. 7 and OJ C 27, 2.2.1999, p. 18. () O] C 407, 28.12.1998, p. 120. () O] L 93, 6.4.1999, p. 29. (*) Opinion of the European Parliament of 19 November 1998 (O] C 379, 7.12.1998, p. 186), Council Common Position of 21 December 1998 (O] C 49, 22.2.1999, p. 4) and Decision of the European Parliament of 6 May 1999 (not yet published in the Offi- cial Journal). Council Decision of 7 June 1999. () O] L 228, 23.9.1995, p. 1. projects up to 1 % of the overall amount for the period 2000 to 2006 in order to gain experience with this new form of financing; whereas this limit may be increased up to 2 % following a review of the functioning of this instrument; whereas it is also appropriate to examine its possible future extension; Whereas it is desirable, in order to increase transparency and to meet expectations for projects or groups of projects having important financial needs for a long period, that indicative multiannual programmes in specific sectors or fields should be drawn up; whereas those programmes should indicate the total and annual amount of support which could be allocated for a given period to such project or groups of projects, and which should serve as a reference for the annual decisions to grant financial aid within the yearly budgetary appro- priations, when they conform to the relevant indicative multiannual programmes; whereas, however, the annual amounts indicated in these programmes do not amount to budgetary commitments; Whereas projects or groups of projects should be able to benefit from successive financial assistance decisions; Whereas, in the application for financial support for a project, a detailed breakdown of estimates is needed concerning the sources of contributions from the Community and from national, regional and local government bodies, as well as the extent of financial contributions from the private sector; Whereas financial aids granted should be cancelled except in duly justified cases if the actions concerned have not been started by a given date; Whereas it is necessary to include the activities of the European Investment Fund among the Community financial instruments with which action under Regula- tion (EC) No 2236/95 is required to be coordinated;