The European Commission has proposed to invest $1.1 billion in 39 transport projects, including for ports and waterways, which will unlock a total of $5.3 billion in public and private co-financing.
The selected projects will upgrade Europe's rail network, further develop alternative fuels infrastructure and pave the way for zero emission water transport.
Proposed projects are concentrated on strategic sections of Europe's transport network to ensure the highest EU added-value and impact.
The projects include adapting Belgium’s Albert canal, for larger freight transport, as well as improving the capacity of the Port of Gdansk in Poland.
All proposed projects were selected for funding via a competitive call for proposals, open for projects in all EU Member States, which was launched on February 8, 2017.
Applicants filed 68 applications by the first call deadline on July 14, 2017.
Funding is being made available under the Connecting Europe Facility (CEF) the EU fund supporting infrastructure networks.
It includes $93.6 million and $53.03 million for developing ports and inland waterways respectively.
However, most of the funding will be devoted to developing the European rail network ($853.5 million).
Other funds will target decarbonising and upgrading road transport, around $118.1 million.
With the funding, the Commission aims to deliver its Clean Mobility Package of November 8, 2017.
This investment for the first time combines - for the first time - EU grants with financing from the European Investment Bank, National Promotional Banks and private banks.
Commissioner for Transport Violeta Bulc said: "Our investment plan for Europe is working: today we are proposing to invest €1 billion ($1.1 billion) in 39 transport projects of clear EU added value for citizens and businesses.
“This will allow us to further accelerate our transition to low-emission mobility across Europe, and firmly deliver on the EU's agenda for jobs and growth.
“We expect it to unlock a total of $5.3 billion (€4.5 billion) of public and private co-financing by 2030."