Structural and cohesion funds/ESIF

Cohesion Policy Project Appraisal, CBA, and Economic Appraisal (Basic and Advanced)

This online course will focus on the new Project Appraisal requirements for EU co-financed investment projects and the new Economic Appraisal Vademecum of DG REGIO. It will clarify the link between the Cost-Benefit Analysis (CBA) Guide, CBA requirements and using the Vademecum.

About this course

This (2-stage) online course will focus on the Project Appraisal requirements for EU co-financed investment projects and the Economic Appraisal Vademecum of DG REGIO. It will clarify the link between the Cost-Benefit Analysis (CBA) Guide, CBA requirements and using the Vademecum.

For the 2021-2027 period, major projects have no longer been specifically defined. Nor has there been an EU approval mechanism for large investment projects co-financed under Cohesion Policy. However, Member states are still obliged to select the most cost-effective projects. This approach is carried over into the upcoming 2028-2034 period.

The Economic Appraisal Vademecum provided by the EC for the period 2021-2027 is provided as a supplement to the European Commission (DG REGIO) CBA Guide, which remains in use. The Vademecum recommends proportionate efforts in project appraisal and highlights good sectoral practices. It offers a guide to simplified CBA and other appraisal techniques, such as cost-effectiveness tests and multi-criteria analyses.

Course methodology

This 5-day course has 2 stages: basic and advanced

  1. Stage 1 (Basic) is over two half-days and it will cover the methods, concepts and calculations contained in the DG REGIO Cohesion Policy CBA Guide.
  2. Stage 2 of the course (Advanced) spans three half-days. Leading experts from the European Commission and the European Investment Bank will discuss:
    • best practice in using CBA for project appraisal
    • best practice lessons from Major Projects
    • the current DG REGIO requirements
    • alternative project appraisal techniques; project quality standards, 2021-2027
    • using CBA for other instruments, such as the Connecting Europe Facility
    • key aspects of the theoretical foundations of CBA

If you do not wish to participate in the Basic stage, you can register for the 3-day Advanced stage only.

The course will present principles, methods and criteria which can be used by public decision-makers. It will help you to better understand what information is required to assess the financial and economic viability of an investment project and so make the best co-financing decisions in 2021–2027 and beyond.

Key elements will be practised during workshops with the direct involvement of our EC, EIB (and academic) experts. We will clarify when and how to use CBA, going forward.

  • Managing and audit authorities, intermediate bodies and relevant agencies, under Cohesion Policy;
  • Beneficiaries eligible for Structural Funds, the Cohesion Fund, CEF and InvestEU;
  • Auditors and consulting companies, academics;
  • RRF and other actors involved in EU funding programmes and projects.

Project number: 2630209

Online Course
For this online course we make use of Zoom

Senior Project Officer
Ms Rafaella Giussani
Tel: +31 43 32 96 372
r.giussani@eipa.eu

Discounts
EIPA member fee
EIPA offers a discount to all civil servants working for one of EIPA’s supporting countries, and civil servants working for an EU institution, body or agency

Who are the supporting countries?
Civil servants coming from the following EIPA supporting countries are entitled to get the reduced fee: Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden.

For all other participants, the regular fee applies

Early bird discount
EIPA offers 10% off on registrations made eight weeks or more before the start of a course. The early bird discount is not cumulative with other discounts or promo codes, except for the EIPA member fee.

Loyalty coupon
As a token of appreciation we offer all our participants a loyalty coupon for one of our future courses. The offer can be shared with colleagues and relevant networks. The coupon will expire one year after its release. This discount is not cumulative with other discounts, except for the EIPA member fee.

Confirmation
Confirmation of registration will be forwarded to participants on receipt of the completed online registration form.

Payment
Prior payment is a condition for participation.

Cancellation policy
For administrative reasons you will be charged € 50 for cancellations received within 7 days before the activity begins. There is no charge for qualified substitute participants.

A few days before the start of the course you will receive the log-in details for accessing the course materials. You can log in here.

Our experts

Robin Smail - external expert
Project leader

Robin Smail

Robin Smail Training & Consultancy
Witold Willak

Witold Willak

Head of Unit DG ECFIN L.1. European Commission

Programme

Stage 1 (Basic): The essence of the DG REGIO CBA Guide: Cost-Benefit Analysis Methods and Calculations for EU co-financed projects
08.45Opening of the Zoom platform
09.00Welcome and Opening of the course
Marco Lopriore, Expert, EIPA
09.05Introduction to the programme, method, objectives
Tour de Table
Robin Smail, Visiting Expert EIPA and Independent Consultant (IE/UK) (former National Expert EC; and former Senior Executive within Evaluation Division, Scottish Enterprise)
09.15Using CBA for Major Projects and large investments under Cohesion Policy

  • Cohesion Policy, Major Projects, large investments, revenue-generating projects
  • project appraisal principles: rationale, demand, feasibility, options

Robin Smail

10.10Break-out groups: demand factors by sector
10.30Coffee break
10.50The financial analysis, project viability tests

  • Affordability, sustainability, viability
  • Discounting; calculating the FNPV and FRR/IRR
  • Financial tests for EU support, using FNPV, FRR/IRR
  • Case studies

Robin Smail

11.45Coffee Break
12.00Break-out groups: discounting exercise
12.20WORKSHOP: Tram Project – building a spreadsheet for financial analysis

  • Capital Costs, Residual Value, Fixed and Variable Costs
  • Discount rates; calculating the FNPV and FRR/IRR
13.10End of Day
08.45Opening of the Zoom platform
09.00Review of day 1
09.10Cost estimations and incremental analysis for the Financial Analysis

  • Estimating costs in the financial analysis
  • Allowing for price changes and inflation
  • Establishing the counterfactual and using incremental costs and revenues

Robin Smail

09.50Case study (Slovakia) – financial analysis and tests
10.05The Economic analysis

  • From financial to economic appraisal: assessing socio-economic costs and benefits, shadow prices, conversion factors
  • Externalities and willingness-to-pay, calculating ENPV

Robin Smail

10.50Coffee break
11.10Case study (continued) – economic analysis and tests
11.30Break-out rooms: Risk Factors
11.50The Risk and Sensitivity analyses; other steps

  • Risk and Sensitivity analyses
  • Risk Matrix, mitigating actions
  • Environmental appraisal; compliance
  • Economic impact assessment

Robin Smail

12.15Short break
12.20Example: Road Project Sensitivity Analysis
12.30Case study (continued) – risk and sensitivity
12.45Workshop: Accounting for revenues, sound financial management

  • Revenue-generating projects in previous periods, the grant calculation

Robin Smail

13.05Case study (continued) – calculating the funding gap and the EU grant
13.15Case for Study (optional)
13.25End of Day
Stage 2 (Advanced): Cohesion Policy Project Appraisal standards in 2021-2027; Using CBA and Economic Appraisal
08.45Opening of the Zoom platform
09.00Opening of the course, Tour de Table
Marco Lopriore
09.10Introduction to the programme, method, objectives
09.20Project appraisal of investment projects under Cohesion Policy and other policy instruments

  • Key elements of CBA guide; financial and economic tests
  • Key changes to Cohesion Policy, 2021-2027; looking forward to 2028-2034
  • Cohesion project appraisal in practice
  • Economic Appraisal and the VADEMECUM
  • Combining grants and loans: the Connecting Europe Facility (CEF), InvestEU

Robin Smail

10.10Lessons from RRF projects for the next Cohesion programming period 2028-2034

  • Costing and joint support of RRF investment projects
  • DNSH and climate tracking
  • Impact and multipliers effect

Marco Lopriore

10.40Coffee Break and meeting our guest speaker
11.05Discussion: Member State issues and measuring Economic Benefits
11.30Using CBA in Cohesion Policy, lessons learned from Major Projects

  • the role of CBA and CBA guides to date
  • lessons learned from Major Projects, by sector, 2014-2020
  • using alternative appraisal techniques, the EAV
  • InvestEU; EIB project cycle; AIM (Additionality and Impact Measurement)

Witold Willak, Head of Unit, DG ECFIN L.1, Coordination with the EIB group, EBRD and IFIs (Formerly of DG REGIO – responsible for Major Projects), European Commission

13.00Q&A session
13.15End of day
12.45Opening of the Zoom platform
13.00Review of previous days
Meeting our guest speaker
13.10The Economic Appraisal VADEMECUM: Guiding principles 2021–2027 and the range of methods

  • using the VADEMECUM: rationale, proportionality, flexibility, latest developments
  • CBA versus other project appraisal techniques (CEA, LCA, MCA)
  • sectoral issues, choice of method

Massimo Marra, Lead Advisor, JASPERS; and Davide Sartori, Senior Finance Advisor, Public Infrastructure department, European Investment Bank, Luxembourg

14.10Workshop: choosing methods, by sector
14.50Coffee Break
15.10Economic evaluation and sector issues for public investment projects co-financed by EU Funds

  • common problems applying CBA: experiences on the ground
  • examples of the application of simplified methods, by sector

Massimo Marra and Davide Sartori

16.10Short break
16.20Case studies
16.50Q&A and discussion of technical issues and challenges, possible solutions
17.00End of day
08.45Opening of the Zoom platform
09.00Review of outstanding conceptual and practical issues
Meeting our guest speaker
09.10The economic evaluation of public investment projects and the use of CBA: Part 1

  • Objectives, content and practical use of CBA Guides: What is CBA and why do we need it?
  • Making decisions about major investments
  • Understanding the theoretical foundations – maximising changes in Social Welfare
  • The importance of the counter-factual in CBA

Ofelia Betancor, Lead Transport Economist, PJ – Mobility Department – Road Infrastructure, European Investment Bank, Luxembourg (and former Associate Professor of Economics, University of Las Palmas de Gran Canaria).

10.05Short Coffee break
10.20The economic evaluation of public investment projects and the use of CBA: Part 1 (continued)

  • Measuring costs and benefits; concepts of willingness-to-pay and consumer surplus
  • Opportunity costs and shadow prices
  • Direct and indirect effects. Wider economic benefits.
  • The treatment of risk and uncertainty

Ofelia Betancor

11.05Short Coffee break
11.20Workshop: Case for Study: Waste-to-Energy plant
Robin Smail
11.40The economic evaluation of public investment projects and the use of CBA: Part 2

  • Some sectoral examples

Ofelia Betancor

12.35The economic evaluation of public investment projects and the use of CBA: cases and issues
Ofelia Betancor
12.55Q&A
13.15Course evaluation, feedback session
13.25Close of course

What former participants say

Cohesion Policy Project Appraisal, CBA and Economic Appraisal (Basic + Advanced)

14 Oct 2026 - 20 Oct 2026
Online
Register before: 7 Oct 2026
 1.350 per attendee
 1.090 for EIPA members
Early bird 10% · Register before 19 Aug 2026
 1.350 per attendee
 1.090 for EIPA members
Early bird 10% · Register before 19 Aug 2026

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Register before: 7 Oct 2026