Due to an increasing globalization of businesses, today's managers often deal with projects of transnational dimension in which they are required to work with partners from different countries and cultures in an efficiently manner. Many of the international projects are implemented with the support of public funding bodies that expect and demand for a professional project management for using the available funds. Therefore, having the necessary competences and skills is of fundamental importance for a high-performance and reaching outstanding results. This paper introduces the current need for qualified managers to handle transnational projects in a global market, namely those funded by the European Commission. Next, the ComPM (competences framework for European project managers) project is presented. This project emerges as an important initiative that envisages the definition of a competence profile of the European projects manager and the design and test of a tailored training programme for enhancing project management skills.