Connect with us

European Commission

Investment Plan for Europe supports Kevaka bypass infrastructure project in the Baltics

SHARE:

Published

5 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

The European Investment Bank (EIB) has signed up to finance the Public-Private-Partnership (PPP) that will design, build, finance and maintain a bypass to the stretch of the E67/A7 motorway that currently passes through the municipality of Kekava in Latvia. The EIB will lend €61.1 million to the project, which will divert transit traffic away from densely populated areas of Kekava to a new route bypassing it from the west. The transaction is supported by the European Fund for Strategic Investments, the main pillar of the Investment Plan for Europe.

This project will improve road safety and reduce health risks for local residents. It will support the improvement of the section of the A7 motorway (part of the Via Baltica) south of Riga, which connects the Latvian capital to the Lithuanian border and is part of the core Trans-European Transport Network (TEN-T). The project marks the first public-private partnership financing in Latvia for the EIB, and is in itself the first large-scale PPP in the Baltics.

An Economy that Works for People Executive Vice President Valdis Dombrovskis (pictured) said: “I am glad that the Investment Plan for Europe will provide a financial guarantee to the EIB for the construction of the Kekava bypass, which will be the first large-scale public-private partnership in the Baltics. It will ensure the most efficient road transport connection between the Latvian capital Riga and the Lithuanian border. This investment will strengthen the Trans-European Transport Network, contributing to social, economic and territorial cohesion in the European Union.”

The Investment Plan for Europe has so far mobilized €546.5 billion of investment, of which €1.4bn is in Latvia. A press release is available online.

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending