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EIB grants Public Works Ministry €465 million loan for improving road network

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M40_outside_MadridThe European Investment Bank (EIB) has granted a €465 million loan for investment in improving road safety and rehabilitating Spain’s national road network. Spanish Minister of Public Works Ana Pastor and EIB Vice-President Magdalena Álvarez Arza signed the loan agreement in Luxembourg on 18 December.

The loan will finance various infrastructure works including the construction of bypasses and access roads and the upgrading and widening of national roads. It will help to increase the sustainability of road transport by improving safety, reducing traffic congestion and lowering the environmental impact.

The schemes financed by this loan come under Spain’s 2012-2014 Infrastructure, Transport and Housing Plan. Some of the roads concerned also form part of the trans-European transport network (TEN-T) and will therefore also receive financing from the EU Cohesion and Structural Funds. The EU contribution, including the EIB loan, will cover around 59% of the total investment.

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