EIB loan agreement

Spain’s national road network is set to undergo a major revamp thanks to a €465m loan for investment in improving road safety in the country approved by the European Investment Bank (EIB).

Spanish Minister of Public Works Ana Pastor and EIB vice-president Magdalena Álvarez Arza signed the loan agreement in Luxembourg.

EIB’s latest funding will support various infrastructure works such as laying several bypasses and access roads as well as upgrading and widening national roads.

The loan will help to improve the sustainability of road transport by increasing safety, eliminating traffic congestion and reducing impact on environmental.

"The loan will help to improve the sustainability of road transport."

The projects being funded through this loan come under Spain’s 2012-2014 Infrastructure, Transport and Housing Plan, with some of the roads concerned also forming part of the trans-European transport network (TEN-T).

These roads will also receive funding support from the EU Cohesion and Structural Funds; the EU contribution, including the EIB funding, will cover nearly 59% of the total investment.

TEN-T are a planned set of road, rail, air and water transport networks in Europe, and are part of a wider system of Trans-European Networks (TENs).

These schemes are technically and financially managed by the Trans-European Transport Network Executive Agency (TEN-T EA), established by the European Commission in October 2006.

Image: EIB vice-president Magdalena Álvarez Arza (left) and Spanish Minister of Public Works Ana Pastor signing loan agreement in Luxemberg. Photo: courtesy of European Investment Bank.