Michel Vauzelle, President of the Provence-Alpes-Côte d’Azur Region and Philippe de Fontaine Vive signed on Friday 29 November at the Region’s headquarters in Marseille a EUR 155 million finance contract to speed up the completion of the L2 bypass. The Provence-Alpes-Côte d’Azur Region is contributing 27.5% towards the funding of this bypass.

This project is of Europe-wide importance given its size and economic and social benefits and is eagerly awaited not only by the inhabitants of Marseille and the region but also by people who travel through the Marseille conurbation.
Thanks to its AAA rating, the European Union’s bank has therefore undertaken to provide a loan on particularly attractive financial terms in view of the current scarcity of long-term lending.

For its entire contribution to the financing operation, the Region called upon the EIB in order to obtain a straightforward, secure loan at less cost to the taxpayer. “The trust placed in us by the EIB is a testament to the Region’s sound management, as confirmed by the AA rating awarded to the Region for the fifth consecutive year by the Fitch rating agency. The signature of this loan is good news for the citizens of the Provence-Alpes-Côte d'Azur region. Not only are we putting the public coffers to good use, we are making an investment that will be beneficial for the economy in Marseille and Provence-Alpes-Côte d'Azur and will improve the quality of life of people living in the city centre as well as the transport conditions for the region’s population”, stated Mr Vauzelle.

This is a key financing operation for the trans-European road network as it fulfils a dual performance and safety objective for the regional capital and European city of Marseille. The L2 bypass is situated on the Latin Arc trans-European transport network linking Barcelona to Genoa.

This operation follows a EUR 400 million loan from the EIB in 2009 in support of the region’s lycées. “The EIB is a long-standing partner of the Regions and I am delighted with this excellent partnership with the Provence-Alpes-Côte d'Azur Region and its President”, remarked Philippe de Fontaine Vive at the signing ceremony. “In conjunction with the EU's growth plan and France's major investment drive, we are playing a counter-cyclical role aimed at safeguarding jobs and Europe’s competitiveness. In the light of the current difficulties and as stated at the Employment Summit held two weeks ago at the Elysée Palace, we must act now at the heart of the regions.”
The project will commence in July 2014, employing up to 500 people, and will be completed by the end of 2017.

This loan continues the EIB’s unprecedented commitment to growth and employment in France for which the Bank has already dedicated EUR 5.7 billion since January 2013.
*The breakdown of the overall financing of EUR 620 million is as follows: 27.5% from the State, 27.5% from the Provence-Alpes-Côte d’Azur Region, 22.5% from the General Council of Bouches-du-Rhône and 22.5% from Communauté Urbaine Marseille Provence Métropole. The three local and regional authorities will contribute funding of EUR 374 million to the project.