Italy: EIB lends Autostrade EUR 500 million for A1 motorway
The European Investment Bank (EIB) has approved a EUR 500 million line of credit for Autostrade per l’Italia, a company wholly owned by the listed company Atlantia. The first tranche of the loan, amounting to EUR 250 million, was signed today in Rome and is intended for use in upgrading the Florence North-Barberino del Mugello stretch of motorway.
Specifically, the project involves increasing the capacity of the A1 toll motorway between Florence and Bologna along the 17 km Florence North-Barberino del Mugello section in the Tuscan Apennines. The A1 is Italy’s main motorway on Corridor I of the trans-European transport networks (TEN-T) – the supranational road infrastructure of European interest. The project is a combination of upgrading and widening of the existing motorway and construction of new sections.
The operation is expected to relieve traffic congestion north of Florence, speed up traffic on the Apennine segment of the A1 and have a positive environmental and employment impact and is therefore consistent with the infrastructure financing policies pursued by the European Commission and implemented by the EIB.
In Italy the EIB has a long tradition of financing the motorway network. The loan announced today is the fourth in support of the Florence-Bologna motorway.
“A modern, efficient transport network is a necessary condition for supporting growth”, remarked Dario Scannapieco, EIB Vice-President with responsibility for operations in Italy, Malta and the Western Balkans, “and we have a long and very fruitful relationship with Atlantia-Autostrade which benefits the entire Italian network”.
“We are delighted that the EIB considers us to be a reliable, solvent partner for channelling to Italy EU funds that will be able to improve the competitiveness of the productive sector and in the short term maintain an adequate level of activity in the construction sector”, stated Giovanni Castellucci, CEO of Atlantia.