Italy: EIB provides second tranche of EUR 500 million for Venice’s MOSE system
Today in Rome, the European Investment Bank (EIB) provided a second tranche of EUR 500 million of the finance contract in support of the MOSE engineering system designed to help protect Venice. The loan will be granted to the Consorzio Venezia Nuova (CVN), the special purpose vehicle charged with implementing the MOSE project by the Ministry of Infrastructure and Transport via the Venice Water Authority.
The overall MOSE project consists of the construction at the three inlets to the Venice lagoon (Lido, Malamocco and Chioggia) of a system of mobile barriers to protect the city from storm surges. It is not an isolated scheme but forms part of the general plan to safeguard Venice and the lagoon launched by the Infrastructure Ministry in 1987.
For the EIB, the operation meets a number of financing priorities such as support for infrastructure works and environmental protection.
Today’s is the second tranche of an overall operation approved by the EIB four years ago for a loan of up to EUR 1.5 billion for the MOSE project. The first EUR 480 million instalment was signed in April 2011.