The European Investment Bank (EIB), the European Union's financing institution, has signed an agreement with the Municipality of Venice for opening a credit line of EUR 52 million (1) (ITL 101 billion) in support of schemes to improve the urban environment. The first instalment of the loan, for EUR 9 million, will be made available in November.
The operation ties in with other financing provided by the EIB for Venice and the lagoon in 1983, 1989 and 1996, totalling more than EUR 130 million.
The funds will be given over to infrastructure investment in the historic centre and Mestre (network upgrading, creation of dedicated public transport lanes, car parks and cycle tracks, repairing and building of pavements, traffic control systems), preserving and restoring the artistic and architectural heritage, bringing buildings into line with safety standards, overcoming architectural constraints and restructuring, rehabilitating and converting historic buildings. The projects to be financed are also planned to include urban development and land improvement schemes as well as primary infrastructure networks. On the environmental side, water management facilities will be upgraded, while solid waste collection and disposal will be rationalised. The proceeds of the EIB credit line may also be drawn on for bringing educational establishments up to current standards and for non-routine maintenance and restructuring of such buildings. All the works are scheduled for completion by the end of 2003.
After Florence and Bologna, Venice is the third Municipality in Italy to attract a direct EIB loan. The operation falls within the scope of EIB support for the urban environment, for which over EUR 2.5 billion were provided in 1998 in favour of projects in 20 European towns and cities.
The EIB was set up in 1958 to finance projects designed to achieve EU objectives, particularly in the areas of regional development, trans-European transport, telecommunications and energy networks plus environmental protection. In response to the Amsterdam Resolution on Growth and Employment (June 1997), the Bank has approved extension of its operations to encompass health, education and urban renewal schemes which help to create stable jobs. Over the period 1997 - 2000, the EIB is set to provide EUR 10 billion in these sectors as well as for innovative smaller businesses, environmental protection and trans-European networks.
(1) EUR 1 = ITL 1 936.27, GBP 0.647500.