- Infraestruturas de Portugal (IP) signs a 30-year concession contract for the construction and maintenance of the Porto–Oiã section of the high-speed rail line.
- European Investment Bank (EIB) signs €875 million financing of the total €3 billion euro approved by the EIB to support this strategic infrastructure for Portugal and the EU.
- Once completed the Lisbon-Porto high speed railway will shorten travel time between the two cities from approximately 3 hours to 1 hour 15 minutes, serving around 10 million passengers per year.
- EIB financing is the largest single contract signed under InvestEU, the flagship EU programme aiming to mobilise investment of more than €372 billion by 2027.
The construction of the high-speed line Lisbon-Porto takes a decisive step with the signing of the concession and financing of the first section connecting Porto–Oiã. The signings have been announced in a joint ceremony held today at the headquarters of Infraestruturas de Portugal (IP), the public entity responsible for managing the Portuguese rail network.
IP and Avan Norte- Gestao Da Ferrovia de Alta Velocidade, a company established by the consortium LusoLAV, signed the 30-year concession contract for the design, construction, and maintenance of the Porto–Oiã section of the Lisbon–Porto high-speed railway. This section is part of Phase 1 of the project.
The European Investment Bank (EIB) have signed €875 million financing with Avan Norte- Gestao Da Ferrovia de Alta Velocidade, to support the construction of the Porto–Oiã section. This is the first tranche of the total €3 billion financing package approved by the EIB in 2024 to support the construction of the new high-speed connection between Portugal’s two largest cities.
During the ceremony, the EIB and IP also signed an Implementing Agreement to ensure close support and coordination between both institutions and reinforcing a shared commitment to the successful implementation of this transformative project
This milestone marks the launch of the largest infrastructure investment in Portugal in recent decades. The new high-speed line will reinforce the efficiency and capacity of the rail connection between Lisbon and Porto, enhance regional and international connectivity, and contribute to greater territorial cohesion.
Once operational, the high-speed rail line will reduce travel time between Lisbon and Porto from approximately 3 hours to 1 hour 15 minutes, serving around 10 million passengers per year. It will also generate significant reductions in transport-related emissions, contributing to the EU's climate targets and sustainable mobility goals.
By significantly cutting transport emissions, the project promotes sustainable mobility and the European Union’s climate goals. The project reinforces the EIB´s role as the Climate Bank and contributes to a modern cohesion policy, two of the EIB Group's strategic priorities and cross-cutting policy goals set out in its Strategic Roadmap for the years 2024-2027. The EIB financing is backed by InvestEU, the EU flagship programme to mobilise over €372 billion in additional investment from 2021 to 2027. This financing is the largest single contract signed under InvestEU by the EIB.
EIB Group President Nadia Calviño said, “The EIB is committed to support Portugal in connecting Lisbon and Porto with the high-speed train. This is a real game changer. It is the first high-speed train that will be built in the country, and it is going to significantly improve the lives of people, who will see their travelling time reduced from nearly three hours to slightly over one hour.”
“High-speed rail lines, along with the new Lisbon Airport, are the largest projects that the country will undertake this century and are critical factors for Portugal's economic growth. These are projects that enjoy broad national consensus. It is therefore crucial that the government takes a determined stance on high-speed rail and, more generally, on the importance of investment in the railways, in line with the Parliament and the will of the Portuguese people. For me, this is a great sign of democratic maturity" said Miguel Pinto Luz, Minister of Infrastructure and Housing.
European Commission Executive Vice-President for a Clean, Just and Competitive Transition, Teresa Ribera stated, “The Lisbon-Porto high-speed line is an investment that reflects Europe’s capacity to act in a moment that demands coherence and ambition. It demonstrates how infrastructure decisions are closely linked to our climate objectives, our territorial cohesion, and our competitiveness. We know these transitions require large-scale commitments, but they also require that we make choices consistent with our responsibility towards European citizens, now and in the decades to come”
“This is a transformative investment for Portugal and a milestone in our decades-long collaboration with the country. The new high-speed line will support sustainable mobility, strengthen territorial cohesion and contribute to the climate transition,” said EIB Director General of Financing and Advisory Operations within the European Union Jean-Christophe Laloux. “We are very proud to contribute financing and expertise to a project that boosts competitiveness and brings people closer together in a sustainable way.”
“More than a historic moment, this is a commitment to the future. The signing of the concession and financing for the first section of the Lisbon–Porto high-speed line represents a decisive step towards the construction of a modern, efficient and sustainable railway network. This project will bring people and regions closer together, boost clean mobility and position Portugal as a more cohesive and competitive country. Infraestruturas de Portugal is proud to be leading this transformation, in partnership with entities whose support has been fundamental in turning this national ambition into reality,” emphasised Miguel Cruz, President of Infraestruturas de Portugal.
“For Avan Norte, participating in what will be the largest public investment of the century in Portugal and contributing to a truly transformative project for the country's development is a source of pride. The project promotes territorial cohesion, sustainable mobility and initiates what it will be the future connection with the European high-speed network. It is a recognition to a consortium composed exclusively of Portuguese construction companies that have earned the trust of a broad group of international financial institutions, reflecting the quality and international relevance of the project and the confidence in its executors," said Carlos Mota Santos, Chairman and CEO of the Mota-Engil Group, who represented Avan Norte at the signing of the contract with IP.
Implementation and Financing Phase 1 of the Lisbon-Porto high-speed line
Phase 1 of the Lisbon-Porto high-speed railway will cover a total of 143 kilometres, linking Porto-Campanhã to Soure (Coimbra district). The first section of this phase will connect Porto-Campanhã and Oiã, in the Aveiro district (71 kilometers).
In 2024, the European Investment Bank (EIB) approved a €3 billion financing package to support the construction of this strategic infrastructure. The first €875 million tranche announced today will contribute to the construction of the 71-kilometre stretch between Porto-Campanhã and Oiã.
The design, construction, and maintenance of the Porto-Oiã section will be carried out by Avan Norte. The project will be implemented as a Public-Private Partnership (PPP) for a concession period of 30 years.
Promoted by Infraestruturas de Portugal (IP), the Porto-Campanhã- Oiã. section of the project will include:
- 71 km of new high-speed railway infrastructure
- A new underground station in Santo Ovídio (Vila Nova de Gaia)
- The adaptation of Porto’s Campanhã Station to accommodate high-speed services
- A new bridge over the Douro River
- Connecting links to the existing Northern Line, near Canelas
- A new traction power substation in the Estarreja are
In addition to the EIB loan, partially guaranteed by the InvestEU programme, the project will benefit from:
- €900 million in additional funding secured from a range of national and international financial institutions
- €480 million in European grant support under the Connecting Europe Facility (CEF)
- €150 million in co-financing from Infraestruturas de Portugal (IP
Infraestruturas de Portugal will supervise the execution of the entire project, ensuring technical quality, regulatory compliance and alignment with national and European mobility goals.
Background information
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
In Portugal, in 2024, the EIB Group signed new financing worth €2.1 billion for high-impact projects contributing to the country green and digital transition, economic growth, competitiveness and better services for their people.
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InvestEU
The InvestEU programme provides the European Union with crucial long-term funding by mobilising substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.
Infraestruturas de Portugal
Infraestruturas de Portugal is responsible for the design, planning, construction, financing, maintenance, operation, refurbishment, expansion and modernisation of national road and rail networks, including traffic control and management. IP is also responsible for the design, construction, operation and maintenance, under a concession agreement, with the option of sub-concession, of the submarine electronic communications cable system between mainland Portugal and the archipelagos of the Azores and Madeira. Its activities are geared towards economic, social and environmental sustainability.