The European Investment Bank (EIB), the European Union's financing institution, is providing a EUR 450 million loan to Dexia Crediop S.p.A. in favour of Autostrade S.p.A., for the upgrading of the Florence-Bologna section of the A1 toll motorway in Italy, a strategic project forming part of the Trans-The European Investment Bank (EIB), the European Union's financing institution, is providing a EUR 450 million loan to Dexia Crediop S.p.A. in favour of Autostrade S.p.A., for the upgrading of the Florence-Bologna section of the A1 toll motorway in Italy, a strategic project forming part of the Trans-European road network. The Finance Contract was signed in Rome today by Mr G. Bayol, CEO of Dexia-Crediop and Mr Massimo Ponzellini, Vice President of the EIB in the presence of Mr V. Gamberale, CEO of Autostrade S.p.A..
The loan is the first tranche of a wider EUR 900 million EIB facility for the project.
The A1 motorway is the backbone of Italy's road transport network, linking Centre-Northern with Centre-Southern regions of the country. Current capacity is not sufficient to meet growing passenger and freight traffic volumes. The foreseen investments are among the priority projects identified by the Italian government in December 2001 to accelerate the implementation of key infrastructure operations. Another loan of EUR 150 million was granted by the EIB in 2000 to finance two other sections of the A1 motorway near Bologna.
The upgrade includes a dual carriageway along a new section of the motorway, the widening of the existing carriageways, and other works involving the construction of tunnels in the section crossing the Apennines mountains, the addition of emergency lanes, guardrails and reconstruction of interchanges and toll plazas. Completion will improve traffic fluidity for commuters and long distance traffic and increase road safety, meeting international standards.works involving the construction of tunnels in the section crossing the Apennines mountains, the addition of emergency lanes, guardrails and reconstruction of interchanges and toll plazas. Completion will improve traffic fluidity for commuters and long distance traffic and increase road safety, meeting international standards.
The EIB is the leading source of long-term bank finance for communications infrastructure with a European dimension, funding the road (EUR 12.6 billion) and rail (EUR 12.3 billion) sectors in almost equal proportions over the past five years. In 2001, the EIB provided loans totalling some EUR 36,8 billion, of which EUR 5,4 billion went to Italy.