The European Investment Bank has granted a loan of EUR 200 million for projects in the poorest parts of Turin and for financing urban infrastructure.

The EIB is involved in implementing European Union policy. This operation in Turin supports the city's investment plan for the period 2004-2006. The projects encompass measures to improve and revitalise disadvantaged districts as well as other measures for the integrated development of infrastructure affecting the quality of the urban environment.

The loan is to be advanced in three tranches: the first, for an amount of EUR 50 million, directly in favour of the city of Turin; the other two tranches are intended for partner banks, in particular Dexia-Crediop and Banca OPI.

The agreement for the first tranche was signed in the presence of the Turin city councillor responsible for the budget, Paolo Peveraro.

The line of credit is for 25 years and may be used for fixed, variable and convertible rate disbursements.

With this loan, the European Investment Bank is continuing its collaboration with local administrations in Italy that are involved in urban rehabilitation programmes.

The EIB's recent lending operations in Turin include the Passante rail link, the Polytechnic and University of Turin and works relating to the Winter Olympic Games.