The European Investment Bank (EIB) is lending CZK 3 billion (approx. EUR 107 million) to the Olomouc Region (Central Moravia) for co-financing projects supported by EU Structural and Cohesion Funds over the period of 2007 - 2013.
The EIB loan will contribute to the cofinancing of regional projects included in the operational programmes qualified for EU grant support under 2007-13 Structural and Cohesion Funds. EIB funds will be made available to the Region in a timely way and allow early start of project implementation. This will help accelerating the whole Regional Operational Programme of Central Moravia, in particular in the areas of local transport infrastructure, improvement of public administration services, environmental protection and energy saving and efficient usage of energy resources.
The new loan is a continuation of the successful cooperation between the EIB and the Olomouc Region, to which the Bank already granted a loan of CZK 900 million in 2005 for upgrading the local road network.
Mr. Ivan Pilip, EIB Vice-President stated: “The EIB supports the regional development in the Czech Republic through providing a direct access of the individual regions to EIB funds. The current loan, in the combination with EU Fund grants, will help increase the quality of life in Central Moravia and strengthen the region’s competitiveness in terms of modernizing its infrastructure, providing public services in on a higher quality level as well as supporting sustainable environmental development”.
Background
The EIB, the European Union’s long term financing institution, finances economically viable investment projects that contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. Since 1990 the EIB’s lending in the Czech Republic has exceeded EUR 7.7 billion. The Czech Republic is the second largest EIB borrower by volume among the new Member States.
The Czech Republic is entitled to EUR 23.6 billion from EU Funds in the financing period 2007 – 2013. Through its various loan products the EIB can provide the financial resources needed for co-financing projects with the EU Funds, so contributing to the successful implementation of projects in line with the priorities of the Czech regional policies.