The European Investment Bank (EIB) is lending EUR 1 billion to support public scientific and university-based research projects and the reconstruction of the railway line connecting the Polish capital Warsaw with the city of Gdynia on the Baltic Sea.
The first loan of EUR 600 million will finance the Republic of Poland’s 2008 budgetary outlay on capital investment in science and technology infrastructure and equipment, the research-related recurrent costs of scientists employed in public scientific institutions and accredited public universities and research grants for scientists.
EIB funds will help Poland to meet its commitment to promoting investments that lead to the establishment of a knowledge-based society in Europe in line with the Lisbon Agenda adopted by the EU Heads of State or Government in 2000. The projects to be supported will be selected by the Ministry of Science and Higher Education according to criteria established by the EIB in line with EU polices and priorities.
The second loan of EUR 400 million will help to modernise the railway line linking Warsaw with Gdynia through the country’s major port of Gdansk along a priority trans-European transport axis. This project will upgrade 350 km of railways, increase the maximum passenger transport speed to 200 km/h and enable the use of tilting trains. The modernisation will eliminate current speed restrictions and reduce the travel time from Warsaw to Gdansk from nearly four to less than two and a half hours if tilting trains are used. This will make the railways more competitive with road and air transport.
EIB President Philippe Maystadt, who signed the two loan contracts, commented: “The main objective of the EIB is to support projects that contribute to increasing the quality of life of citizens and make the European economy more competitive. The loan supporting the public scientific and university-based research is an investment in the development of the knowledge-based economy in Poland. On the other hand, the modernisation of one of Poland’s most important railway lines connecting Warsaw and Gdansk will improve passenger comfort and safety with positive impacts on the environment”.
Today’s loans bring the total amount of EIB lending in Poland to EUR 17 billion since 1990 of which EUR 10.5 billion have been signed in the last five years. The recent growth in the Bank’s operations reflects a high degree of support for Poland’s investment needs across a wide range of sectors.
Background
The mission of the EIB, the European Union’s long-term financing institution, is to contribute to the integration, balanced development and economic and social cohesion of the Member States by financing sound investment. In Poland, as in the other EU Member States, the EIB supports investment projects in order to reduce regional development disparities, strengthen economic competitiveness and improve living standards and the quality of life.
The first loan of EUR 600 million will finance the Republic of Poland’s 2008 budgetary outlay on capital investment in science and technology infrastructure and equipment, the research-related recurrent costs of scientists employed in public scientific institutions and accredited public universities and research grants for scientists.
EIB funds will help Poland to meet its commitment to promoting investments that lead to the establishment of a knowledge-based society in Europe in line with the Lisbon Agenda adopted by the EU Heads of State or Government in 2000. The projects to be supported will be selected by the Ministry of Science and Higher Education according to criteria established by the EIB in line with EU polices and priorities.
The second loan of EUR 400 million will help to modernise the railway line linking Warsaw with Gdynia through the country’s major port of Gdansk along a priority trans-European transport axis. This project will upgrade 350 km of railways, increase the maximum passenger transport speed to 200 km/h and enable the use of tilting trains. The modernisation will eliminate current speed restrictions and reduce the travel time from Warsaw to Gdansk from nearly four to less than two and a half hours if tilting trains are used. This will make the railways more competitive with road and air transport.
EIB President Philippe Maystadt, who signed the two loan contracts, commented: “The main objective of the EIB is to support projects that contribute to increasing the quality of life of citizens and make the European economy more competitive. The loan supporting the public scientific and university-based research is an investment in the development of the knowledge-based economy in Poland. On the other hand, the modernisation of one of Poland’s most important railway lines connecting Warsaw and Gdansk will improve passenger comfort and safety with positive impacts on the environment”.
Today’s loans bring the total amount of EIB lending in Poland to EUR 17 billion since 1990 of which EUR 10.5 billion have been signed in the last five years. The recent growth in the Bank’s operations reflects a high degree of support for Poland’s investment needs across a wide range of sectors.
Background
The mission of the EIB, the European Union’s long-term financing institution, is to contribute to the integration, balanced development and economic and social cohesion of the Member States by financing sound investment. In Poland, as in the other EU Member States, the EIB supports investment projects in order to reduce regional development disparities, strengthen economic competitiveness and improve living standards and the quality of life.