In 2008 the European Investment Bank (EIB) approved loans totalling EUR 1.275 billion for projects in the Valencia region, including EUR 925 million for schemes promoted by the Valencian government and EUR 350 million for the expansion of the port of Valencia. EIB Vice-President Carlos Costa signed the corresponding finance contracts today in Valencia.

At the signing ceremony, the EIB Vice-President underlined “the economic dynamism shown by the Valencia region in the face of the global financial crisis affecting us all. The EIB is proud to support these efforts with loans such as the ones we are signing today for projects in strategic sectors including small businesses, education and key regional infrastructure.”

  • Construction of a new tramline (T-2) in the city of Valencia, which will receive a loan of EUR 250 million.
  • The fifth project financed is the expansion of the port of Valencia, including the construction of an external breakwater and new container and passenger terminal facilities. The EUR 350 million loan has been granted to the Valencia Port Authority, the project promoter, whose President, Rafael Aznar, took part this morning in the signing of the finance contract.

The total amount of loans approved by the EIB in 2008 for projects in the Valencia region means that Valencia is one of Spain’s most active regions in terms of new loan approvals. This is particularly significant inasmuch as it is highly likely that once again in 2008 Spain will be the biggest recipient of EIB finance.

The European Investment Bank is the EU’s long-term financing institution promoting European objectives. It was set up in 1958 and operates in the 27 EU Member States and more than 130 other countries worldwide.