The improvements to the only remaining non-motorway section of the M80 will have an important positive impact on the local community, increasing the capacity of one of the most heavily trafficked roads in Scotland. Reduced congestion will cut travel time for drivers and improved accessibility to the surrounding area will encourage economic growth. In addition, the project will lead to enhancements in travel safety and reductions in car emissions on this busy road.
Simon Brooks, EIB Vice President responsible for lending activities in the UK, said, "The much-needed upgrade to the M80 represents a flagship project for the EIB. In view of the current financial environment, and at the request of the borrower and Transport Scotland, the Bank increased its financing to 50% of project costs. This has resulted in the EIB loan, somewhat exceptionally, representing more than 50% of senior debt. Our approach to this project underlines the EIB's commitment to promoting valuable projects and supporting the UK PPP market during the current difficult market conditions. "
The planned upgrades to the M80 are supported by Transport Scotland and the Scottish Executive within the context of the National Transport Policy. The M80 improvement project forms part of a larger plan to stabilise road traffic volumes by 2021.
The project is also significant on an EU level as the M80 has been pinpointed by the European Commission as a strategic transport corridor through the UK. The Glasgow-Dunblane link forms part of the Trans-European Transport Networks (TEN-T) - EU-wide transport corridors which allow free movement of goods and people across the Union to encourage to economic and social development. Providing financial support to the development of the Trans-European Transport Networks is a priority objective for the EIB.
The special purpose private-public partnership owned by Highway Management (Scotland) that will design, build and maintain the improvements to the motorway section to the north-east of Glasgow was nominated by Transport Scotland via a public tender procedure.