In a ceremony conducted by Spain's Minister for Public Works, Magdalena Álvarez, the President of the European Investment Bank, Philippe Maystadt, and the Chairman of ADIF[1], Antonio González Marín, signed today in Barcelona a EUR 500 million loan to finance the Madrid-Valencia high-speed line. This is the first instalment of a EUR 1.3 billion loan approved yesterday by the EIB's Board of Directors at its extraordinary meeting in Barcelona, where the Bank is holding its annual forum.

At the signing ceremony, the EIB President paid tribute to the excellent cooperation between the Bank's operational staff and their partners in the Public Works Ministry and ADIF, saying "this is the EIB's fifth contribution to Spain's high-speed rail network after the Madrid-Seville, Madrid-Barcelona-Figueres, Córdoba-Málaga and Madrid-Valladolid lines". Mr Maystadt also drew attention to the major share of the Bank's total lending absorbed by Spain, where contracts worth EUR 8.572 billion signed in 2008 once again made the country the EIB's biggest borrower that year.

The project financed consists of the building of 363.8 km of new high-speed line between Madrid and Valencia and the construction of Cuenca and Utiel-Requena stations.

The projects forms part of the priority trans-European high-speed rail networks  and  will receive EU grants from the Cohesion, European Regional Development and Trans-European Network Funds. The EU contributions to the project, including the EIB loan, will cover around 39% of the total investment cost.

The EIB is the bank of the European Union dedicated to financing projects furthering EU policies. The trans-European transport networks (TENs) are an EU priority because of their key role in fostering the Union's economic and social integration, the free movement of people and goods and the development of Europe's disadvantaged regions.



[1] "Administrador de Infraestructuras Ferroviarias" (ADIF) is the State entity responsable for constructing and managing rail infrastructure.