Spain: EIB signs operations totalling EUR 380 million with Junta de Andalucía

The European Investment Bank (EIB) has granted the Government of Andalusia (Junta de Andalucía) two loans totalling €380 million to finance key investments in the region through structural funds, and the Granada metro.  EIB Vice-President Magdalena Álvarez Arza and Andalusia’s Finance Minister María Jesús Montero announced the agreements at a meeting in Luxembourg today.

The EIB Vice-President stressed that “these operations will reinforce the Bank’s contribution to fostering Andalusia’s economic growth by financing strategic sectors for the region. At the same time, they send an important signal of the EIB’s commitment to supporting the productive economy in line with its strategy of promoting sustainable growth that creates jobs”.

The Finance Minister thanked the EIB for its support for Andalusia and the development of key projects in the region and highlighted the strong record of cooperation that had enabled the signing of some thirty agreements that had helped to improve infrastructure and amenities and take the region forward.

The first €250 million operation is designed to finance, in tandem with EU funds, priority investments for the region under Andalusia’s 2007-2013 Strategic Reference Framework. The loan will be used by the Government of Andalusia to fund the Region’s contribution corresponding to the European Regional Development Funds and Cohesion Funds, so helping to ensure the take-up of the structural funds allocated to Andalusia.  The loan will be destined for projects in the areas of the environment, transport infrastructure, renewable energy, energy efficiency, the knowledge economy and sustainable urban development.

The construction of the first metro line for the city of Granada will receive €130 million. The EIB funds represent the second instalment of a €260 million loan. The project includes the construction of the first 15.9 km line, the acquisition of rolling stock and the building of a maintenance depot. It will link the north and south of the city via the centre and benefit some 500 000 users.