The European Investment Bank has signed a €100 million loan agreement with the City of Tallinn for its multi-year investment programme in urban infrastructure.
Tallinn’s priorities for investment under its sustainable urban renewal programme are expected to benefit the people living in Estonia’s capital as well as tourists.
Projects to be funded with the EIB loan include public buildings, urban mobility and the upgrading of public spaces, green areas and municipal infrastructure.
Having been awarded the title of 2023 European Green Capital, Tallinn is investing heavily in sustainable and green solutions. Now, the European Investment Bank (EIB) and the City of Tallinn have signed a €100 million loan agreement in support of the city’s integrated sustainable urban renewal and development programme.
Mihhail Kõlvart, Mayor of Tallinn commented: “I am glad that Tallinn has the opportunity to work with the EIB to improve our urban infrastructure. The EIB has helped Tallinn many times in the past, for example in 2017. This has given us the opportunity to invest in infrastructure and sustainable solutions, and to improve the lives of our citizens.”
The financing will be used to carry out the municipality’s plans when it comes to renovating schools, vocational schools and social housing, as well as improving sustainable mobility in the city. This will come in the form of upgraded bike paths and pedestrian streets, but will also concern the renewal of existing streets. Another priority will be to upgrade public squares and parks around the city, a very direct and visible benefit for residents and visitors alike. Finally, the financing also supports improvements to municipal infrastructure such as street lighting, waste centres, and water and sewage networks.
EIB Vice-President Thomas Östros said: “The future of cities has to be sustainable, and the EIB has really appreciated Tallinn’s approach to renew and develop its urban infrastructure. More energy-efficient buildings, more space for bicycles and better public spaces are definitely in line with what we should be financing. The European Investment Bank has supported the City of Tallinn since 2008, and we are glad to continue doing so.”
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