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    Reference: 20160753
    Release date: 2 June 2017

    Promoter – Financial Intermediary




    The EIB financing targets the modernisation investments in the Buenos Aires metro network. The promoter has developed, with the assistance of the Inter-American Development Bank (IADB), an ambitious modernisation investment programme, which includes signalling system renewals, new power-supply systems, improvements in the ventilation systems, acquisition of additional rolling stock, refurbishment of the depots, and significant redesigns in all major stations to improve passenger safety and accessibility. Buenos Aires' metro system is among the oldest in the world. The first two lines were built respectively in 1900 and 1934 and only very limited upgrades have taken place in the past decades. The precise project scope will be defined during appraisal.


    The project complies with the 2014-2020 External Lending Mandate for Latin America, as it contributes to enhancing the public transport network and improves environmental sustainability and energy use optimisation, due to the expected positive modal shift to metro from private vehicles, with a reduction in transport-related pollutant emissions and fuel consumption. Furthermore, it is in line with the Bank's policy on climate change, falling into the category of sustainable transport.


    Under ELM Guarantee

    This operation is covered by the EU Guarantee for EIB loans outside the EU.

    Proposed EIB finance (Approximate amount)

    USD 104 million (EUR 89 million)

    Total cost (Approximate amount)

    USD 268 million (EUR 229 million)

    Environmental aspects

    As works will be carried out on existing lines, no major environmental and social risks are foreseen. If the project had been implemented in an EU member state, the project would have fallen outside the scope of the Environmental Impact Assessment (EIA) Directive. Nevertheless, environmental and social aspects will be assessed as part of the due diligence, in particular concerning respect of the main principles of International Labour Organization (ILO) core labour standards.


    The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.


    Signed - 29/11/2018


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Argentina Transport