European Investment Bank grants multi million euro loan to Andalucia

European Investment Bank grants multi million euro loan to Andalucia

LAST UPDATED: 17 Dec, 2013 @ 17:30
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European Investment Bank grants multi million euro loan to Andalucia

THE European Investment Bank (EIB) has granted the Junta de Andalucía two loans totalling €380 million to finance key investments in the region, and the Granada metro.

EIB Vice-President Magdalena Alvarez Arza said: “These operations will reinforce the Bank’s contribution to fostering Andalusia’s economic growth by financing strategic sectors for the region.”

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.

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 second installment 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.

14 COMMENTS

  1. Granada has 35-40% unemployment, so commuters aren’t going to be using this train, that’s for sure. Another white elephant project that in the scheme of things, should have taken the back-burner in favour of much more important things e.g. training, education and small business start-ups (the things that will pull Spain out of recession).

  2. The project includes the metro line and it also says,” 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.”
    (I know quite of few people who make the trek from Malaga to Granada daily.)
    Let’s look at the big picture here, with these project there will be the need for administration-staff and needs, engineers, supplies and products not just the physical construction of the railway system itself. Smaller business could benefit by supplying good and services needed.

  3. The bigger picture is that Spain has had a habit of investing in infrastructure schemes that either end up under-used or mothballed. Does Malaga really need a metro?You can stroll across most of it in the best part of 30 minutes at a brisk pace lol.

  4. I think they are just spending this money to try and create the jobs rather than it adding much. Not many Companies want to move to corrupt Spain anyway.

  5. Well there is more to Málaga than Plaza Merced and Muello Uno. Like Granada it happens to spread out a lot farther than people realize and many are not just going for a stroll but actually to work and school. However, that is not the point of the article.

    How does anyone see the future when they keep reliving the past? I am saying this not as a denial of past doings but to state folks are always quick with “what is wrong” or “going to be wrong” and yet when solutions are raised, here comes the “things are always doomed to fail” rubber stamp.
    I sincerely hope that this project does allow for economic growth and provide services needed. We are coming into a new era and with it I believe change can happen. It has in others places so why not push for it to happen here.

  6. Well said Fred,
    Granada is way too small to need a metro. Metros cost a fortune to build, now if they had suggested a light railway that may have made some sense to service the Granada sprawl across the plain.Better still re-instate the tram system that Granada once had, oh but that would make economic sense.

    None of these of course addresses the needs of all those that live up the mountainside – a venicular ?

  7. You can’t walk from the bus station to the city centre in 20 minutes . Also this is a light railway only a small section runs underground.

  8. I await a report on the bus situation in Granada. We had new buses on our line ( 8 ) & now only old small ones. I feel we have gone back in time.
    Plus the new bus stop near the centre blocks the fire service from leaving their station! All this to add even newer buses in the centre!

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