THE European Bank(EIB) has granted a loan of up to €100 million for repairs and infrastructure improvements brought on by last September’s Costa Blanca area flood disaster.
It’s the second line of credit opened by the EIB on behalf of the Valencian government who were granted up to €270 million last November.
The new loan will see €50 million available from next month.
Valencian president, Ximo Puig, announced the news at a session of the regional parliament, Les Cortes, today(August 6).
The money will go to the Vega Baja area of the Costa Blanca, as well as the Vall d’Albaida region in Valencia Province, which both suffered from last September’s record-breaking storms and floods.
Projects will include repairs to Orihuela’s Vega Baja Hospital and to all health centres in the area that were damaged by the floods.
Roads, schools, farm irrigation and tourist infrastructures hit by the disaster will also see essential work carried out as a result of the new loan.
In June, the European Parliament approved a grant of €56.7 million to four areas of Spain that suffered last September.
It’s not been made clear what share of the pot will go to the Valencian Community and to neighbouring Murcia, which suffered severe problems around the Mar Menor.
Meanwhile the Valencian government process of handing out grants to individuals who suffered losses during the floods continues to grind on.
Money started to be distributed towards the start of the year, but as of the end of July, €5.5 million of the €21 million fund was still to be handed out to claimants.