The European Investment Bank (EIB) has agreed to provide €205m to Adif Alta Velocidad to purchase rolling stock for the maintenance of the Spanish rail network.
The rolling stock will be used to accurate the development of the Mediterranean Corridor. The funds are being provided through two agreements.
The EIB will provide €155m to finance the acquisition of four dedicated railway line inspection trains and 44 locomotives to carry out rescue operations, maintenance support and investigation across the rail network.
This project is expected to enhance the reliability and quality of the rail service, as well as assist in the promotion of sustainable transport.
EIB has estimated that the project will provide temporary employment for 2,200 people to produce rolling stock and 60 permanent roles for its operation.
The two organisations have signed the first portion of the financing worth €79m.
EIB has also announced its support for the Mediterranean Corridor, which is a part of the Trans-European Transport Network (TEN-T) that connects the main cities of the Spanish Mediterranean.
For this, EIB has provided a €50m loan to Adif Alta Velocidad, along with the previously provided financing of €650m for the project.
The loan provided so far has been used to construct the Vandellós cut-off (Tarragona) and the Castellbisbal (Barcelona) to Almussafes (Valencia) line, which is in the implementation phase.
This project is expected to provide temporary employment for 7,000 workers for the construction phase and approximately 200 permanent jobs.
EIB vice-president Emma Navarro said: “The close partnership between the EIB and Adif Alta Velocidad and its positive impact on the development of core rail infrastructure in Spain.
“The EIB has led the financing of rail transport modernisation in the country and, as the EU climate bank, is maintaining its firm commitment to supporting investments in this sector that are key to the transition towards a low-carbon economy.
“The implementation of this project will help with the economic recovery following the Covid-19 crisis by creating sustainable growth and employment.”
In February, EIB announced plans to support the rehabilitation of Cairo Metro Line 2 and the Tanta–El Mansoura–Damietta project, both in Egypt.