EIB

The European Investment Bank (EIB) has granted zl414m ($108m) loan to Poland’s PKP Polskie Linie Kolejowe for the modernisation of more than 71km of the E 59 railway between Rawicz and Czempin in the country.

This upgrading works come under a comprehensive modernisation of the E 59 railway between Wroclaw and Poznan.

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The programme includes the complete reconstruction of rails and tractions, including the renovation of power supply, signalling and telecommunication systems.

Including this loan, EIB has provided a total of four loans worth more than zl1bn ($261.07m) for investments in environment protection, urban infrastructure modernisation in Lódz, Poland.

"We will be able to support realisation of investments that contribute to sustainable economic development and increasing the quality of life in Poland."

EIB vice-president László Baranyay said: "By supporting the implementation of these important investments, the EIB, as the European Union’s bank, is further engaged in increasing the competitiveness of the Polish economy.

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"Thanks to excellent cooperation with Polish cities, banks and railway companies, we will be able to support realisation of investments that contribute to sustainable economic development and increasing the quality of life in Poland."

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After the modernisation works, the passenger trains will be able to reach up to 120km/h and commuters will be benefitted from new, comfortable platforms.

In 2014, European Union’s bank provided approximately zl23bn ($6bn) financial support for the Polish economy.

EIB recently signed a loan agreement with Austria-based Swietelsky Baugesellschaft to provide a €50m loan for supporting the rehabilitation and maintenance of the country’s railway tracks.

Image: EIB vice-president Laszlo Baranyay and Mayor of Lódz Hanna Zdanowska during the signing ceremony. Photo: courtesy of European Investment Bank.