EIB Approves Rail Loan for French Authority

24 January 2011 (Last Updated January 24th, 2011 18:30)

The European Investment Bank (EIB) has approved a €600m ($809.7m) loan to the Ile de France Transport Authority (STIF) to fund the renewal and modernisation of rolling stock in service on the region’s network. The funds will be used to acquire 172 Ile (NAT kind electric locomotive

The European Investment Bank (EIB) has approved a €600m ($809.7m) loan to the Ile de France Transport Authority (STIF) to fund the renewal and modernisation of rolling stock in service on the region’s network.

The funds will be used to acquire 172 Ile (NAT kind electric locomotives) and 24 AGC trains.

The total cost of the project is estimated at about €2bn ($2.69bn) and is financed 50% each by STIF and French National Railways (SNCF).

The project will help increase rail capacity while considerably improving reliability, speed and comfort of passengers, according to railjournal.com.

STIF controls the Paris public transport network and coordinates the different transport companies operating in Île-de-France, mainly the RATP, the SNCF and Optile.