The European Investment Bank (EIB) has agreed to provide an initial €100m in financing for the Phase II extension of the West Metro in Espoo, Finland.
The funding forms a part of total approved facility amounting to €450m, with the remainder due next year.
EIB president Werner Hoyer said: “Operations like this show that the benefits of the EIB’s operations are quite tangible on the ground.
“The mission of the EU Bank is to improve people’s lives through the transactions it performs; I think that helping to improve local public transport is a very good way of doing that. If citizens can travel faster and more comfortably, that improves their lives, even if they don’t always realise it.”
The 7km-long extended track will have five new stations of Finnoo, Kaitaa, Soukka, Espoonlahti and Kivenlahti on the line between Matinkylä and Kivenlahti in Espoo.
EIB previously provided €450m for Phase I of the West Metro which is expected to become operational early next year.
The first phase includes a 14km-long rail line from Ruoholahti to Matinkylä with eight new stations.
Espoo Mayor Jukka Mäkelä said: “The West Metro extension in Espoo is not only an investment in public transport but also an investment for the whole area.
“The West Metro’s growth and development corridor links up the southern part of the city and connects the whole area to the metropolitan area of Helsinki.”
In addition, an underground metro depot will be constructed at Sammalvuori.
Image: EIB agreed to support Phase II extension of the West Metro in Espoo, Finland. Photo: © European Investment Bank.