European Investment Bank loan for Spanish roads

A major boost to Spain’s road network is to be delivered with a European Investment Bank loan of €350 million to the country for a series of new projects.

The agreement signed in Madrid by Public Works Minister Ana Pastor and EIB Vice-President Román Escolano. will pave the way to develop a dozen new roads and upgrade seven highway schemes totalling 350km.

They will form part of the trans-European transport network (TEN-T) that is being developed across the continent.

The project has been assigned a total budget of €26 billion up to 2020, in order to drive major road infrastructure improvements connecting the East, West, North and South of Europe.

It is also part of both the EIB’s and EU’s wider objective of forging greater economic and social cohesion within Europe.

The Spanish works are to be carried out in the framework of the country’s 2012-2024 Infrastructure, Transport and Housing Plan. It is forecast to help increase road capacity, improve safety and reduce journey times and is due to be completed in 2018.