Brussels, 18/01/2010 (Agence Europe) - The European Investment Bank (EIB) has just signed four separate finance contracts totalling €500 million for Sias SpA, the Gavio group's holding company. While the main project consists of completion of the Turin-Milan motorway, five smaller schemes involve investment in the Gavio group's other motorways in north-west Italy. These projects form part of the TENs (trans-European communication networks of Europe-wide interest) and are therefore financing priorities of the EIB.
The EIB is to provide €350 million to finance a 57 kilometre section between Greggio (Piedmont) and Milan completing the Turin-Milan motorway. The total cost of this project, which should be opened to traffic in four years, is estimated at around €1.1 billion. In 2002, the EIB contributed funding for the first section (Turin-Greggio) with a €150 million loan that is currently being repaid.
The EIB is also to provide a total of €150 million in funding for projects to improve safety and environmental upgrading measures on the Valle d'Aosta, Liguria-Tuscany, Ventimiglia-Savona, Turin-Ivrea and Turin-Piacenza motorways operated by the Gavio group.
The financing operations were structured with the help of Mediobanca and the Unicredit group, which will serve as intermediaries for the EIB funds made available to the Gavio group under four separate finance contracts. (O.L./transl.rt)