Brussels, 03/06/2010 (Agence Europe) - The European Investment Bank (EIB) has granted a €75 million loan to Empresa de Electricidade da Madeira (EEM) to help ensure the security, reliability and cost-efficient provision of electricity for over 135,000 customers on the islands of Madeira and Porto Santo. Improvements will positively affect the standard of services for existing customers, while also catering for growing customer demand and ensuring a better quality and reliability of the supply. This is all the more important in the aftermath of the natural disaster which affected the island last February, the EIB says in a press release. EIB funds will part-finance the company's current three-year investment programme, the aim of which is to modernise and expand the provision of electricity on these islands and also to enable a wider use of renewable energy. Investments include a pumping and storage hydropower facility, new transmission and distribution lines and substations, many refurbishments and also efficient automatic and remote control systems. The project supports European and national targets for renewable energy generation and contributes to the climate change and security of energy supply objectives of the EU, which are priority lending objectives of the EIB. (O.L./transl.rt)