Brussels, 11/12/2012 (Agence Europe) - A €60 million contract to complete phase two of the LGV Est-Européenne high speed rail project was signed last week by the European Investment Bank (EIB) and the Lorraine Regional Council. This loan constitutes the first instalment of a total €120 million long term loan out of a total project cost estimated at €2.1 billion.
Following on from the financing provided for the first phase of the LGV Est-Européenne project (€100 million directly and €100 million intermediated), this €120 million financial commitment will serve to link the Lorraine high speed train station (Baudrecourt) to the Alsace high speed train station (Vendenheim) by 2016 through the construction of 71 km of new line between Baudrecourt and Danne-et-Quatre-Vents. This will cut journey times from Paris to Strasbourg by 30 minutes (from 2 hours 20 minutes to 1 hour 50 minutes) and from Luxembourg to Strasbourg by 45 minutes (from 2 hours 10 minutes to 1 hour 25 minutes). The EIB loan will also serve to finance certain junction and connection improvements. (OL/transl.fl)