Luxembourg, 15/10/2007 (Agence Europe) - On 11 October, the European Investment Bank (EIB) decided to lend CZK 1.2 billion (around €42 million) to the Pardubice Region (Eastern Bohemia) in the Czech Republic, to co-finance projects supported by the EU Structural and Cohesion Funds during the first half of the 2007-2013 Programming Period.
The loan will co-finance either Pardubice Region projects supported by EU grants under the Regional Operational Programme North-East and several sectoral operational programmes, or the region's own priority investments. It will assist all sectors falling under the region's competence, such as transport, education, social and health care, culture and tourism. The identification and approval mechanism for individual schemes will take account of the Structural Funds procedures in place. The region will have the possibility of drawing down the credit in tranches according to its needs over the next three years. Capital repayments will be spread over 18 years, following a grace period of up to 7 years after disbursement.
The EIB explains that the EIB loans confirm the success of the Pardubice Region, the first region in the new EU member states to be given EIB funding (in 2005). The first loan, of €30 mil, has already been fully used to help upgrade the Pardubice road network. (O.L.)