Luxemburg, 05/12/2007 (Agence Europe) - The European Investment Bank has just lent €120 million to finance infrastructure work for urban development and environmental sustainability in Venice. The project, approved by the EIB's Board of Directors in July 2007, provides for the execution of infrastructure work required for the socio-economic development of the city, with an aggregate cost of €260 million.
The work will be carried out by companies controlled by the Municipality of Venice, which will independently enter into loan contracts with the EIB. The following companies are involved: - ACTV SpA, for new intermodal facilities at Isola Nova del Tronchetto for environmental sustainability and economic development; - Insula SpA, for renovation and rehabilitation of Piazzale Santa Maria Elisabetta at Venice Lido; - PMV SpA, for construction of the new terminal at Piazzale Santa Maria Elisabetta and other terminals in Venice; - Edilvenezia SpA, for restoration/restructuring of the “Pio Loco delle Penitenti” complex in Cannaregio, which will become a nursing home for the infirm elderly, and renovation of the former Istituto Stefanini in Mestre, which will serve as a primary and secondary education complex; - ASM SpA, for the construction, in Mestre, of the new via Vallenari; - Venis SpA, for the implementation of a broadband wireless communication system.
The first three loan contracts (with ACTV, Insula and PMV) were signed in Venice on 23 November. This EIB loan to the city of Venice supplements the Bank's financing activities in support of public infrastructure work in the Veneto Region. (O.L.)