Brussels, 26/06/2009 (Agence Europe) - The European Investment Bank (EIB) and the Madrid Region have signed two loan contracts totalling €397 million for investment in education facilities and extending the Madrid Metro public transport network.
The first operation is a direct €320 million loan to the region designed to finance works involving 415 colleges and pre-school, primary, secondary and vocational training establishments spread across the region. The project comprises the construction of new schools and the refurbishment and expansion of existing schools, along with the provision of furniture and equipment. It will meet the need to increase the number of school places in the region, whose population is constantly growing, and to upgrade teaching facilities and adapt them to the new learning environment.
MINTRA, a public entity set up by the Madrid Region, will receive the second €77 million loan to finance the extension of lines 2 and 11 of the Madrid Metro. Line 2 will be extended by 4.6 km and get four new stations. Line 11 will be extended by 3.2 km and get one new station. The bank believes the project will benefit some 83,000 users.
In a press release, the EIB comments that “both the investment in human capital (the construction of more than 400 colleges) and the improvement of key infrastructure (the metro network) will foster the sustainable development of the Madrid Region.” (O.L./transl.fl)