Brussels, 30/09/2009 (Agence Europe) - On Monday 28 September, the European Investment Bank and the City of Paris signed a €500 million loan agreement for the extension of the tramway in the east of the capital. Previously, the EIB contributed to the construction of the first section of the Paris tramway in the capital's southern districts by way of a €130 million loan. The new loan will contribute to the funding of the tramway extension between Porte d'Ivry and Porte de la Chapelle, in the 18th arrondissement.
In a press release, the EIB says that its new partnership with the City of Paris will help the capital to diversify its external resources “on optimum terms as regards maturity, interest rate and flexibility of use”. It will enable the City of Paris to spread the repayment of this investment over a long period (25 years).
The T3 tramline forms part of the Île de France Region's urban mobility plan (PDIUF - Plan des Déplacements Urbains de la Région Île de France) and the 14.5 km extension from Porte d'Ivry to Porte de la Chapelle with 26 new stations will improve public transport and connections with the underground and regional rapid transit (RER - Réseau Express Régional) network. Work started in early 2009 and the tramway is expected to be commissioned by the end of 2012. The construction of a circular tramway as a complement to the radial underground railway system seeks to make public transport throughout Greater Paris more attractive to try to reduce car use in the city and thereby improve the quality of life of its inhabitants. It will also contribute to the renewal of outlying roads and districts that are amongst the capital's most densely populated. (O.L./transl.rt)