Brussels, 02/10/2009 (Agence Europe) - The European Investment Bank (EIB) and Cassa depositi e prestiti Spa (CDP) signed a contract on Thursday 1 October to finance Autostrade per l`Italia's investment to extend the Florence-Bologna stretch of the A1 motorway. On the basis of the agreement, the EIB is making available funds of up to €500 million to CDP, going towards the construction of this new stretch of motorway, whose total cost is estimated at around €3 billion.
More specifically, Autostrade per l`Italia's plan concerns the development in the Apennines of two stretches of Italy's largest motorway, the A1, forming part of Corridor I of the TENs (Trans-European Networks), Europe's supranational motorway infrastructure: north of Florence, the La Quercia-Barberino del Mugello section and, on the outskirts of the Tuscan capital, the section between Florence North and Florence South. The project aims to relieve traffic congestion around Florence and speed up traffic in the Appennine segment of the A1. For those reasons, together with the positive environmental impact and expected knock-on effect on jobs, this operation comes under the European Commission's policy of financing infrastructure.
This loan to Autostrade per l`Italia (Atlantia Group, listed on the Milan Stock Exchange) is the first provided by the EIB to CDP since the signature in Luxembourg on 6 July 2009 of the framework agreement intended to consolidate and develop cooperation in Italy between the two institutions. (O.L./transl.jl)