EIB lends 280 million euros to Spain for infrastructure, research

13:01, March 13, 2010      

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The European Investment Bank ( EIB), the European Union (EU)'s financial arm, granted 280 million euros (386 million U.S. dollars) on Friday to Spain's Madrid region for improvement of infrastructure and research.

Among the total amount, two loans of 200 million euros (275 million dollars) would be used for renovating municipal infrastructure and 80 million euros (11 million dollars) for building a few research centers.

EIB Vice President Carlos da Silva Costa said the Luxembourg- based lender provided this money to support the Madrid region's efforts to improve people's quality of life and develop local businesses by renovating infrastructure and setting up new research centers.

Under the contracts signed on Friday, the 200-million-euro loan would be used to upgrade municipal infrastructure in some 170 municipalities spread throughout the region, comprising projects in the areas of urban renewal, energy efficiency, schools, sports facilities and transport.

The 80-million-euro loan would serve to finance the construction, equipping and commissioning of eight public research centers run by the Madrid Institute for Advanced Studies, which promotes scientific research and innovation, focusing especially on their commercial applications by involving the region's businesses and universities.

The EIB is the EU's long-term financing institution promoting EU objectives. Founded in 1957, it operates in the 27 EU member states and more than 130 other countries around the globe.

EIB financing operations are mounted in the framework of well- defined EU policies. They focus in particular on investment fostering education and training, environmental protection and sustainable communities, including projects helping to improve the urban environment, reduce pollution in towns and cities and promote social welfare.

Source: Xinhua
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