The European Investment Bank (EIB) (EUR 575 million), Swedish Export Credit Corporation (EUR 345 million) and Nordic Investment Bank (EUR 150 million) have together granted a long-term facility of EUR 1 070 million for the construction of the second phase of the A1 motorway forming part of the priority trans-European transport network connecting the North of Poland (Gdansk) with the Austrian capital Vienna via the Czech and Slovak Republics.
The loan will finance the construction of a 62 km section of the A1 motorway between Nowe Marzy and Torun on the basis of a “design, build, finance and operate” concession. This constitutes the extension of the motorway following the previous construction of a 90 km section of the A1 linking the major Polish port Gdansk with Nowe Marzy co-financed by the EIB and NIB in 2005. Both sections are being built and operated by the same concessionaire: Gdansk Transport Company S.A. (GTC). The second section is expected to be completed in 2011 while the first is already open to traffic.
Mrs Marta Gajecka, EIB Vice-President responsible for lending operations in central Europe, including Poland, commented: Three major financial institutions – the EIB, SEK and NIB – have together ensured the successful financial closing of this key motorway infrastructure in Poland. Particularly, the completion of the A1 motorway linking the Baltic Sea with the industrial areas in Silesia is vital for the further development of the Polish economy, strengthening its competitiveness and increasing the quality of life of citizens”.
Background
The mission of the EIB, the European Union’s long-term financing institution, is to contribute to the integration, balanced development and economic and social cohesion of the Member States by financing sound investment. Since 1990 the EIB has signed lending contracts in Poland amounting to EUR 17.8 billion, including the current loan. Approximately 40% has consisted of loans for the transport sector (roads, rail and airports), which faces massive investment needs.
In Poland’s road sector EIB loans have co-financed the construction of sections of the A1, A2, A4 and A6 motorways and major national roads along the Pan-European Corridors II, III and VI. In this regard, the EIB funding lowers the financing costs for the Polish State, increases the investment capacity of the National Road Fund and helps to accelerate the implementation of new motorways of prime importance for the country.
The loan will finance the construction of a 62 km section of the A1 motorway between Nowe Marzy and Torun on the basis of a “design, build, finance and operate” concession. This constitutes the extension of the motorway following the previous construction of a 90 km section of the A1 linking the major Polish port Gdansk with Nowe Marzy co-financed by the EIB and NIB in 2005. Both sections are being built and operated by the same concessionaire: Gdansk Transport Company S.A. (GTC). The second section is expected to be completed in 2011 while the first is already open to traffic.
Mrs Marta Gajecka, EIB Vice-President responsible for lending operations in central Europe, including Poland, commented: Three major financial institutions – the EIB, SEK and NIB – have together ensured the successful financial closing of this key motorway infrastructure in Poland. Particularly, the completion of the A1 motorway linking the Baltic Sea with the industrial areas in Silesia is vital for the further development of the Polish economy, strengthening its competitiveness and increasing the quality of life of citizens”.
Background
The mission of the EIB, the European Union’s long-term financing institution, is to contribute to the integration, balanced development and economic and social cohesion of the Member States by financing sound investment. Since 1990 the EIB has signed lending contracts in Poland amounting to EUR 17.8 billion, including the current loan. Approximately 40% has consisted of loans for the transport sector (roads, rail and airports), which faces massive investment needs.
In Poland’s road sector EIB loans have co-financed the construction of sections of the A1, A2, A4 and A6 motorways and major national roads along the Pan-European Corridors II, III and VI. In this regard, the EIB funding lowers the financing costs for the Polish State, increases the investment capacity of the National Road Fund and helps to accelerate the implementation of new motorways of prime importance for the country.