The European Investment Bank (EIB), the European Union's long-term financing institution, is lending EUR 200 million to Finnlines Plc, Helsinki, for the acquisition of five new ro-pax vessels (cargo and passenger carrying ferries). The ferries will operate mainly on routes between Finland, Sweden and Germany.
Finnlines is one of the largest European shipping companies with the bulk of its business focused on Baltic Sea and North Sea routes. It also provides port services in the Finnish ports of Helsinki, Turku and Kotka. The addition of these five vessels to its fleet should help to strengthen transport links not only between a number of Member States - especially between Finland, Sweden and Germany - but also between Member States and other countries, including Russia.
The new faster ships are being constructed to meet the latest EU and international environmental and safety standards which should help to improve the Baltic Sea environment. Furthermore, this project will contribute towards the European policy objective of encouraging the growth of ferry services to alleviate road congestion.
The loan was signed today in Helsinki by the EIB's Vice President Sauli Niinistö who commented that the EIB is delighted to be involved in a project which facilitates ease of transport along these major shipping routes and forges closer links between the countries on the Baltic coast, an important source of trade within the expanded EU. Owned by the 25 EU Member States, the EIB acts as the European Union's long-term financing arm, supporting the policies of the Union. Amongst the priorities of the EIB, is the development of transport links between Member States, Accession and Candidate third countries.