At the signing ceremony, the EIB President paid tribute to the excellent cooperation between the Bank's operational staff and their partners in the Public Works Ministry and ADIF, saying "this is the EIB's fifth contribution to Spain's high-speed rail network after the Madrid-Seville, Madrid-Barcelona-Figueres, Córdoba-Málaga and Madrid-Valladolid lines". Mr Maystadt also drew attention to the major share of the Bank's total lending absorbed by Spain, where contracts worth EUR 8.572 billion signed in 2008 once again made the country the EIB's biggest borrower that year.
The project financed consists of the building of 363.8 km of new high-speed line between Madrid and Valencia and the construction of Cuenca and Utiel-Requena stations.
The projects forms part of the priority trans-European high-speed rail networks and will receive EU grants from the Cohesion, European Regional Development and Trans-European Network Funds. The EU contributions to the project, including the EIB loan, will cover around 39% of the total investment cost.
The EIB is the bank of the European Union dedicated to financing projects furthering EU policies. The trans-European transport networks (TENs) are an EU priority because of their key role in fostering the Union's economic and social integration, the free movement of people and goods and the development of Europe's disadvantaged regions.
[1] "Administrador de Infraestructuras Ferroviarias" (ADIF) is the State entity responsable for constructing and managing rail infrastructure.