the EU bank

The European Investment Bank has granted the Madrid Region two loans of EUR 200 million and EUR 80 million for renovating municipal infrastructure and building a number of research centres. The Region’s President, Esperanza Aguirre, and EIB Vice-President Carlos da Silva Costa signed the finance contracts in Madrid today.

In the words of Vice-President da Silva Costa: “The EIB is supporting the Madrid Region’s efforts to improve people’s quality of life and develop local businesses by renovating infrastructure and setting up new research centres that will carry out their activities in close cooperation with companies established in the region. In addition, the research centres project is characterised by a highly innovative approach applied for the first time in Spain that will make it possible to match the results of R&D investment more closely to the needs of local businesses”. “These two operations” he added “provide yet another example of the EIB and the Madrid Region working together to promote investment fostering the region’s competitiveness”.

The EUR 200 million loan will be used to upgrade municipal infrastructure in some 170 municipalities spread throughout the region as part of Madrid’s Regional Investment and Service Programme comprising projects in the areas of urban renewal (including the refurbishment of public buildings), energy efficiency (including street lighting), schools, sports facilities and transport. The programme will particularly target the UNESCO World Heritage sites of El Escorial, Alcalá de Henares and Aranjuez.

The EUR 80 million loan will serve to finance the construction, equipping and commissioning of eight public research centres 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. Part of the EIB funds will finance researchers’ salaries.

The EIB is the European Union’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 human capital formation (e.g. education and training), environmental protection and sustainable communities, including projects helping to improve the urban environment, reduce pollution in our towns and cities and promote social welfare.