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The EIB grants a 600 million credit to Fomento to complete the Basque Y
The Minister of Development, Íñigo de la Serna, chaired the signing of a loan of 600 million euros that the European Investment Bank (EIB) has granted to Adif Alta Velocidad, which constitutes the first tranche of a financing of 1,030 million euros. euros, destined to complete the construction project of the high-speed railway line between the three Basque capitals, also known as Y Vasca.
The agreement has been signed in Madrid by the vice president of the EIB, Román Escolano, and the president of Adif Alta Velocidad, Juan Bravo. The project, which is currently in the implementation phase, has been financed by the EIB since its initial phase, through the loans provided in 2012 and 2013, for a total volume of 1,400 million euros.
These are some of the most important investments by both Fomento and EIB to improve the quality of rail connections between the Basque capitals, between Madrid and the Basque Country and between Spain and France. The project is also part of the basic trans-European transport network (TEN-T), in particular of the Atlantic Corridor that connects the Iberian peninsula with Central Europe.
The financing signed today will allow the construction of about 160 kilometers of new high-speed line between Vitoria, Bilbao and San Sebastian, as well as the adaptation of the existing conventional line between San Sebastian and the French border (about 17 kilometers) for mixed use (conventional and high speed).
The project also includes remodeling, adaptation and new access for the high speed stations of Vitoria, Bilbao and San Sebastián. These new high-speed connections take place in a complex layout, with 80 kilometers in tunnel and 25 kilometers in viaduct.