Press Release: EIB lends EUR 397 million to Madrid Region

On 19 June, 2009, the European Investment Bank (EIB), represented by its Vice-President Carlos da Silva Costa, and the Madrid Region, represented by its President Esperanza Aguirre, signed two loan contracts totalling EUR 397 million for financing investment in educational facilities and the extension of Madrid’s metro network.

Vice-President Carlos Costa stressed that 'the signing of these two loans constitutes another step forward in the cooperation between the EIB and the Madrid Region, which goes back more than 20 years. As in the past, these bankable major projects are backed by a competent and experienced promoter, which is why the Madrid Region is one of the biggest recipients of EIB loans in Spain.'

The first operation was a direct EUR 320 million loan to the Region designed to finance works involving 415 colleges and pre-school, primary, secondary and vocational training establishments spread across the region. The project comprised the construction of new schools and the refurbishment and expansion of existing schools, along with the provision of furniture and equipment. It will meet the need to increase the number of school places in the region, whose population is constantly growing, and to upgrade teaching facilities and adapt them to the new learning environment.