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City of Graz in Austria to Get EUR 100 million From EIB

Infra News - Published on Mon, 11 Nov 2019

Image Source: eib
The European Investment Bank is lending EUR 100 million to the City of Graz in Styria province in Austria to finance the modernisation and expansion of its tram infrastructure. Part of the loan will also be invested in the renewal of the tram and bus fleet. The EU bank and the City of Graz have already been working closely together for several years. The loan signed today by the Mayor of Graz Mr Siegfried Nagl and EU Vice-President Mr Andrew McDowell is the third contract between the two partners since 2013.

Mr Andrew McDowell, who is responsible for the EU bank’s operations in Austria, said that “With this third loan, the City of Graz intends to push ahead with the upgrading and expansion of its tramway infrastructure. The money will also be used to purchase new rolling stock. At the EU bank, we are convinced that a well-functioning urban rail and bus transport network can make a vital contribution to reducing the number of cars on the roads and in this way lower pollution and mitigate climate change.”

Mr Graz Finance Councillor Günter Riegler added that “The EIB is a reliable partner for such important investments in infrastructure for essential public services in Graz. With the financial package that has now been provided, we can undertake major investments in public transport on a secure long-term basis.”

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Posted By : Arun Huidrom on Mon, 11 Nov 2019
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