EIB investing €50m to modernise and expand rail transport in Valencia

ongoing

The European Investment Bank (EIB) and the region of Valencia have signed a €50 million finance contract for Ferrocarrils de la Generalitat Valenciana (FGV), a public company owned by the regional government responsible for operating and managing regional railways, the Valencia metro network and the Alicante tram. The loan is the first tranche of approved financing totalling €300 million to enable FGV to modernise and expand its railway infrastructure, and to improve its fleet by purchasing new rolling stock and modernising its existing units. The Valencia-based operator is therefore investing in improvements to increase the coverage, quality, safety and accessibility of public rail transport services. The main added value of this operation is the increased use of sustainable and accessible public transport, cutting the number of private car journeys and promoting intermodality and a shift to sustainable and low-carbon modes of transport.