Madrid and the EIB agree to finance Metro Line 11 with 372 million
The Community of Madrid has obtained the backing of the European Investment Bank (EIB) to finance the expansion works of the Subway Line 11 for an amount of €372 million. The intervention on the underground includes the first section from the Conde de Casal station to Plaza Elíptica, which includes two new stations: Comillas and Madrid Rio, and three for interconnection in existing lines: Palos de la Frontera with L3; Atocha with L1, Cercanías and AVE, and Conde de Casal with L6, collects the regional Executive in a statement.
The planned actions include the first section from Conde de Casal station to Plaza Elípticawith two new stations -Comillas and Madrid Río-, as well as another three for interconnection on existing lines: Border Sticks with L3; Atocha with L1, Cercanías and AVE, and Conde de Casal with L6. The Minister of Economy, Finance and Employment, Javier Fernandez-Lasquettyand the Vice President of the EIB, Ricardo Mourinhohave signed the operation today and have highlighted the Madrid Executive’s commitment to budgetary stability and efficient management, circumstances highly valued by international credit institutions.
“This fact allows the Community to obtain better conditions than those of the market, both from the point of view of costs, as it is cheaper than other forms of financing, and terms, by offering loans for longer periods of time“, they have assured from the regional Executive. In addition, Madrid has become the first Spanish region to formalize a loan in 2022 from this same entity for the implementation of research and development projects through the Madrid Institutes for Advanced Studies (IMDEA). In this case, the amount amounts to 182 million euros.
These centers direct their activities in seven strategic areas for society from a business, scientific and technological point of view: water, food, energy, materials, nanoscience, networks and software. With this operation, career opportunities will be generated for young people through doctoral scholarships and other aid, and calls will be opened to form researcher working groups and innovate in lines of work with greater resources, as a tool to retain talent.
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