EIB boosts development of Warsaw’s infrastructure with PLN 1 billion
The European Investment Bank (EIB) is providing a PLN 1 billion (EUR 240 million) long-term loan to finance municipal infrastructure projects upgrading the City of Warsaw. Mobility schemes, education, social and healthcare infrastructure projects and the modernisation of public and green spaces will be supported by the European Union’s bank as part of Warsaw’s 2014-2019 investment programme.
Thanks to this EIB support, the quality of life of Warsaw’s residents will be improved, as not only health centres, schools, and social service centres will be renovated or newly constructed, but also new cycle routes will be created and green spaces will be modernised. This includes among other things the development of the Vistula River bank area, integrating it with the historic centre and introducing flood protection measures, which will bring tourism, recreational and safety benefits.
The transport schemes – such as the construction of the city’s inner ring road and cycle routes, renovation of streets and modernisation of the street infrastructure – will improve road safety and reduce journey times, thereby promoting more sustainable transport.
These investments will boost long-term economic growth in the municipality and contribute to implementation of the city’s sustainable development strategy. The aim of this strategy is to make Warsaw a modern, attractive, dynamic city, fulfilling the needs and aspirations of its citizens and placing it among the most important European metropolises.
László Baranyay, EIB Vice-President responsible for lending in Poland, said: “Urban renewal and regeneration in the pursuit of more sustainable and competitive cities is a strategic priority objective of the EIB. We therefore particularly welcome this agreement with the City of Warsaw, as it will enable us to promote the city’s future economic development. This seventh operation with the City of Warsaw also demonstrates the EIB’s continued support for Warsaw’s urban infrastructure investments in various sectors.”
Hanna Gronkiewicz-Waltz, Mayor of the City of Warsaw, said: “Additional funds provided on very favourable terms will enable a smooth continuation of our investment programme in Warsaw. Our city would not be able to develop so quickly, if we had not cooperated with the European Investment Bank and raised European funds”.
This operation builds on the EIB’s successful and long-standing cooperation with the City of Warsaw since 1994. Including the current operation, the Bank has made available seven loans to the City to support among other things investments in transport infrastructure, healthcare and social services, as well as municipal services, such as water supply and sewage treatment. The Bank’s loan provides high financial value added tothe City by making available long-term financial resources at a lower funding cost.
The EIB is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2013, EIB financing in Poland amounted to EUR 5.7 billion, for projects including the upgrading of urban transport and environmental infrastructure in all major Polish cities and regions. This support has had a positive impact on the quality of life and competitiveness of Polish cities.