EIB Commits €200 Million Loan for Vital Nervión River Tunnel Project in Bilbao’s Metropolitan Area

EIB Commits €200 Million Loan for Vital Nervión River Tunnel Project in Bilbao’s Metropolitan Area

(IN BRIEF) The European Investment Bank (EIB) has inked a €200 million loan agreement with Interbiak, a public entity under the Department for Infrastructure and Territorial Development of the Provincial Council of Bizkaia. This financing will facilitate the construction of a crucial road tunnel beneath the Nervión River estuary within the metropolitan region of Bilbao. The tunnel’s objective is to address two significant challenges in the road network of Bizkaia. Firstly, it will provide an alternative route to the heavily congested Rontegi Bridge, which currently handles up to 165,000 vehicles daily during peak hours, enhancing network resilience and simplifying cross-estuary travel. Additionally, the tunnel will alleviate traffic congestion on critical sections of the metropolitan network, thereby improving safety and traffic flow. The 3.9 km subfluvial link will feature twin tubes with one-way lanes, two interchanges, and three at-grade intersections. Moreover, it will be equipped to accommodate future multimodal transport plans, including the potential integration of a rail link for suburban metro services. The project is expected to bring multiple benefits, such as reducing travel time in a traffic-prone area, curbing air pollution, and greenhouse gas emissions, as well as enhancing access to the Atlantic corridor of the Trans-European Transport Network (TEN-T) in Bilbao’s urban hub. This initiative aligns with the EIB’s Transport Lending Policy and sustainable urban development goals, promoting socioeconomic cohesion in the metropolitan area and facilitating regional and urban mobility plans. The project is a testament to the commitment to sustainable and multimodal transport in Bilbao and has received strong support from both the EIB and the Provincial Council of Bizkaia.

(PRESS RELEASE) LUXEMBOURG, 19-Dec-2023 — /EuropaWire/ — The European Investment Bank (EIB) has signed a €200 million loan with Interbiak, a public company affiliated with the Department for Infrastructure and Territorial Development of the Provincial Council of Bizkaia. The loan will finance the construction of a road tunnel under the Nervión River estuary in the metropolitan area of Bilbao.

The tunnel project will connect the Artaza roundabout in Getxo with the Ballonti roundabout between Portugalete and Sestao. The aim is to address two major challenges of Bizkaia’s metropolitan road network. First, it will provide an alternative crossing point to the Rontegi Bridge, which currently experiences heavy traffic and can see up to 165 000 vehicles a day at peak times. This situation means that the road network is vulnerable, and that people have to take longer and more complicated routes to travel from one side of the estuary to the other. The tunnel will also alleviate high levels of traffic and congestion on the metropolitan network, in particular on critical sections such as the A-8 on the left bank of the estuary, La Avanzada and the Txorierri corridor. These measures are crucial to improve safety and the flow of traffic.

The subfluvial link will be 3.9 km long and will consist of a twin-tube tunnel, each containing two one-way lanes. The infrastructure will also have two interchanges and three at-grade intersections. One of the added values of the project is that it will provide the necessary tunnel infrastructure to accommodate future multimodal transport plans. There will be an option to integrate a rail link in one of the tubes, which would provide metro users with a shuttle train connection between the two main suburban metro lines that run along either side of the estuary but don’t cross it. The subfluvial tunnel project will have multiple benefits, such as saving time spent travelling in an area plagued by heavy urban traffic, and the consequent reduction in air pollution and greenhouse gas emissions. This link will also improve access to the Atlantic corridor of the Trans-European Transport Network (TEN-T) in the urban node of Bilbao.

The operation is in line with the EIB Transport Lending Policy and the EIB Group’s sustainable cities and regions public policy goal. It will strengthen the socioeconomic cohesion of five municipalities in the metropolitan area of Bilbao, and provide transport infrastructure that is compatible with regional and urban mobility plans.

“We are pleased to be supporting this project that will be decisive for the future mobility of the people of Bilbao. The infrastructure will alleviate heavy traffic on the roads as part of a commitment to multimodal and sustainable transport,” said the EIB Director of Operations for Spain and Portugal Gilles Badot during the signing event held in Bilbao. “With this financing, the EIB will help to create a safer and more efficient transport model, facilitating the movement of people and goods through an alternative subfluvial connection that will be beneficial for the city’s social and economic development.”

“The EIB’s support is a clear sign of confidence in the soundness and potential of the project for Bizkaia, reflecting a vision that prioritises sustainable development and environmental responsibility. This project is the result of an extensive analysis carried out over several months, covering all relevant economic, social, environmental and technical aspects,” said Imanol Pradales, deputy for Infrastructure and Territorial Development of the Provincial Council of Bizkaia.

Background information

EIB

The European Investment Bank (ElB) 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. The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures of over €9.9 billion for Spain in 2022, including record financing for climate action and environmental sustainability projects.

The EIB and sustainable transport

The EIB finances projects that drive greener, safer and more accessible transport, in line with its Transport Lending Policy, updated in July 2022 following the adoption of the Climate Bank Roadmap and the European Green Deal. This policy sets the investment priorities needed to surmount the challenges facing the transport sector, and those most apt to power the shift to a more sustainable model. Sustainable transport is based on four interdependent pillars: It must be safe, accessible, green and efficient. In 2022, the EIB Group financed projects to promote sustainable transport totalling over €10 billion. In Spain, the financing for that year reached €1.59 billion.

Find out more about the EIB’s support for the transport sector here.

Interbiak

Interbiak is a public company affiliated with the Department for Infrastructure and Territorial Development of the Provincial Council of Bizkaia. It plays a crucial role in managing Bizkaia’s road infrastructure, including tolls, motorways and tunnels, underlining its importance in maintaining and developing the area’s transport system.

Interbiak carries out a number of activities that are key to developing and maintaining road infrastructure. These include road infrastructure studies, planning, construction, repair, maintenance, financing and operation, either directly or through third parties. This wide range of responsibilities demonstrates Interbiak’s major role in promoting an efficient and safe transport network in Bizkaia.

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SOURCE: European Investment Bank