EIB Supports Basque High-Speed Rail Project with €430 Million Loan

EIB Supports Basque High-Speed Rail Project with €430 Million Loan

(IN BRIEF) The European Investment Bank (EIB) has provided a €430 million loan to Adif Alta Velocidad (Adif AV) for the construction of the “Y vasca” high-speed rail line connecting Vitoria/Gasteiz, Bilbao, and Donostia/San Sebastián in Spain’s Basque Country. This project, part of the Atlantic Corridor of the Trans-European Transport Network (TEN-T), aims to improve rail connectivity within Spain and across Europe. The loan will also fund connections to the Burgos-Vitoria/Gasteiz high-speed line and new access points and stations. This financing is the final tranche of a total €1.43 billion loan, with EIB investments in Spain’s high-speed rail exceeding €13.5 billion to date.

(PRESS RELEASE) LUXEMBOURG, 26-Jul-2024— /EuropaWire/ — The European Investment Bank (EIB) and Adif Alta Velocidad (Adif AV), the Spanish railway infrastructure company, have secured a €430 million loan to advance the Vitoria/Gasteiz-Bilbao-Donostia/San Sebastián high-speed rail line, known as the “Y vasca.” This high-speed line aims to connect the three main cities of the Basque Country—Bilbao, Donostia-San Sebastián, and Vitoria-Gasteiz—and enhance rail links across the Iberian Peninsula and Europe.

The EIB loan will also fund key elements of the “Y vasca” project, including connections to the Burgos-Vitoria/Gasteiz high-speed line and new access points and stations in Vitoria-Gasteiz, Bilbao, and Donostia-San Sebastián. The 182 km line, currently under construction, includes the Vitoria/Gasteiz-Bilbao and Bergara-Donostia/San Sebastián branches, the Nudo de Bergara junction, and sections linking Astigarraga to Donostia/San Sebastián-Irún, as well as access points to Bilbao and Vitoria-Gasteiz.

Designed for both passenger and freight traffic on a double high-speed track with a standard gauge, the “Y vasca” forms part of the Atlantic Corridor of the Trans-European Transport Network (TEN-T). This crucial infrastructure project will integrate the Spanish and Portuguese rail systems with the French network, enhancing connectivity within the European Union. It will also bolster the Basque Country’s rail links to central Spain via the Madrid-Valladolid-Vitoria/Gasteiz high-speed line and to the Mediterranean through the Navarra Corridor.

The latest financing is the final installment of a €1.43 billion loan initially approved in 2017 and increased in 2021. The EIB has supported the “Y vasca” project from the beginning, providing loans totaling €2.83 billion. This significant investment underscores the EIB’s commitment to enhancing high-speed rail connectivity in Spain, where its total investments exceed €13.5 billion.

EIB Vice-President Ricardo Mourinho Félix emphasized the strategic importance of this project, noting that it will significantly improve rail connections between the Basque capitals, Madrid, and the rest of Europe. This investment is a pivotal step in developing sustainable and efficient transport infrastructure across the region.

European Investment Bank

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

Adif Alta Velocidad

Adif Alta Velocidad leads the transition towards a new mobility model, more sustainable, integrating, multimodal, safe and intelligent, as the leading infrastructure investor in Spain. The company deploys railway network to complete high-speed axes and trans-European transport corridors. The liberalisation of passenger rail transport, digital transformation and a large-scale cultural change are some of the challenges faced by the company to consolidate the railway as the mode of transport of the 21st century. Adif AV is an entity belonging to the Ministry of Transport and Sustainable Mobility.

Media Contact:

Maite Cordero
m.corderomunoz@eib.org
+34 606 66 82 62

Press Office

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SOURCE: European Investment Bank