European Investment Bank Commits €24.15 Million for Sustainable Development in Loures Municipality

European Investment Bank Commits €24.15 Million for Sustainable Development in Loures Municipality

(IN BRIEF) The European Investment Bank (EIB) and the municipality of Loures have entered into an agreement for the initial €24.15 million portion of a €100 million framework loan. This funding is earmarked to enhance the city’s services, improve living conditions, stimulate economic growth, and advance urban mobility. The framework loan will jointly finance select projects aligned with Loures Municipality’s strategic multi-annual investment plan for 2022-2026. These initiatives encompass the construction and renovation of social housing, climate resilience measures, energy efficiency upgrades, and renewable energy installations in public buildings, the modernization of educational facilities, and enhancements in waste management. The overarching goal of this project is to revitalize existing infrastructure, bolster urban renewal efforts, and safeguard the city’s assets and environmental resources. The signing ceremony, which took place on December 21, 2023, featured EIB Vice-President Ricardo Mourinho Félix and Mayor of Loures Ricardo Leão. Both officials underscored the positive societal and environmental impact of this endeavor, emphasizing its potential to elevate the quality of life for Loures residents and preserve the environment. The initiative encompasses funding for the Repor Loures Programme, including climate adaptation measures in response to the December 2022 floods, as well as the renovation of the city’s state schools to enhance educational conditions. Furthermore, it aims to develop more efficient infrastructure and public services, fostering sustainable and inclusive living in Loures. This investment program aligns with local development strategies within the context of the United Nations 2030 Agenda for Sustainable Development, particularly contributing to Sustainable Development Goal 11 (Sustainable cities and communities). In 2022, the European Investment Bank Group (EIB Group) allocated over €1.7 billion in financing to Portugal, with a notable focus on climate action and environmental sustainability projects.

(PRESS RELEASE) LUXEMBOURG, 22-Dec-2023 — /EuropaWire/ — The European Investment Bank (EIB) and the municipality of Loures have signed a contract for the first €24.15 million tranche of a €100 million framework loan. The funding will contribute to the development of the city’s services and improve living conditions, while also promoting economic growth and urban mobility.

The framework loan will co-finance selected projects from the strategic multi-annual investment plan (2022-2026) of the municipality of Loures, which include the construction and renovation of social housing, climate adaptation solutions, energy efficiency and renewable energy measures in public buildings, the modernisation and construction of educational facilities, and improvements in the management of waste.

This project aims to rehabilitate existing infrastructure and promote urban renewal, preventing the deterioration of the city’s existing assets and environmental resources.

The signing ceremony took place today, 21 December 2023, in Loures, in the presence of EIB Vice-President Ricardo Mourinho Félix and Mayor of Loures Ricardo Leão. They both highlighted the operation’s positive social and environmental impact, with an improvement in the quality of life for the people of Loures and the preservation of the environment.

“This project includes funding for the Repor Loures Programme, launched in the wake of the December 2022 floods, and includes climate adaptation measures that allow us to act in the field of reconstruction and prevention for the future,” said Mourinho Félix. “EIB funding will also support the refurbishment of the city’s state schools, providing better educational conditions for its pupils. In addition, the development of more efficient infrastructure and public services with a greater impact on growth could really make life in Loures more sustainable and inclusive.”

Ricardo Leão stressed that “the signing of this contract is the long-awaited culmination of more than a year’s exhaustive work between the municipality of Loures and the European Investment Bank, in order to realise a partnership for these important investments”. The mayor of Loures also emphasised “it is a great honour to be able to affirm ourselves as partners of the EIB, in a financing with unparalleled conditions that will allow the municipality to carry out very important projects that we would otherwise not be able to realise.”

This investment programme targets local development strategies within the framework of the United Nations 2030 Agenda for Sustainable Development, contributing to the Sustainable Development Goals (SDGs), in particular SDG 11 (Sustainable cities and communities).

In 2022, the European Investment Bank Group (EIB Group), made up of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing in Portugal of over €1.7 billion, which included unprecedented amounts of support for projects in the fields of climate action and environmental sustainability.

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SOURCE: European Investment Bank