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EIB to support second phase of West Metro extension in Espoo

Staff Writer | August 31, 2016
The European Investment Bank (EIB) has announced its support for the extension of the Westmetro in Espoo, in Finland’s capital region.
Transportation   On the back of a previous EUR 450m loan
During an official EIB visit to Finland, President Werner Hoyer signed the first EUR 100m tranche of financing.

During the visit the EIB delegation, headed by President Werner Hoyer and Vice-President Jan Vapaavuori, held talks with Prime Minister Juha Sipilä and Minister of Finance Petteri Orpo, and had a lunch meeting with Minister of Economic Affairs Olli Rehn.

Among the topics of discussion was the economic outlook for Finland and the EU, as well as future EIB support for projects in various sectors of the Finnish economy. In the afternoon, President Hoyer and VP Vapaavuori travelled to Espoo to sign the loan agreement for the West Metro extension.

The EUR 100m tranche signed today is part of a total approved facility amounting to EUR 450m, the remaining part of which will be signed over the course of 2017.

The EIB’s support for this second phase of the extension comes on the back of a previous EUR 450m loan provided in 2011 for the first phase of the West Metro, which will enter into service in early 2017.

The extended track will have a total length of 7 km, adding five stations to the line between Matinkylä and Kivenlahti in Espoo.

Recently the EU Bank helped enable other strategic investments in Espoo by supporting the city’s education programme, which will see the construction of pre-school and day-care centres and comprehensive schools, as well as the extension and refurbishment of school campuses.