EIB funds released for new trams in Rīga

The European Investment Bank (EIB) said December 12 it had made the first payment of a major investment being used to finance the purchase of new trams in the Latvian capital.

"Done! Today we paid the first EUR 50 installment to Riga Transport for the new trams which will soon ride through Riga's streets," the EIB tweeted. 

As previously reported by LSM, the money will also be used to construct a controversial new tram line, with the total cost expected to be just under 100 million euros.

The EIB is the European Union's bank. It is the only bank owned by and representing the interests of the European Union Member States and works closely with other EU institutions.

In March 2015 the EIB and the Latvian Ministry of Finance agreed to establish a EUR 200m loan facility for Latvia to support investments in energy, sustainable transport infrastructure and other fields, including for the first time also in rural development.

During the period 2012-2016, the European Investment Bank invested a total of EUR 452.5 million in Latvia.

The total investment of the EIB Group (the European Investment Bank and the European Investment Fund) in Latvia in 2016 was EUR 10 million.

 

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