Back to list Print 19. Jul. 2017

“Rīgas satiksme” signs loan agreements with EIB and NIB

“Rīgas satiksme” has signed loan agreements with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) for EUR 75 million and EUR 60 million, respectively, to replace funding for the purchase agreement on 20 new low-floor trams signed in 2016. The new loan agreements also provide funding for the purchase of hydrogen driven public transport vehicles and investment in hydrogen production and filling as well as low-floor tram infrastructure.

The purchase agreement of 20 low-floor trams signed in 2016 stated that the supplier of the trams had to provide the necessary funding. As new agreements offered lower loan interest rates, the source of funding for buying the trams was replaced.    

EIB and NIB are international financial institutions aimed at furthering economic growth. The loan granted by EIB is the first loan for the development of transport sector granted in Latvia with support from the European Strategic Investment Fund (ESIF). ESIF is the core of the European Union’s investment plan  (Junker’s plan) and is aimed to help use public funding, including that from the EU budget, to mobilize private investments for various projects implemented in the EU. These projects cover sectors like infrastructure, research and innovation, education, healthcare, IT & T.

To receive funding from EIB and NIB, it was necessary to go through a long evaluation process and meet very strict loan criteria.

“The investments funded by NIB will enable the implementation of the first ever exhaust free public transport vehicles and extend the network of low-floor trams in Riga. We hope that these innovations will make urban public transport more comfortable and in the long run will reduce the negative impact of diesel driven transport on the environment,” NIB President Henrik Normann said.

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