The European Investment Bank (EIB) has agreed to lend over PLN1bn (€235m) to the city of Lodz and towards rail development in western Poland, the bank announced in a statement released on March 6.
The funds, dispersed in four loans, will be used to help in modernization of urban infrastructure, and projects connected with environmental protection in Lodz. A total of €100mn (around PLN414mn) will meanwhile go to PKP Polskie Linie Kolejowe towards modernisation of the line between Wroclaw and Poznan. The route is planned to run high-speed trains.
Two loans worth PLN450mn in total for regeneration of urban infrastructure in Lodz. EIB funds will be used for renovations of streets, public spaces and municipal buildings,
The EIB line will be used to finance eco-friendly investments connected with improvements in energy efficiency, modernisation of equipment and machinery, sources of heat and thermal insulation of buildings. The investment in these projects will total PLN310mn and be channeled via local lender Ochrony Srodowiska Bank. This is the fifth such loan and is part of the EU's Small and Medium Enterprise Finance Facility Energy Efficiency Window.
“The EIB, as the EU’s bank, is becoming ever more engaged in the ever more competitive Polish economy,” the EIB’s Polish chief Laszlo Baranyay said.
Related Articles
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Eurozone manufacturing growth hits four-year high in April but Middle East war drives record price surge
Eurozone manufacturing activity expanded at the fastest pace in nearly four years in April as factories rushed to build safety stocks ahead of expected price rises and supply shortages linked to the ... more
Poland’s BGK to begin operations in Ukraine under new cooperation deal
Polish state development bank BGK will launch operations in Ukraine following the signing of a cooperation agreement between the two countries’ economic ministries, reported Ukraine Business News. ... ... more