European Investment Bank gives €150m to join Luas lines
THE European Investment Bank (EIB) is to provide a €150m loan to help fund construction of the new Luas Cross City line.
The money will be used to fund the €368m link-up of Dublin's tram system, which is expected to be operational by late 2017.
The deal was announced at the Department of Transport this afternoon.
“An effective public transport network is essential for city life and the European Investment Bank is committed to supporting long-term investment in sustainable transport in Dublin that will reduce congestion and pollution," EIB vice president Jonathan Taylor said.
"We are pleased to support the crucial Luas light rail tram link and acquisition of new trams to improve public transport capacity in the Irish capital. The new connection will make a signification contribution to construction jobs in Ireland and demonstrates our firm commitment to supporting long-term investment in the country.”
Transport Minister Leo Varadkar said the line would add 10 million additional passenger journeys every year, and create up to 800 construction jobs during works.
The investment comes after the EIB last year provided €680m in funding for seven new projects including support for new roads, schools, university investment, energy and telecommunications.