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14 January 2010
Italy: EUR 500 million for Gavio group’s motorways
The European Investment Bank (EIB) has signed four separate finance contracts totalling EUR 500 million in favour of Sias SpA, the holding company of the Gavio group. While the main project consists of completion of the Turin-Milan motorway, five smaller schemes involve investment in the Gavio group’s other motorways in north-west Italy. These projects form part of the TENs (trans-European communication networks of Europe-wide interest) and are therefore financing priorities of the EIB.
The EIB is providing EUR 350 million to finance a 57 kilometre section between Greggio (Piedmont) and Milan completing the Turin-Milan motorway. The total cost of this project, which should be opened to traffic in four years, is estimated at around EUR 1.1 billion. Back in 2002, the EIB contributed to financing the first section (Turin-Greggio) with a EUR 150 million loan that is currently being repaid.
EIB funding for these projects totals EUR 150 million and is designed to support safety and environmental upgrading measures on the Valle d’Aosta, Liguria-Tuscany, Ventimiglia-Savona, Turin-Ivrea and Turin-Piacenza motorways operated by the Gavio group.
The financing operations were structured with the help of Mediobanca and the Unicredit group, which will serve as intermediaries for the EIB funds made available to the Gavio group under four separate finance contracts.
The European Investment Bank supports the strategic and policy objectives of the European Union by granting long-term loans for economically viable investment projects. The EIB’s shareholders are the 27 EU Member States. Italy is one of the four leading shareholders, along with the United Kingdom, Germany and France, each holding a 16.2% stake in the Bank.