EIB funds to help modernize Polish rail

The European Investment Bank (EIB) has said it will lend funds to Poland's biggest long-distance rail operator PKP Intercity to help modernize the country's rail sector.

Photo:

PAP/Łukasz Gągulski

The EIB said it had agreed to lend PLN 2 billion (around EUR 434 million) to help the state-owned company finance a massive fleet renewal programme aimed at making long-distance train journeys throughout the country more frequent, safer and more attractive, as well as improving accessibility for people with reduced mobility.

EIB supports sustainable rail transport in #Poland: by 2028 more than 30% of @PKPIntercityPDP fleet will be modernised as first €434 mn loan signed today by VP @TeresaCzerwnska & PKP. It will make train travel more safe, attractive & environment friendly👉https://t.co/rIVrXqmsz6 pic.twitter.com/DoK4auX6wi

— European Investment Bank (@EIB) December 10, 2021

The loan is the first part of the bank's wider PLN 4.5 billion (close to EUR 1 billion) lending commitment in favour of PKP Intercity, the EIB said on its website.

EIB Vice-President Teresa Czerwińska, a former Polish finance minister, was quoted as saying that "trains are an important asset for achieving a more climate-friendly way of life without giving up on comfort."

She added: "Better trains improve mobility and comfort, create connections and at the same time help to green our economies by diverting traffic from roads to rail."

The European Investment Bank is a European Union financial institution that provides long-term loans to the bloc's member states.

(gs)

Source: IAR, eib.org