The Community of Madrid backed by the European Investment Bank to finance the extension of Line 11 of the Metro

Signing ceremony for the financing of Line 11
Today, the Board member Fernández-Lasquetty has signed this financial operation with the vice-president of the entity, Ricardo Mourinho. The amount of the operation is €372 million, which will enable the new underground works to be undertaken. In addition, Madrid is the first region to count on the collaboration of this organisation for research and development projects through IMDEA. International lending institutions value the budgetary stability and efficiency in the management of the regional administration

The Madrid Region has been backed by the European Investment Bank (EIB) for financing the extension of Metro Line 11. The amount of the transaction is €372 million. The intervention on the underground includes the first section from Conde de Casal station to Plaza Elíptica, which includes two new stations: Comillas and Madrid Río, and three interconnections on existing lines: Palos de la Frontera with L3; Atocha with L1, Cercanías and AVE, and Conde de Casal with L6.

The planned actions include the first section from Conde de Casal station to Plaza Elíptica, with two new stations –Comillas and Madrid Río–, as well as another three interconnections on existing lines: Palos de la Frontera with L3; Atocha with L1, Cercanías and AVE, and Conde de Casal with L6.

Javier Fernández-Lasquetty, Minister for Economic Affairs, Finance and Employment, and Ricardo Mourinho, Vice-President of the EIB, signed the operation today, underlining the Madrid government's commitment to budgetary stability and efficient management, both of which are highly valued by international lending institutions.

This enables the Community to obtain better than market conditions, both in terms of costs, as it is cheaper than other forms of financing, and in terms of maturities, as it offers loans for longer periods of time.

In addition, Madrid has become the first Spanish region to formalise a loan in 2022 from this entity for the implementation of research and development projects through the Madrid Institutes for Advanced Studies (Institutos Madrileños de Estudios Avanzados, IMDEA). In this case, the amount is €182 million.

These research centres of excellence of the Community of Madrid focus their activities on seven strategic areas for society from a business, scientific and technological point of view: water, food, energy, materials, nanoscience, networks and software.

Thanks to this operation, career opportunities will be generated for young people through doctoral scholarships and other grants and calls will be opened to form working groups of researchers and innovate in lines of work with greater resources, as a tool for retaining talent.

The two latest agreements add to the extensive collaboration between the EIB and the Madrid Region, which in 2020 became the first Spanish region to receive EIB financing for the COVID health emergency, amounting to €600 million.

Financing the extension of Line 11

The Community of Madrid backed by the European Investment Bank to finance the extension of Line 11 of the Metro
The Community of Madrid backed by the European Investment Bank to finance the extension of Line 11 of the Metro
The Community of Madrid backed by the European Investment Bank to finance the extension of Line 11 of the Metro