EUR 450 million for renewal of road transport fleets

EUR 450 million for renewal of road transport fleets

The European Investment Bank (EIB) signed this morning with the Public Works Minister Ana Pastor, and the Minister for Agriculture, Food and the Environment, Isabel Garcia Tejerina, a number of loans totalling EUR 450 million for financing the renewal of road transport and tractor fleets.

During the signing ceremony, EIB Vice-President Román Escolano stressed ¿the importance of this operation, which will enable small and medium-sized business in the transport sector to undertake investment that is essential to improve their safety standards and the quality of their services, ultimately increasing the sector¿s competitiveness and fostering job creation at a critical time for the Spanish economy¿.

The operation was designed in close cooperation with the Ministries of Public Works and Agriculture, Food and the Environment under environmental improvement plans. The funds will be channelled to SMEs and midcaps (firms with up to 3000 employees) through six Spanish financial institutions: Instituto de Crédito Oficial, BBVA, Banco Santander, Bankinter, Banco Sabadell and CaixaBank.

The EIB loan will mainly be used to help finance the replacement of commercial road transport and agricultural vehicles (trucks, buses, vans and tractors), bringing substantial safety improvements and fleet performance gains, including significant reduction of CO2 emissions.