The European Investment Bank (EIB) and the region of Valencia have signed a EUR 50 million finance contract for Ferrocarrils de la Generalitat Valenciana (FGV) to modernise and expand Valencia and Alicante urban rail transport. The projects to be implemented have a total cost of EUR 609 million.
The agreement was signed by the EIB Vice-President Ricardo Mourinho Félix and the Minister of Finance and Economic Model for the Valencia region Arcadi España in the presence of the Minister of Land Policy, Public Works and Mobility for the Valencia region Rebeca Torró.
The loan is the first tranche of approved financing totalling EUR 300 million to enable FGV to modernise and develop its railway infrastructure, and to improve its fleet by purchasing new rolling stock and modernising its existing units.
The investment will also be used to elaborate measures to improve accessibility for passengers with reduced mobility and to replace all incandescent Metrovalencia signage with more efficient and sustainable LED lighting. The project includes relevant infrastructure actions, such as track duplications and electrification of sections of the Alicante tram network, as well as relevant investments in digitalisation, such as the installation of video surveillance equipment and communications systems in the Metrovalencia fleet.
The investments financed include the implementation of new technologies, such as the ‘NaviLens’ system, which will facilitate orientation for the visually impaired in all Metrovalencia and Alicante tram stations and carriages.
The transport operator is therefore investing in improvements to increase the coverage, quality, safety and accessibility of Valencia and Alicante urban rail transport services.
The public company FGV operates the rail-based networks in Valencia through a Public Service Contract with the Comunidad Valenciana. The operation concerns FGV´s multi-year investment programme for public urban and suburban rail infrastructure and rolling stock in Comunidad Valenciana, encompassing safety, digitalisation, upgrade and new capacity investments. The project will be co-financed by the European regional development fund (ERDF) and European regional development fund (ERDF) resources.