The European Investment Bank (EIB) has agreed to provide a €270M loan to the Bank Gospodarstwa Krajowego (BGK) to refurbish a road segment in Poland.
The funds will be used to upgrade a 40km section of the S7 express road between Koszwały and Kazimierzowo in northern Poland.
The work will involve the construction of a 2x2-lane expressway, partially following the existing road and partially along a new route.
The project covers four interchanges and more than 70 engineering structures, including two bridges over the Vistula River.
Overall, the project is estimated to cost about €680M. EIB will finance up to 40% of the project costs, with the remainder being funded by the EU Cohesion Fund grants and by budgetary contributions.
EIB’s vice president in charge of operations in Poland Vazil Hudák said: “The project will help unblock a major traffic bottleneck both for long-distance traffic and between the Gdańsk and Elbląg urban areas; improve the quality of life of citizens through increased transport safety; and have a positive impact on the environment due to a decrease in pollution. The EIB loan will be instrumental in this.”
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