EIB and Attiko Metro S.A. announce record new EUR 580 million financing agreement for new Athens Metro line
- The 30-year loan marks biggest financing for transport in the country
- EIB support is also the largest ever financing for a single project in Greece
- Financing is for new metro line 4 – Section A’ Alsos Veikou – Goudi – the largest metro route ever built in Athens
- Loan is the second part of the EUR 730 million total in financing being provided by the EIB for the project.
The European Investment Bank (EIB) today formally agreed a landmark EUR 580 million of new financing for construction of the Athens Metro New Line 4, which represents both the largest EIB support for new transport in the country and for a single project in Greece.
The new financing, which comes in the form of a 30-year loan, will support more specifically, the construction of Section A’ – Alsos Veikou – Goudi, a project comprising of fifteen (15) new underground stations in the Greek capital. This is the second part of the EUR 730 million total in financing being provided by the EIB for the project.
Today at their headquarters in Athens, Attiko Metro S.A., in cooperation with the EIB, the leadership of the Ministry of Infrastructures and Transportation, the Ministry of Finance, and the competent authorities, completed all the procedures required for the conclusion of the agreement, which was signed in the presence of EIB Vice President Christian Thomsen, Ioannis Kaltsas, Head of the EIB’s Investment Team for Greece, and Attiko Metro S.A. CEO Nikolaos Kouretas.
This latest support follows the first loan agreement in 2019, when Attiko Metro S.A. agreed support from the EIB against the amount of EURO 150 million out of the overall approved credit; which was disbursed on 30.11.2021. This new support demonstrates the EIB’s complete satisfaction and trustin the expertise of Attiko MetroS.A, as well as highlights the concrete support that the EIB continues to provide to the Greek economy and infrastructure, especially for sustainable transport.
“Investing in sustainable transport is crucial to improve daily life, support economic growth and cut carbon emissions and pollution. Over the last 30 years the EIB has supported visionary investment by Attiko Metro that has reduced traffic jams and improved travel for Athenians and visitors. Today I am pleased to join Attiko Metro to formally agree our largest ever backing for transport in Greece and confirm our support for Line 4.” said Christian Kettel Thomsen, EIB Vice President.
“The implementation of Attiko Metro S.A. projects would not have been possible if they had not been integrated into the financing programs of the European Union and if the European Investment Bank had not provided its support and decisive contribution from the beginning of the Metro projects construction in Athens and Thessaloniki until the present date. During its long-term operation, Attiko Metro S.A. has proved its competence to design, study, put to tender, and supervise the construction of complex Metro and Tramway related projects, with the highest safety, reliability and quality standards, along with rich aesthetics, by transforming Metro Stations into to small museums,” said Attiko Metro S.A. CEO Nikos Kouretas, who made a brief presentation of the project prior to the signing of the agreement.
“In cooperation with the Ministry of Infrastructures and Transportation, Minister K. Karamanlis and Deputy Minister, G. Karayiannis, Attiko Metro S.A. continues the implementation of the new extensions of the Metro network in Athens and Thessaloniki based on its ambitious program concerning the extensions of its networks. This essentially contributes significantly to the financial development of our country and secures thousands of jobs, and at the same time it gives the opportunity to an increasing number of citizens to enjoy safe, comfortable, fast and reliable travel using environmental friendly mass transport modes.”
Below is an additional, informative note from the presentation given by Mr. Kouretas, the Attiko Metro S.A. CEO:
Attiko Metro S.A.
Metro and Tramways Projects in Athens and Thessaloniki
ATTIKO METRO S.A. is a modern public-interest company with a personnel distinguished for its high scientific training, which, through responsible planning and systematic work, implements the development of the fixed route transportation modes (Metro and Tramway) in Athens and Thessaloniki. Currently, the two Metro Lines in Athens have a total length of approximately 43 km and accommodate 40 modern stations (including the 3 new stations of Line 3 towards Piraeus) serving approximately 1,000,000 passengers. Thus, along with ISAP Line 1, the Tramway and the Suburban Railway, the Metro contributes to the “synthesis” of a modern transportation network and to the upgrading of the quality of life in Attica Basin.
In addition to the comfort, speed and reliability of its trips, the Athens Metro is also famous for the remarkable archaeological finds displayed in the central Stations of its network and the works of art of distinguished artists adorning almost all Stations in Metro Lines 2 and 3. It is worth pointing out that, on the occasion of the Athens Metro construction works, the greatest archaeological excavation ever conducted in the capital of Greece (extending over a surface of 79,000 m2) was performed and brought to light more than 50,000 archaeological finds dating back to the Neolithic period and up to the modern times.
One of the most significant and equally complex projects that ATTIKO METRO S.A. has also undertaken is the construction of the Thessaloniki Metro. The initial project, a 9.6 km long project with 13 modern stations, is at an advanced stage, while its extension to Kalamaria, a 4.8km long underground project with 5 stations, is also at an advanced stage. It is anticipated that both projects, serving more than 315,000 passengers in total on a daily basis, will be completed by the end of 2023. The greatest archaeological excavation ever conducted in the city of Thessaloniki was also carried out and revealed significant finds especially in VENIZELOU and AGHIA SOPHIA Stations.
At the same time, ATTIKO METRO S.A., in cooperation with the Ministry of Infrastructure and Transport, Minister K. Karamanlis and Deputy Minister G. Karayiannis, continues implementing new extensions for the Metro network in Athens. It is anticipated that in the summer of 2022 the remaining 3 Stations of the Athens Metro Line 3 to Piraeus will be commissioned and will connect the Port of Piraeus with Athens International Airport.
Furthermore, the contract for the construction of Section A’ of Line 4 (AlsosVeikou – Goudi) was signed on June 22nd 2021, while the respective contract for the relevant preliminary works, which are already in full swing, was also signed a few months earlier. This is a project including 15 new stations, is approximately 13km long, the relevant contractual price amounts to 1.2 billion Euros and its completion time is approximately 8 years.
In addition, on December 15th 2021, the Tramway extension to Piraeus project, including 12 new stops, was commissioned, while 25 new Tramway vehicles were recently delivered and shall upgrade the Tramway operation throughout the entire network.
Apart from the on-going projects, ATTIKO METRO S.A. schedules the future Metro extensions in Athens and Thessaloniki. The Athens Metro extensions, which advance on a first priority basis, include the extension of Line 2 from Anthoupoli to Ilion with 3 new stations, a project which is at the design phase and is foreseen to be put to tender in 2022, to be followed by the extensions of both Line 2 to Glyfada (3 new stations) and Line 1 (underground alignment) to Kallithea and the SNFCC (Stavros Niarchos Foundation Cultural Centre) with 4 new stations. At the same time, future extensions are also at a maturing process, i.e. Line 4 extension to Pangrati, Vyronas and Ymittos (PYRKAL area foreseen to be re-configured), the extension to the west towards Nea Ionia, Nea Philadelphia and Aghioi Anargyroi terminating at Petroupoli, as well as the extension of Kifissias Avenue axis towards Maroussi and, further on, towards Pefki and Lykovrissi.
Finally, as regards the maturing of projects in the city of Thessaloniki, a traffic study (Thessaloniki Metro Development Study – MAMTH) is already under preparation by ATTIKO METRO S.A., based on which the projects necessary for the city shall be specified at future time horizons. At the same time, the maturing of further Metro extensions to the NW suburbs of the city and towards “Makedonia” Airport is in progress.
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
