EIB Supports Improvements On Key Railway Infrastructure In Hungary

  • 19 Jul 2016 9:00 AM
EIB Supports Improvements On Key Railway Infrastructure In Hungary
The European Investment Bank (EIB) is lending EUR 40 million to Hungary’s Railway Company GySEV (Gyor-Sopron-Ebenfurti Vasut Zrt) to finance the purchase of new rolling stock and introduce safety improvements. This will help to provide higher quality railway services on the Austrian-Hungarian cross-border railway network along the strategic trans-European transport corridor.

The rolling stock acquisition comprises nine new locomotives and five Electric Multiple Units to expand and renew GySEV’s existing fleet by replacing less efficient and less environmentally friendly locomotives. This will better meet existing transport demands and cater for future capacity needs. It will also generate benefits by reducing vehicle operating costs, road accident losses and pollutant and greenhouse emissions.

Mr László Baranyay, EIB Vice-President responsible for lending in Central Europe, stated: “The EIB loan will help to improve the efficiency of the railway infrastructure along a key cross-border axis between Hungary and Austria while strengthening the competitiveness and increasing the attractiveness of a more sustainable means of passenger and freight transport”.

GySEV is the recipient of the EIB loan and the project promoter. It is a strategically significant cross-border regional railway company that has operated as a regional railway operator and infrastructure manager without interruption since its foundation in 1872 under the Austro-Hungarian Empire.

Background information:

The EIB is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

More: Website: www.eib.org

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