The European Investment Bank (EIB) has signed a € 50m loan with the municipality of Las Palmas, Gran Canaria (Spain) and municipal transport company, Guaguas, for new bus rapid transit (BRT) infrastructure.
The loan has an Investment Plan for Europe guarantee, and work on the high-capacity line will begin over the next quarter, with the aim of building 11.7 km of roadway dedicated to bus transport.
In addition to the construction of the new bus lanes, the EIB-financed project includes the purchase of 17 new environmentally friendly electric or hybrid buses, and the construction of three new stations, 17 stops and a traffic control centre.
The new bus lanes will run along the coast – together with the major transport arteries – and will help promote tourism in the city as an alternative to the resorts on the south of the island.
The project also covers the creation of a new bicycle lane and the improvement and widening of pavements bordering the new bus lanes.
Commissioner for Climate Action and Energy Miguel Arias Cañete said: 'Cleaner, more efficient urban transport networks improve the vibrancy of cities and the quality of life of their residents. Today's agreement provides another example of how the Investment Plan is making a valuable contribution towards creating a more energy efficient future for Europe.'
For more information, visit eib.org.