Luxembourg, Luxemburg – The European Investment Bank (EIB) continues its support for the extension and modernisation of Budapest underground transport and lends EUR 85 million for the purchase of 22 new metro trains to be used on Budapest’s Metro Line II. Previously, in 2005 the Bank provided EUR 875 million for the construction of Metro IV.

The new 110 m long trains with five coaches will replace 35-year-old rolling stock on the currently rehabilitated M2 underground line in Budapest. The project also covers the delivery of spare parts needed for train maintenance and upgrading of the existing metro car depot.

The modernisation will make public transport safer, more comfortable and the new trains will have a better energy/fuel efficiency.

The Municipality of Budapest will be the borrower and it will on-lend EIB funds to Budapest Transport Limited (BKV Rt.), the major urban transport provider in Budapest city and the neighbouring area.

Mr. Wolfgang Roth, EIB Vice-President who signed the loan, stated: “The EIB supports improvement of the Budapest public underground transport, be it through the extension of the metro network or the modernisation of the rolling stock on existing lines. A well-developed and modernised metro will reduce daily commuting times and it will further encourage Budapest residents to use public transport with positive consequences on their quality of life, as well as on the city’s environment”.