EIB Supports Bilbao Port Growth With Loan For Sustainability Projects
Date
12/11/2024 3:10:22 PM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 11. The European
Investment bank (EIB) has signed an 80 million euro loan agreement
with the port Authority of Bilbao to fund the expansion and
electrification of the port, Trend reports.
This project, which forms part of the broader effort to make
maritime transport more sustainable, will help reduce reliance on
carbon-intensive transportation modes.
The EIB loan will support the second phase of the port's central
breakwater expansion, the development of the landside electricity
grid, and the installation of renewable energy infrastructure on
port grounds. These improvements aim to enhance the efficiency of
the port, which is an important node in the Trans-European
Transport Network (TEN-T), particularly benefiting the Atlantic
Corridor.
The project is expected to reduce the cost of maritime
transport, support the offshore renewable energy sector, and
provide renewable energy sources to power the port's
electrification efforts. The expansion aligns with the EIB Group's
strategy to allocate at least half of its annual financing toward
climate action and environmental sustainability.
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