EIB Supports Bilbao Port Growth With Loan For Sustainability Projects

2024-12-11 03:10:22

(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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