February 15 (SeeNews) - EIB Global, a branch of the European Investment Bank (EIB), has signed an agreement to lend 38 million euro ($40.7 million) to Kosovo for the rehabilitation of a section on rail route 10, the EIB said.
This is the second EIB loan tranche for the railway project, reaching the total amount of 80 million euro provided for its implementation, the EIB said in a press release last week.
The renewal of 148 km of tracks and railway stations will help increase travel speed and improve passenger and freight capacity and regional connectivity, the EIB added.
The EIB loan comes in addition to investment and technical assistance grants provided through the Western Balkans Investment Framework (WBIF), together with a loan from the European Bank for Reconstruction and Development (EBRD), the statement read.
The total cost of the project is estimated at 245 million euro, according to earlier data provided by the EIB.
($ = 0.9343 euro)