The European Investment Bank (EIB) has signed off €100 million to finance phase two of the West Metro project in Helsinki.
Altogether, a loan facility of €450 million has been approved for the second phase of the project. Additional payments will be made throughout 2017.
The West Metro extension to Espoo will open in two phases. The first is a 14-kilometre section between Ruoholahti and Matinkylä, which received a €450 million loan from the EIB in 2011. This will be followed by a seven-kilometre route between Matinkylä and Kivenlahti.
EIB president Werner Hoyer and vice president Jan Vapaavuori travelled to Espoo today (August 30) to sign the loan agreement.
Responding to the announcement, Mayor of Espoo Jukka Mäkelä said: “The West Metro extension in Espoo is not only an investment in public transport but also an investment for the whole area.
“The West Metro’s growth and development corridor links up the southern part of the city and connects the whole area to the metropolitan area of Helsinki.”
Phase one is due to open in early 2017.