Spain: EIB Provides Funds to Valencia Region for Reconstruction and Preventive Works After Extreme Weather Damage
The
In September and
The EIB and the Government of
A second tranche of this financing is expected to be signed for the same amount. This will mainly be used to finance prevention and response measures for dealing with similar weather events in the future. These include the construction of green corridors, pumping systems and polders; environmental projects and culvert improvements; and public safety measures, i.e. the introduction of warning systems. These measures are currently being studied as part of the general flood defence plan for the Vega Baja del Rio Segura.
The total investment will help create more than an estimated 1 500 jobs during the implementation phase between 2019 and 2025.
EIB Vice-President
Minister of Finance and Economic Model for the Valencia Region
The EIB is the world's largest multilateral provider of climate finance. Its goal is to be a leader in mobilising the finance needed to limit the average global temperature increase to 1.5 C compared to pre-industrial levels in order to meet the Paris Agreement objectives. On
The EIB is the world's largest issuer of green bonds and was the first organisation to make an issue on this market in 2007.
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