EIB agrees backing to upgrade Scotland’s core motorway network

The European Investment Bank (EIB) has agreed to provide a funding contribution of US$292 million towards the completion of the motorway link between Glasgow and Edinburgh. The project includes the completion of the M8 motorway between Scotland’s two largest cities and major improvements to the M73 and M74 to reduce congestion and safety and improve travel times on one of Scotland’s busiest road networks. “The European Investment Bank is committed to supporting crucial investment in essential infrast
February 25, 2014 Read time: 2 mins
The 4270 European Investment Bank (EIB) has agreed to provide a funding contribution of US$292 million towards the completion of the motorway link between Glasgow and Edinburgh.

The project includes the completion of the M8 motorway between Scotland’s two largest cities and major improvements to the M73 and M74 to reduce congestion and safety and improve travel times on one of Scotland’s busiest road networks.

“The European Investment Bank is committed to supporting crucial investment in essential infrastructure across Europe and we recognise the importance of the M8 scheme to upgrade Scotland’s core motorway links. This project will not only provide economic benefits during construction, but will also improve safety and reduce costs for business in the years ahead through improved travel times. We are committed to providing significant long-term financial support for the scheme.” said Jonathan Taylor, European Investment Bank vice-president responsible for the UK and Ireland.

Transport minister, Keith Brown, said: “This marks a significant milestone in the timeline of what is a major transport infrastructure project for Scotland. Not only will these works vastly improve connectivity across Scotland’s central belt, the project will deliver far reaching benefits to the wider Scottish economy.

“We’ll see the creation of hundreds of new jobs which will leave a lasting legacy of a highly-skilled workforce, bolstering Scotland’s construction industry. In addition, the project will act as a catalyst to attract significant inward investment and stimulate continued growth of our business communities.”

Debt financing for the project is equally split between a direct loan from the European Investment Bank and a bond placement with international investors. The new Scottish scheme represents the first UK road project involving bond finance since the global financial crisis in 2008, and is the largest project to be financed through the 2112 Scottish Government’s Non-Profit Distributing model.
Urban Traffic Control

For more information on companies in this article

Related Content

  • Highways England HQ now open
    March 20, 2015
    The new headquarters of Highways England, the company that will run motorways and major A roads, has been opened today by Transport Secretary Patrick McLoughlin. The new company, which replaces the Highways Agency on 1 April, marks a step change in how England’s roads are maintained and managed and will be responsible for delivering more than US$22 billion of investment by 2021. The new company will have longer-term funding to be able to plan ahead and invest in skills and equipment to speed up essential wo
    Read More
  • Highways England strategic business plan promises more smart motorways
    December 12, 2014
    Improved customer service, better planning and stronger relationships are at the heart of a five-year plan which sets out how England’s motorways and major A roads will be modernised, maintained and operated between 2015 and 2020. The pledges are made in the first Strategic Business Plan published by Highways England, which focuses on modernising, maintaining and operating the network, making specific commitments, including modernising core motorways and upgrading some of the most important major routes to
    Read More
  • Investment and innovation the future of ITS
    January 31, 2012
    Cisco's Paul Brubaker, former administrator of the US Department of Transportation's (USDOT's) Research and Innovative Technology Administration (RITA), takes a look at how the ITS sector is starting to attract the attention of major corporations and what this will mean for intelligent transportation in the coming years
    Read More
  • Speed up pace of infrastructure action, say two thirds of businesses
    October 29, 2015
    The majority of businesses (62 per cent) are concerned with the pace of progress on the delivery of infrastructure projects, and over half (53 per cent) believe they won’t see necessary upgrades in the next five years, according to the 2015 CBI/AECOM Infrastructure Survey. With 94 per cent of the 722 firms surveyed saying the quality of infrastructure is a key deciding factor in planning their investments, CBI/AECOM believe there is clear consensus on the need to speed up the delivery of projects crucia
    Read More

Highlighted Content