Great news as bank lends 100 Million Euros for La Gota Fría damages

DAMAGE: Money lent to help with repairs. CREDIT: Reuters

The European Investment Bank lends 100 Million Euros as the Vega Baja region continues to repair damages caused by DANA last September.

THE President of the Generalitat, Ximo Puig, has announced that the Valencian Community will receive €18 Million from the European Union Solidarity Fund as well as a €100 Million loan from the European Investment Bank to repair the damages caused in the Vega Baja and the Vall d’Albaida.
This financing has been in the works since La Gota Fría occurred in September 2019 and will cover projects to be actioned in areas related to Education, Agriculture, Public Works, Health, Tourism Actions and EPSAR.
Repairs are planned for educational centres, irrigation services, road repairs, damage to the Vega Baja Hospital in Orihuela, maintenance and repairs of tourist infrastructures and repairs in sanitation stations.
The loan is fixed for a term of up to 17 years with amortisation at maturity, or 30 years amortisable, plus a 5-year grace period.
The interest rate for this operation will be determined next September when the first disbursement is requested and made. Subsequent disbursements will be made in 2021 depending on the execution of the projects.

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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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