The European Investment Bank announced a loan of 1.2 billion euros to Italy for the construction, operation, and maintenance of highways.
The bank clarified in a statement that the financing focuses on upgrading 3,000 kilometers of Italian highways to improve safety and resilience against future adverse weather conditions.
Gelsomina Vigliotti, Vice President of the European Investment Bank, said: “These loans demonstrate the bank’s commitment to enhancing safety and environmental sustainability on the Italian highway network, an integral part of the core corridor that contributes to the development of the single market and strengthens the economic, social, and territorial cohesion of the European Union.”
European Commissioner for Economy, Paolo Gentiloni, stated: “This significant investment in Italy’s transport infrastructure will make driving on our highways safer and improve their resilience to bad weather conditions, which we know will become more common than ever. I am pleased that the European Union is helping to support more than 13,000 jobs in Italy.”
Italy’s economy has demonstrated resilience amidst various challenges, including high energy prices and inflation, achieving a 3.7% growth in 2022. The construction sector, benefitting from eco-friendly tax incentives, along with the rebounding tourism and services sectors, have significantly contributed to this growth. However, the country faces ongoing economic uncertainties due to factors like supply chain constraints, inflation, and the impact of Russia’s invasion of Ukraine. The Italian government projects a growth of 1% in 2023 and 1.5% in 2024, with public debt expected to decrease gradually from 155% in 2020 to 141.4% in 2024. Italy’s National Resilience and Recovery Plan (NRRP), spanning 2021-2026, aims to leverage over €200 billion in EU funds to foster digital and green transitions while addressing structural growth impediments such as legal system inefficiencies, complex tax administration, and bureaucratic challenges. To date, Italy has received €67 billion from the NRRP in EU grants and loans, with further disbursements contingent upon achieving specific EU-agreed milestones and targets.
