2023-12-17 15:56:59
The consortium building a new light rail line in Tel Aviv has signed a financing agreement worth 6.1 billion shekels ($1.7 billion) with the European Investment Bank ( BEI) and two Israeli banks, a member of the group said on Sunday.
In a regulatory filing in Tel Aviv, construction and infrastructure company Electra – which holds a 40.05% stake in the TMT (Tel Aviv Metropolitan Tramway) consortium – said Hapoalim and Mizrahi-Tefahot participated in the interim funding cycle that will enable the planning, construction and maintenance of what is known as the Green Line.
Israeli media reported that the EIB loan was worth 250 million euros ($272 million).
After years of delays, the Red Line entered service earlier this year, while a second Purple Line is expected to open in 2027.
The Green Line, 39 km long, is expected to enter service in 2028. It will include 62 stations, including four underground, and will run along the coastline to connect Tel Aviv, Israel’s commercial capital, to the technology center Herzliya, in the north of the city, and to the neighboring towns of Holon and Rishon LeZion, south of Tel Aviv.
It is expected to serve some 275,000 passengers per day.
The French train manufacturer Alstom and the Israeli company Dan Transportation are also part of the TMT consortium responsible for the construction of the green line, the construction of which is estimated at 19 billion shekels.
Electra also said it had entered into additional agreements with TMT necessary for the execution of the project, including for planning and construction, amounting to NIS 2.7 billion. ($1 = 3.6753 shekels) ($1 = 0.9179 euros) (Reporting by Steven Scheer; Writing by Alison Williams)
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