EIB provides €890m to finance the high-speed rail line between Madrid and Extremadura. Credit: ©ADIF.

The European Investment Bank (EIB) has agreed to provide €890m to fund the construction of a high-speed rail line section in Spain.

The funding will be used to build the 282km connection between Talayuela and Badajoz linking the cities of Navalmoral de la Mata, Plasencia, Cáceres, Mérida and Badajoz. This section is a part of the larger Madrid-Extremadura high-speed rail line.

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The project is a part of the European Atlantic Corridor that seeks to improve connectivity between the Iberian Peninsula and Central Europe.

The high-speed rail line will also facilitate transportation between the two neighbouring countries of Spain and Portugal.

EIB has already signed a loan agreement with Spanish rail company Adif Alta Velocidad to provide the first tranche of €300m.

Adif and Adif Alta Velocidad president Isabel Pardo de Vera said: “The high-speed connection with Extremadura is one of the most important projects Adif Alta Velocidad is working on, as it will have a great impact across Spain, the Iberian Peninsula and Europe.

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“The significant investment efforts required will help create jobs and enable economic, technological and regional development, which is even more important as the economy begins to recover in the wake of the Covid-19 crisis.

“Thanks to the EIB’s collaboration, we can continue to make progress in developing infrastructure that promotes regional cohesion, generates wealth and contributes to the fight against climate change.”

The project is expected to create around 17,000 jobs during the construction period. Once complete, the line will be used by passengers and freight trains.

Earlier this year, EIB allocated €650m to support the construction of a metro rail system in Kanpur, Uttar Pradesh, India.