Verdict on Athens metro Line 4 loan due next month

Greece will aim to clinch a deal with the European Investment Bank regarding funding for a fourth metro line in Athens when officials from the Luxembourg-based long-term lending institution visit the city in September, Kathimerini has learned.

Infrastructure Minister Michalis Chrysochoidis revealed in July that the government intends to fund the project, which is expected to cost 3.3 billion euros, through European Union structural funds and loans from the EIB.

Officials representing the lender are expected in Athens in mid-September, which is when the Infrastructure Ministry is expected to present a time line for the execution of the project. Ministry officials are currently preparing a file to present to the EIB representatives. The Greek government is expected to make the Line 4 project one of the top issues on the agenda for the September meetings in Athens.

The EIB has already provided 1.5 billion euros of loans for the construction of Athens’s metro system and is investing another 650 million euros in Thessaloniki’s.

Line 4 in Athens, which is U-shaped, is expected to stretch from the Veikou Woods near Galatsi to Maroussi. The section between Evangelismos in downtown Athens and Alsos Veikou (Veikou Woods), northeast of the city center, which will stretch over 8.3 kilometers and comprise nine stations, will be the first section to be built.

All the engineering and environmental studies for this part of the project have already been completed. This section will cost around 950 million euros to construct. It is expected the EIB will provide half of that. The whole line will stretch over 33 km and have 29 stations.