The European Investment Bank (EIB) will allocate nearly €1 billion for the development of Czech railways, this is reported by the railway transport news portal, Railway Supply.

Development of Czech Railways

This is the largest loan from the EIB to the Czech Republic.

The funds will be used for the modernization of railways and the implementation of the European Rail Traffic Management System (ERTMS).

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The system will also be deployed on maintenance vehicles.

The agreement includes the strengthening of safety measures at railway crossings and cybersecurity.

This marks the first step following the signing of a Memorandum of Understanding in November 2022.

Under this agreement, the Czech Republic can receive loans from the EIB totaling €7 billion from 2023 to 2027.

The collaboration between the EIB and the Czech Republic has a long history, with over €1.7 billion allocated to Czech projects in the previous year, including railway initiatives and rolling stock modernization.

The EU also supports the construction of access routes in the Czech Republic.

Picture: wikipedia

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