The loan is being granted to the Consorzio Venezia Nuova (CVN), the special purpose vehicle charged with implementing project by the Ministry of Infrastructure & Transport via the Venice Water Authority.
The overall MOSE project consists of the construction of a system of mobile barriers at the three inlets to the Venice lagoon - Lido, Malamocco and Chioggia. The inlets are designed to protect the city from storm surges. It is not an isolated scheme but forms part of the general plan to safeguard Venice and the lagoon launched by the Infrastructure Ministry in 1987.
For the EIB, the operation meets a number of financing priorities such as support for infrastructure works and environmental protection.
The EIB approved a loan of up to €1.5bn for the MOSE project four years ago. The first EUR €480m instalment was signed in April 2011.
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