The European Investment Bank (EIB) and the Flemish utility TMVW (Tussen-gemeentelijke Maatschappij der Vlaanderen voor Waterbedeling – Inter-municipal Association for Water and Sanitation) have signed an agreement for a loan worth €100 million for local wastewater infrastructure in the Flemish region.
The financing runs for 18 years and involves several specific modernisation and expansion projects to be carried out by TMVW in its field of operations as a wastewater utility.
Since 2005, TMVW's Purification Division – operating under the name FARYS – has worked closely with its now more than 50 partners, mainly cities and municipal authorities, in the area of local sewerage management. The loan facility from the European Investment Bank will allow TMVW to further expand its wastewater infrastructure, at all times in compliance with European environmental directives.
EIB Vice-President Pim van Ballekom said:
“The European Investment Bank is a strong supporter of long-term investment in wastewater infrastructure across Europe, because environment-friendly sewage disposal and water management are essential to protect quality of life for future generations. The EU Bank has a strong track record when it comes to improving Belgian water infrastructure and we are delighted to have established this new partnership with FARYS|TMVW.”
The Bank said that since the nature and purpose of the investment projects within the Purification Division are in line with the EIB's objectives concerning climate, water quality, sustainability and other issues, the funding partnership is a logical extension of its policy. In 2014 alone, the EIB supported water and sewerage-related projects throughout the European Union with loans worth over € 2.2 billion.
The EIB added that another important reason for the partnership is that these extensive investment programmes have a substantial ongoing need for capital. The agreement between the two parties answers the need of FARYS|TMVW to diversify its funding.
The bank said the conditions under which the loan is granted confirm the European Investment Bank's confidence in the Flemish company, without however losing sight of the challenges in terms of the scale of investment and the complexity of the regulatory framework.
Martine De Regge, Chairman, and Ludy Modderie, CEO of TMVW said of the agreement:
“We are delighted to be the first Flemish inter-municipal utility to obtain such financing through the EIB. We believe that this cooperation with the European Investment Bank represents additional security both for the company and for the partners and associates of FARYS|TMVW, and further guarantees our ability to pursue a sustainable, future-oriented approach.”
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