King & Wood Mallesons (KWM) has advised the European Investment Bank (EIB) on the granting of a €200 million loan to Interbiak Bizkaia, S.A., a public company belonging to the Provincial Council of Bizkaia, for the construction of a road tunnel under the Nervión estuary, in Bilbao.

The KWM team was led by the partner and head of the Finance team, Joaquín Sales, who was assisted by associate Jesús Serna.

The new infrastructure will connect the Artaza roundabout in Getxo with the Ballonti roundabout, between Portugalete and Sestao, thus offering a circulation alternative to the Rontegi bridge to mitigate traffic congestion at critical points in the road network of the Bilbao metropolitan area.

The deal is part of the EIB's Transport Finance Policy and contributes to the EIB Group's public policy priority 'Sustainable Cities and Regions'. One of the main objectives of the project is to reform the socio-economic cohesion of five municipalities in the metropolitan area of Bilbao, as well as to provide transport infrastructures compatible with regional and urban mobility planning.

Interbiak Bizkaia has been advised by Cuatrecasas.

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