A European Investment Bank team has visited Austria’s western state of Tyrol to check progress on an €18 million upgrade of tourism infrastructure around the town of Ehrwald.
The visit included EIB Vice-President Karl Nehammer, Tyrol Governor Anton Mattle and representatives of Hypo Tirol Bank, and focused on work being carried out by the Austrian company Tiroler Zugspitzbahn, the EIB announced in a statement on Thursday.
Tiroler Zugspitzbahn is a family-owned business that operates an aerial cable car linking Ehrwald — near the Austrian-German border — with the summit of Zugspitze, Germany’s highest mountain at more than 2,900 metres, as well as the ski resort of Ehrwalder Alm.
The company’s investment programme includes improvements to the cable-car boarding area, an underground car park with about 85 spaces, and upgrades to ski slopes and snowmaking equipment.
The EIB has committed €3.5 million to the project through a loan to Hypo Tirol Bank.
How the funding is being channelled
The financing forms part of a €100 million partnership between the EIB and Hypo Tirol Bank, with each contributing €50 million, according to the EIB.
Under “intermediated loans”, the EIB provides funding to partner banks, which then lend to eligible businesses.
“European financing must reach the places where businesses invest,” Nehammer said.
“As Tyrol’s regional bank, our role is to make financing opportunities available where investment takes place,” stated Hypo Tirol Bank management board member Markus Hildmann.
“We are investing in the long-term development of our location,” said Tiroler Zugspitzbahn managing director Franz Dengg.
