3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||3 Dec 2014|
|Customer:||City of Vantaa|
|Amount in EUR:||EUR 34 million|
|NACE sector / loan type:||Public administration and defence; compulsory social security|
|Business area:||Infrastructure, transportation and telecom|
The loan has been provided for city of Vantaa to develop transportation connections and to build up a multipurpose campus area in a new residential and office area.
Ring Road III, one of the busiest roads in Finland, is of substantial importance for Vantaa’s rail transportation routes; it is used by approximately 60,000–70,000 vehicles daily. As a part of the national E18 highway, it connects southern Finnish towns and harbours to Helsinki Airport, and consequently functions as a significant route for both domestic and international traffic. Investment to develop Ring Road III’s current condition is expected to increase the average speed of traffic during rush hours, and shorten travel times overall for road transport, such as freight traffic to and from Vuosaari Harbour and Helsinki Airport. The pedestrian and cycling route network will also be complemented.
The construction of a multipurpose campus called Aurinkokivi will carry several operations under the same roof in new residential area. When completed, it will house a comprehensive school, kindergarten and a maternal and child health care centre.
Competitiveness: In addition to reduced travel times, the improvements to Ring Road III will reduce the operating costs of vehicles and injuries from accidents. These will cause discounted monetary value, and the benefits gained from the project will be widely distributed.
The construction of the Aurinkokivi campus will contribute to the development of a new residential area in the Helsinki Metropolitan Area, where the limited supply of housing has raised real estate prices, which might affect negatively the labour supply.
Environment: The project activities do not contribute to improving the environment; neither do the activities significantly degenerate environmental resources.
The projects do not imply any potential for a significant negative environmental impact. With the Ring Road III project, the improved noise abatement and safety measures are expected to have a positive social impact on the local community.