The European Investment Bank (EIB) has approved EUR300 million (US$326.86 million) finance package for the development of Valencia metro network and the Alicante tram in Spain. 

The project includes investment in safety, digitalization, modernization, increased transport capacity and the implementation of the 'NaviLens' system, which will facilitate orientation for the visually impaired in all Metrovalencia and Alicante tram stations. The EUR50 million (US$54.46 million) credit is the first tranche of approved financing between EIB and the region of Valencia for a public company Ferrocarrils de la Generalitat Valenciana (FGV). 

The project will be co-financed by the European Regional Development Fund (ERDF) and the Recovery and Resilience Facility (RRF).