RET has signed a €120 million loan agreement with the European Investment Bank (EIB) to purchase new trains for Rotterdam’s metro network.

The loan will finance the procurement of 16 trains for the Hoekse Lijn, which is due to open next year.

The existing railway between Rotterdam and Hook of Holland will become part of the RET metro network and a new 1 kilometre section of line will extend the route to Hook of Holland Beach.

Another six trains will be purchased to increase service frequency at peak times on line E between Rotterdam and The Hague.

Pedro Peters, chief executive of RET, said in a statement: “The RET met all the requirements in the field of social relevance, sustainability and technical innovation, allowing us to borrow €120 million at an interest rate of less than 1 per cent.

“As a result of this, we save €3 million of interest per year. The less we pay in interest, the lower our costs, the fewer subsidies we need. This is the two-sided effect of the project.”