De Watergroep has received a loan of 350 million euros from the European Investment Bank (EIB). The money is intended for investments in its water network. An agreement has been signed for the first tranche of 200 million, said a joint press release on Thursday.
De Watergroep is the largest drinking water company in Flanders. It has a network of more than 34,500 kilometers of water pipes, serving more than 3.3 million customers.
The company is engaged in a multi-year program – until 2028 – to thoroughly renew its network and reduce leakages and energy consumption. The EIB money “goes to the renewal, expansion and replacement of drinking water pipes and branches within the pipe network, including approximately 800 kilometers of new pipes, which also allows De Watergroep to better adapt to the risks of climate change, such as more frequent and longer drought periods,” the press release states. Sensors are also installed to detect leaks.
More than 2 billion in Belgian projects
The EIB loan is granted for the next five years and covers almost half of the multi-annual programme. This is a first loan from the European Investment Bank to the Watergroep. “Water and adaptation to climate change is one of the core sectors for our investments in Belgium,” the EIB said.
Last year, the European Investment Bank financed more than 2.1 billion euros in Belgian projects.