Spain has announced €166m of new financing for its bus modernisation programme which began last year.
The Spanish government has spent €95 million on 484 new bus leases in the year to mid-July, in a huge programme designed to update the country’s entire fleet.
Plan VIVE, a joint project between Spain’s ministry of public work and transport (Ministerio de Fomento), and the state financial agency, Official Institute of Credit (ICO), aims to improve the efficiency of the fleet and to reduce pollution.
It launched last year, and has financed 755 leasing agreements worth €143m for the purchase of new buses in the past 12 months. There were 271 agreements in 2009, amounting to business worth more than €48 million.
Additionally, there will now be 0 percent interest on the first €70,000 or €130,000 of the purchase price (for passenger vehicles with more than 8 seats and weighing up to 5 tonnes, and for vehicles of more than 5 tonnes respectively).