The European Investment Bank (EIB) has agreed to extend two loans worth €300m to finance road infrastructure in Poland.

EIB will extend €180m loan to finance the reconstruction of roads damaged by the floods in Poland during May and June 2010, and €120m to support the design, supply and installation of an electronic toll collection (ETC) system.

The loan of €180m will be used for the renovation of 177 roads, which includes repair of damage to engineering structures, roads, drainage and sewerage systems.

The reconstruction projects were started in 2010 and expected to be completed by 2013.

About €120m will be used to fund the introduction of an ETC system for buses and vehicles heavier than 3.5t on a network of about 580km of motorways, 554km of expressways and 440km of national roads.

After completion of first one of the project, the ETC system will be enlarged gradually as the motorway and expressway network in the country expands.