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EIB gives £431M to Venice flood protection project

The European Investment Bank (EIB) has given €500M (£431.M) of a promised £1.3bn to a flood protection scheme for Venice.

The project consists of constructing three systems of mobile barriers, one for each of the inlets to the Venice lagoon (Lido, Malamocco and Chioggia). The barriers will protect the city from storm surges.

The scheme forms part of the general plan to protect Venice launched by the Infrastructure Ministry in 1987.

The payment forms the second part of the £1.3bn investment. The first part, worth £414M, was signed in April 2011.

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