Paris has launched the most ambitious project of modernization of the developed 150 years ago by Georges-Eugène Haussmann, which replaced the medieval buildings in the center of the French capital with the grand boulevards bordering currently high, reports Bloomberg. Metropolitan government plans to spend 35 billion euros over the next two decades to modernize suburbs and areas surrounding the city.
The plan, first introduced in 2008, aims basically to each other and connect the suburbs with the city center. The project became more urgent when Paris tries to present itself as an alternative to London for global companies, after British vote to leave the EU. Although this is not a campaign topic, nationalist presidential candidate Marine Le Pen said that in his view, the plan is an excessive burden on public finances. “This is the year when Grand Paris rises,” said national director of the agency responsible for modernizing the transport system in the project, Philippe Yvin. “We are involved in an international competition with other cities to attract investments,” he added.
The impetus for the construction industry
With a 15-year construction plan for an extensive network of transport is a bonanza for the construction industry crisis hit in full. Vinci SA and Bouygues SA joined forces for a contract of 968 million euros to build a new metro line. With an estimated price of 5.7 billion euros will be the most expensive part of the plan. Manufacturers of trains and signaling systems Alstom SA and Siemens AG could benefit as well. “As they say, when the construction industry thriving, prosperous everything”, explained the head of a company for the cement industry lobby, Raoul de Parisot. He estimates that the project will lead to an increase in the volume of cement commander in the region by about 10% in 10-15 years. Industry decreased by 30% in 2007. Even if Paris would lose to Frankfurt or Dublin in attracting institutions after Brexit, the 12 million people who live and living in the region have benefited from the plan, as well as France as a whole. The region is one fifth of the population, which provides about a third of GDP.
Under the plan, 200 kilometers of subway tracks and 68 stations will be added to the transport system in the capital. Work began on a new metro line number 15, which will form an arc which will connect 22 southern suburbs of Paris and will substantially reduce the time spent on the way to work. In addition, by building links between the city and its suburbs less rich, the project hopes to help economic development. Moreover, the French Parliament has allocated 1.7 billion euros to develop a new train line linking Paris to Charles de Gaulle airport. The journey would take 20 minutes, half the current duration, which would attract more tourists, authorities hope.
“Grand Paris” includes plans for the sale of land owned by municipalities to private companies if they would invest more than six billion euros to build railway stations, ports, swimming pools and recreation areas in and around the capital. The project, devised by former President Nicolas Sarkozy, was further expanded by his successor Francois Hollande socialist. It offers the chance to create new jobs as France seeks to accelerate economic growth and reduce unemployment in prezet 10%. So far, 4,000 people working on projects to expand the transport system.