The European Commission (EC) has given its consent to provide public financing from France and Spain to the Fres Mos sea motorways project.
The commission has also approved complementary state aid of $41.7m where France and Spain will each grant $20.8m.
The project will receive a grant of nearly $5.5m from the EU’s Marco Polo II programme.
The overall financing of the project will be limited to 35% of the eligible costs within the first four years of the operation in line with the applicable EU rules on state aid.
The Franco-Spanish motorways of the sea project will link the French port of Nantes-Saint Nazaire with the Spanish port of Gijon, and will be operated by GLD Atlantique.
The commission has selected 22 projects with overall funding of $92.3m under the Marco Polo II finance programme.