The European Investment Bank (EIB) has signed two loan contracts with Snam, amounting to €300m and €65m, for the financing of two projects to be developed respectively by Italgas and Snam Rete Gas, the two Snam-controlled companies operating in the distribution and transmission of natural gas across the national grid. Snam Rete Gas will develop its distribution network (gradual replacement of pipes and meters, the implementation of smart metering projects and the development of new distribution networks). The group also focuses on the completion of the Zimella-Cervignano d'Adda pipeline between the provinces of Verona and Lodi in the Po Valley, and the replacement of four turbines at the Messina compressor station. These activities are key to the enhancement of the Italian gas system, with a view to increasing interconnection between European gas networks. In August 2013, the EIB granted a €283m loan for Stogit's Bordolano gas storage project.