LISBON URBAN RENEWAL HOUSING CLIMATE FL

Framework loan to co-finance the multi-annual investment plan (2016-2020) of the city of Lisbon. The operation includes environmental remediation, prevention and risk-protection projects, urban regeneration infrastructure and social housing, including new houses and major repairs in existing stock.

The project will contribute to the overall development of the city and enhancement of the overall conditions for life and business. In addition, the project should foster economic development taking into consideration changes in demographic and economic conditions as well as improving mobility within the city, a prerequisite for improving its attractiveness to investors.

The project comprises a multi-scheme operation classified as a framework loan and some of the schemes may fall under Annex I or II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended. Should any scheme have a negative impact on an area forming part of the Natura 2000 network (falling under the Habitats Directive 92/43/EEC or Birds Directive 2009/147/EC), the Bank would require the promoter to act according to the provisions of the aforementioned directives as transposed into national law. It is a requirement that all schemes must be implemented in compliance with the EU environmental legislation.

Compliance with EU Directive 2010/31/EU on Energy Performance of Buildings will be further examined during appraisal.

The level of climate action (adaptation and mitigation) measures, where relevant, will be assessed during the appraisal, in particular environmental remediation actions, including measures adopted to address floods.

The Bank will require the promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2004/18/EC, or 2014/24/EU where applicable, and/or 2004/17/EC, or 2014/25/EU where applicable, and/or 2014/23/EU where applicable, as well as Directives 89/665/EEC and 92/13/EEC), as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

The envisaged EIB loan is considered to be a key contribution for the effective implementation of the investment programme, not only in view of the proposed amount but also in view of the long maturity required compatible with the long life span of the underlying capital expenditure. The envisaged EIB co-financing of the promoter's multi-annual investment programme would also be key to fostering the participation of other banks in the funding of the investment programme.