Search En menu en ClientConnect
Search
Results
Top 5 search results See all results Advanced search
Top searches
Most visited pages

Signature(s)

Amount
€ 60,000,000
Countries
Sector(s)
Croatia : € 60,000,000
Services : € 60,000,000
Signature date(s)
6/03/2018 : € 16,000,000
24/03/2017 : € 44,000,000
Link to source

Summary sheet

Release date
4 September 2018
Status
Reference
Signed | 24/03/2017
20160590
Project name
Promoter - financial intermediary
ISTRIAN RIVIERA DEVELOPMENT
VALAMAR RIVIERA DD ZA TURIZAM
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 60 million
EUR 130 million
Location
Sector(s)
  • Services - Accommodation and food service activities
Description
Objectives

The project concerns the financing of the three-year capital expenditure programme of a leading Croatian tourism company. The investments will be located mainly in Porec and Rabac, in Istria. The investment programme includes nearly equal proportions of new developments and reconstruction of older tourist infrastructure into modern family-oriented holiday facilities.

The project's objectives would, inter alia, allow to address an increasing customer demand, ensure a further diversified offer on increased service standards and enhanced safety standards.

Environmental aspects
Procurement

All schemes considered under this project are tourism infrastructure operations. The proposed investments may fall under Annex I or II of Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU), requiring a full Environmental Impact Assessment or EIA screening by the national competent authority on the basis of Annex III to determine the need for a full EIA. If a specific investment is subject to an EIA, the promoter will be required to provide the Bank with a copy of the non-technical summary (NTS) of the EIA, or provide a website link to the location where the document is published in compliance with the EIB's Public Disclosure Policy. The promoter will confirm that the project incorporates all mitigating measures recommended as a result of the EIA. Where relevant, the promoter shall obtain written confirmation from the competent authority that the investment will not have any significant negative impact on sites of nature conservation importance, including sites protected under the "Habitats" and "Birds" Directives (92/43/EEC and 2009/147/EC respectively) and the associated Natura 2000 network.

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, should the status of the promoter change and the EIB were to conclude that the promoter is after all subject to EU public procurement legislation, then the Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation.

Comments

Note that the total loan amount of EUR 60 million is financed as follows: (i) EUR 16 million are a direct loan to the Promoter from the Bank and (ii) EUR 44 million are intermediated to the Promoter by another financing institution.

Link to source
Other links

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - ISTRIAN RIVIERA DEVELOPMENT
Publication Date
27 Mar 2019
Document language
Main Topic
Lending
Document Number
92046982
Document Focus
Environmental Information
Project Number
20160590
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - ISTRIAN RIVIERA DEVELOPMENT
Publication Date
10 Jan 2020
Document language
Main Topic
Lending
Document Number
122778663
Document Focus
Environmental Information
Project Number
20160590
Sector(s)
Regions
Countries
Publicly available
Download now
Other links

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

Related publications