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    Signature(s)

    Amount
    € 50,000,000
    Countries
    Sector(s)
    Italy : € 50,000,000
    Transport : € 8,500,000
    Education : € 18,500,000
    Urban development : € 23,000,000
    Signature date(s)
    17/12/2021 : € 8,500,000
    17/12/2021 : € 18,500,000
    17/12/2021 : € 23,000,000

    Summary sheet

    Release date
    21 September 2021
    Status
    Reference
    Signed | 17/12/2021
    20210394
    Project name
    Promoter - financial intermediary
    BOLOGNA CLIMATE ACTION & URBAN REGENERATION FL
    COMUNE DI BOLOGNA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 50 million
    EUR 120 million
    Location
    Sector(s)
    Description
    Objectives

    Framework loan to co-finance multi-sector schemes included in the Investment Programme of the City of Bologna and supporting the implementation of its General Urban Plan and its Climate Strategy. Investments comprise the upgrade and construction of public buildings, including notably schools. It also includes social housing, public lighting, sustainable urban mobility schemes, parks and open spaces as well as rehabilitation of urban roads.

    The project supports the implementation of the 2021-2023 Investment Programme of the City of Bologna and its subsequent updates. It also supports the implementation of the City General Urban Plan and its Climate Strategy (PAESC).

    Additionality and Impact

    Project to co-finance multi-sector schemes included in the Investment Programme of the City of Bologna, and aligned with EIB lending policies in the Urban Development, Education and Energy Sectors. The Project is deemed aligned to a low carbon and resilient pathway, consistent with the Paris Agreement goals and principles. Its contribution to the Bank's Climate Action & Environmental Sustainability objectives is estimated at approx. 56% of the total cost, which is very high for a multi-sector Framework Loan.


    The Project generates numerous positive externalities: the improved urban environment will translate into higher quality services supporting businesses and economic activities, and higher quality of life of residents; the upgraded social infrastructure and housing will benefit society and the broader economy, mainly in terms of skills development, enhanced productivity and improved human well-being. The shift to more sustainable modes of transport will reduce related negative externalities; and the investments targeting climate change will contribute to the construction of a more sustainable and resilient future. Additionally, this operation promotes gender equality.


    The EIB's technical advice has helped the Promoter to better structure and prepare the operation to align it to the EIB Climate Bank Roadmap goals, and to ensure its investments contribute to sustainable finance per the EU taxonomy. Going forward, the City is exploring possibilities to work with the EIB to further refine and standardize its municipal gender survey and impact measurement tools. Financially, the Bank's participation will bolster the borrower's debt service capacity at a critical time and will include flexible drawdown terms to ensure that sufficient resources are available in a timely manner for the city to implement the urban regeneration schemes.


    Environmental aspects
    Procurement

    The compliance with the relevant EU Directives will be verified during appraisal: Directive 2014/52/EU amending the EIA Directive 2011/92/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. For new and refurbished buildings, 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 appraisal.

    The Bank will require the Promoter to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/23/EU / 2014/24/EU as well as Directive 92/13/EEC or Directive 89/665/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.

    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) - BOLOGNA CLIMATE ACTION & URBAN REGENERATION FL
    Publication Date
    25 Nov 2021
    Document language
    Main Topic
    Lending
    Document Number
    141038778
    Document Focus
    Environmental Information
    Project Number
    20210394
    Regions
    Countries
    Publicly available
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