SOCIOECONOMIC TRANSITION OF JT GREEK REGIONS

The project is structured as a multisector Framework Loan in support of Just Transition in the regions of Western Macedonia, Crete, North Aegean, South Aegean and Peloponnese and is expected to fall under the Public Sector Loan Facility (PSLF, Pillar III of the Just Transition Mechanism). The project comprises the schemes under the investment programmes of the aforementioned regions aiming to support the implementation of their Territorial Just Transition Plans.

The project aims to address some of the social, economic, environmental and climate transition challenges (as described in the Just Transition Territorial Plans of the relevant regions and their Regional Development Programmes 2021-2025). The project includes multi-sector investment schemes in the sectors of transport, education, energy efficiency, digitalisation, culture and social care.

The Project, under the Public Sector Loan Facility (Pillar III of Just Transition Mechanism), concerns the schemes implemented in line with the Just Transition Territorial Plans of Western Macedonia, Peloponnese and the Islands, that will support Just Transition and improve regional infrastructure, in particular in the sectors of transport, education, health, wastewater, digital infrastructure and energy efficiency.

The Project is in line with the priorities of new Territorial Agenda 2030 and strengthens the EU's socioeconomic cohesion. EIB financing will allow the Just Transition regions to address a sub-optimal investment situation and is expected to generate positive benefits in terms of delivery of public services in education, health and through construction or rehabilitation of urban infrastructure with an impact on the quality of life. Additional environmental (climate) and economic benefits are anticipated with the implementation of energy-efficiency and digital transition projects. The EIB's long-term financing with favourable terms such as long availability and grace period, improves and diversifies the regions' financing structure and the affordability of their investments. The EIB's involvement would send a positive signal to the markets regarding the regions' ability to stimulate economic recovery and transition.

The project comprises a multi-scheme operation classified as a Framework Loan and some of the schemes may eventually fall under Annex I or Annex II of the EIA Directive 2011/92/EU as amended by Directive 2014/52/EU. Should any such 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 the national law. It is a requirement that all schemes must be implemented in compliance with the EU environmental legislation. Where and if applicable and based on a risk-based approach as defined in the EIBG E&S Policy, the requirements of the Environmental Impact Assessment Directive 2011/92/EU as amended by Directive 2014/52/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC, will be checked during appraisal. Environmental and efficiency improvements in public buildings will be required to comply with the provisions of the EU Directive on Energy Performance of Buildings 2010/31/EU.

The Bank will require the Promoters 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 EU Official Journal, as and where required.