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    Reference: 20110455
    Release date: 25 January 2012

    Promoter – Financial Intermediary

    Government of Malta, through the Ministry of Finance, the Economy and Investment and the Ministry of Infrastructure, Transport and Communications. Project management is the responsibility of the Grand Harbour Regeneration Corporation (GHRC), a fully State-owned company.

    Location

    Description

    Construction in the Maltese capital, Valletta (a UNESCO world heritage site), of a new city gate, a new Parliament building and a piazza and performing space at the site of the former Royal Opera House destroyed during World War II.

    Objectives

    The construction of the new Parliament and the improvement and upgrading of urban infrastructure are both a condition for the city’s continuing sustainable social and economic development, upgrading of the urban environment and developing of the existing attractions such as urban landscape and cultural heritage buildings.

    The project would thus contribute to the city’s regeneration and long-term economic growth, in the country that has a strong dependence on tourism.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    Up to EUR 40 million

    Total cost (Approximate amount)

    Up to EUR 100 million

    Environmental aspects

    The construction of a public building falls under Annex II of the EIA Directive 85/337/CE, as amended by Directives 97/11/EC and 2003/35/EC (urban development project), according to which the competent authority decides on the full EIA on a case by case basis.

    Environmental issues will be discussed and examined at appraisal stage, together with the verification of the correct application of EU relevant Directives, explicitly those on environment (the EIA Directive and its subsequent revisions as cited above, the SEA Directive, as well as the EU Habitats Directive and Birds Directive), and the Directive on Energy Performance of Buildings.

    Procurement

    The Bank will require the promoter to ensure that all construction and services contracts for the implementation of the project are tendered in accordance with the relevant EU procurement legislation with parallel publication of tender and contract notices in the EU Official Journal, as and where appropriate. Procedures will be assessed during appraisal.

    Status

    Signed - 25/06/2012

    Disclaimer

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

    Related tags

    Malta Urban development