12 February 2014
Promoter – Financial Intermediary
GREATER LONDON AUTHORITY
Framework loan to finance integrated sustainable urban renewal and development projects, with a focus on resource efficiency and social housing. It will be used to co-finance the London Green Fund - a holding fund financial instrument managed by EIB, and using European Structural and Investment Funds (ESIF) available to the Greater London region. Underlying projects will also be supported with technical assistance funding programmes from ELENA.
The project aims at facilitating the combination of decentralised financial instruments (i.e. ESIF available to Member States and regions) with EIB funding in order to increase the leverage effect and enhance the Bank’s product offering. In addition, this project also brings together technical assistance resources, available for project preparation and implementation, funded from either ESIF or ELENA resources.
Proposed EIB finance (Approximate amount)
GBP 169 million (EUR 208 million)
Total cost (Approximate amount)
GBP 1000 million (EUR 1230 million)
Compliance with the relevant EU Directives will be verified during appraisal: EU EIA Directive 2011/92/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 79/409/EEC. The status of any environmental studies and public consultations related to the urban renewal, rehabilitation and reconstruction investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed during project appraisal.
The Bank will require the final beneficiaries which fall under public procurement to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC/ or Directive 2004/18/EC and Directive 2007/66/EC), with publication of tender notices in the EU Official Journal, as and where appropriate.
Signed - 24/10/2014