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    Reference: 20130689
    Release date: 12 February 2014

    Promoter – Financial Intermediary

    GREATER LONDON AUTHORITY

    Location

    Description

    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.

    Objectives

    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.

    Comments

    Sector(s)

    Proposed EIB finance (Approximate amount)

    GBP 169 million (EUR 208 million)

    Total cost (Approximate amount)

    GBP 1000 million (EUR 1230 million)

    Environmental aspects

    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.

    Procurement

    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.

    Status

    Signed - 24/10/2014

    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

    United Kingdom Urban development Industry