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    Reference: 20150267
    Release date: 21 October 2015

    Promoter – Financial Intermediary




    The operation will finance investments in the medium-term investment programme of the Municipality of Thessaloniki aiming for urban development and regeneration of the city.


    The project will contribute to urban renewal and transformation by meeting the challenges of the financial crisis and the demographic changes. The project will bring about a significant improvement in the quality of life for the citizens of Thessaloniki and support the municipality's strategy for growth.


    Proposed EIB finance (Approximate amount)

    EUR 38 million

    Total cost (Approximate amount)

    EUR 50 million

    Environmental aspects

    Greece, as an EU Member State, has harmonised its environmental legislation in line with the relevant EU directives (2011/92/EU and 2001/42/EC). The Bank's appraisal will focus on the promoter's environmental management capacity to properly apply the Strategic Environmental Assessment (SEA) Directive 2001/42/EC, the Environmental Impact Assessment (EIA) Directive 2011/92/EU, as well as the requirements of the Habitats and Birds Directives where appropriate. Compliance with the EU Directive on the Energy Performance of Buildings- recast (2010/31/EU), if relevant to the project, will be further examined during appraisal. All relevant key documents for the project will be published, in line with the Bank's disclosure policy.


    The Bank will require the promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/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.


    Signed - 14/10/2017


    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

    Greece Urban development