Release date: 25 June 2018
Promoter – Financial Intermediary
The project consists of the financing of a multi-sector investment programme for the City of Turku in Finland for the 2017-2022 period. The project is expected to comprise small to medium-sized schemes related to education, culture, social housing, energy, transport and other urban infrastructure.
The city's long-term investment strategy aims to modernise the city's basic infrastructure and improve the quality of public services. The plan includes several components - street refurbishment, school upgrading, renovation of cultural buildings, reconstruction of social facilities, construction of social housing - to be implemented over the next five years.
- Transport - Transportation and storage
- Energy - Electricity, gas, steam and air conditioning supply
- Education - Education
- Urban development - Construction
Proposed EIB finance (Approximate amount)
EUR 150 million
Total cost (Approximate amount)
EUR 334 million
Finland, as an EU Member State, has harmonised its environmental legislation in line with the relevant EU Directives (2011/92/EU Directive and 2001/42/EC). The Bank's appraisal will focus on the promoter's environmental management capacity to properly apply the EU Strategic Environmental Assessment (SEA) Directive 2001/42/EC, the EU 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) will be further examined during the appraisal.
The Bank will require the promoter, as a public administration entity, to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Dir. 2004/18/EEC and/or 2004/17/EEC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where appropriate.
Signed - 28/01/2019
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).