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    Reference: 20170118
    Release date: 23 October 2017

    Promoter – Financial Intermediary




    The project consists of a framework loan to co-finance selected multi-sector urban schemes aiming at enhancing the resilience of Athens and contributing to its integrated development (Integrated Territorial Investment - ITI - Plan).


    This project will contribute to the urban renewal and transformation of Athens by meeting the challenges of the financial crisis and demographic changes, also including the impact from the refugee crisis. The project will bring about the significant improvement in the quality of life for the citizens of Athens and support the municipality's strategy for growth.


    Proposed EIB finance (Approximate amount)

    EUR 50 million

    Total cost (Approximate amount)

    EUR 185 million

    Environmental aspects

    The project comprises a multi-sector operation classified as a framework loan and some of the schemes may possibly fall under Annex I or II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU. Should any scheme have a negative impact on an area forming part of the Natura 2000 network (falling under the Habitats Directive 92/43/EEC or Birds Directive 2009/147/EC), the Bank would require the promoter to act according to the provisions of the aforementioned Directives as transposed into national law. It is a requirement that all schemes must be implemented in compliance with EU environmental legislation. For new and refurbished buildings, the compliance with the EU Directive 2010/31/EU on Energy Performance of Buildings will be further examined during the appraisal. The level of climate action (adaptation and mitigation) measures, where relevant, will be assessed during the appraisal.


    The Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, as appropriate: Directives 2014/23/EU / 2014/24/EU / 2014/25/EU, where applicable, as well as Directives 92/13/EEC and 89/665/ECC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the European Union, as and where required.


    Signed - 20/06/2018


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

    Related tags

    Greece Industry Services Urban development