8 January 2019
Promoter – Financial Intermediary
MUNICIPALITY OF ATHENS
The project consists of supporting the implementation of nature-based adaptation solutions outlined in the Athens Resilience Strategy for 2030 to enhance the overall resilience of the city to climate change.
The Natural Capital Finance Facility (NCFF) is a financial instrument which was set up by the European Commission and the EIB to finance projects that are expected to have a positive impact on biodiversity and/or use nature-based solutions for adaptation to climate change. In addition to the financing, the NCFF offers Technical Assistance to support the preparation, design, implementation and monitoring of projects.
The NCFF operation will complement the EIB's multi-sector urban framework loan (Athens resilient city and integrated development) to the city of Athens.
The 2030 Athens Resilience Strategy is structured in four pillars (i.e. open, green, proactive and vibrant city) and the NCFF framework loan (FL) will in particular support the 'Green Pillar' of the Strategy, with the objective to realise nature-based solutions for adaptation to climate change. The projects will comprise Green and Blue infrastructure projects (e.g. parks, greening public spaces, green corridors, roofs) and other measures improving the functioning of urban ecosystems.
In addition, to improving resilience to the impact of climate change these projects are expected to deliver air quality benefits, positive impacts on biodiversity, positive economic impacts on neighborhoods and real estate in the vicinity as well as enhancing social inclusion.
The NCFF FL will be blended with a Technical Assistance component to the city of Athens supporting the preparation, implementation and monitoring of the NCFF's objectives and the Green Pilar of the 2030 Athens Resilience Strategy.
Proposed EIB finance (Approximate amount)
EUR 5 million
Total cost (Approximate amount)
EUR 7 million
The NCFF operation is expected to make a net positive contribution to biodiversity and to urban ecosystems.
Some of the financed 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.
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 - 19/12/2018