20 August 2018
Promoter – Financial Intermediary
COUNTERPART(S) TO BE DETERMINED
The operation consists in a EUR 60m maximum loan to a fund set up by the French region of Occitanie to support public and private initiatives in the tourism sector. The fund will provide public entities (50% of invested resources) as well as small and medium-sized enterprises (SMEs) and mid-caps with types of loans that are not easily available in the market.
The project will improve access to finance at favourable conditions for SMEs, public entities and public authorities in the tourism sector in the Occitanie Region. It aims at strengthening the competitiveness of SMEs as well as at upgrading obsolete infrastructure and facilities, thus encouraging innovation and the improvement of services to enhance tourists' experience.
- Accommodation and food service activities
- Arts, entertainment and recreation
Proposed EIB finance (Approximate amount)
EUR 66 million
Total cost (Approximate amount)
EUR 333 million
The investments made by the Fund may contribute to generate environmental benefits as some of the investments may include energy efficiency refurbishments of existing public and private buildings. The actual climate action contribution of the project will have to be carefully assessed during the appraisal.
Details of the Fund's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation and EIB's Environmental and Social Standards as well as the capacity of the Fund Manager to assess and monitor environmental and social risks and impacts, will be reviewed during the appraisal.
The Fund will be required to develop an environmental & social policy and establish the appropriate management systems so as to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law, EU environmental legislation as well as the EIB Environmental and Social Standards.
The Bank will require the Fund Manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the Fund will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU and/or 2014/24/EU, where applicable, as well as Directive 89/665/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 required.
Signed - 13/11/2019