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    Reference: 20180807
    Release date: 22 November 2019

    Promoter – Financial Intermediary

    EL CORTE INGLES SA

    Location

    Description

    The project concerns El Corte Ingles' (ECI) technology innovation programme. The promoter is investing in its digital acceleration, targeting the further improvement of sales performance and the optimisation of the supply chain as well as other business processes.

    Objectives

    The EIB loan would contribute to the EU priority objective of innovation supporting the EU policy towards an information society (e-business) and the targets of the Europe 2020 strategy as the underlying project includes a wide range of innovative subprojects across ECI's different business areas.

    Sector(s)

    • Services - Wholesale and retail trade; repair of motor vehicles and motorcycles

    Proposed EIB finance (Approximate amount)

    EUR 150 million

    Total cost (Approximate amount)

    EUR 220 million

    Environmental aspects

    The development, implementation and deployment of IT systems is not covered by the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the Directive 2011/92/EU. In addition, the project activities are expected to be carried out in existing facilities that are already used for the same purposes and that are not expected to change their scope due to the project. Further details will be analysed during the due diligence.

    Procurement

    The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation Directive 2014/24/EU or 2004/18/EC where applicable, then the EIB would 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 Directive 2014/24/EU or 2004/18/EC where applicable, as well as Directive 92/13/EEC or 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.

    Status

    Signed - 4/11/2019

    Disclaimer

    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

    Spain Services