Release date: 18 January 2021
Promoter – Financial IntermediaryPAIRC AN CHROCAIGH CTR
Inner-city urban regeneration including development of conference, hospitality and cultural facilities.
The project will contribute to urban regeneration and development and is fully in line with the objectives of the Urban Agenda for the EU as presented in the Pact of Amsterdam of May 2016, which includes, among its priority themes, attracting jobs and new enterprises, urban regeneration, the sustainable use of land by re-using brownfield sites and combating urban sprawl. The project is a good example of innovative financing for tourism and cultural heritage, which is a focus under the new EU Urban Agenda Partnership on Cultural Heritage. The project will deliver innovation in areas related to its social and environmental mission and through knowledge creation, sharing and spillovers associated with its activities and initiatives of the GAA.
- Urban development - Construction
Proposed EIB finance (Approximate amount)
EUR 35 million
Total cost (Approximate amount)
EUR 71 million
Given the relative scale, location and nature of the works in built-up urban areas, all of the works are deemed not to have any significant negative environmental or social impact. The Bank will review relevant permits, public consultations and authorisation processes, including mitigation/compensation measures to be taken and any potential effects on nature conservation sites (Habitats Directive 92/43/EEC and Birds Directive 2009/147/EC). Through the project, a new nearly zero-energy building (NZEB), as per the requirements of the Energy Performance Building Directive (EPBD 2018/844/EU amending the 2010/31/EU [Article 9(1)]), will be constructed which will, after completion, reduce energy consumption and pollutant emissions compared to the business-as-usual scenario (in compliance with the current regulation).
The Promoter has been assessed by the EIB as being a private company not 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 2004/17/EC), then the Bank would require the Promoter to ensure that contracts for the implementation of the project have been tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC, where applicable, as well as Directive 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.
Signed - 16/11/2021
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).