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    Reference: 20200244
    Release date: 18 January 2021

    Promoter – Financial Intermediary




    Reconstruction and disaster risk prevention and adaptation measures in the Autonomous Community of Valencia in response to the flood disasters resulting from catastrophic weather events that occurred between September 2019 and January 2020 on the Mediterranean coast of Spain, as well as similar events that might take place in the near future in the Autonomous Community of Valencia.


    The framework loan aims at restoring and improving the population's living conditions, reducing the vulnerability of the affected population and its economic assets to extreme climate-related events. The measures to be covered by the project are: (i) emergency measures comprising of reconstruction and replacement of damaged infrastructure and buildings in areas declared disaster zones as a result of the floods and storm surges in the period between September 2019 and December 2021; and (ii) disaster risk prevention and climate change adaptation measures to increase the resilience of the lower basin of the Segura River (Vega Baja del Rio Segura) to similar events in the future.


    Proposed EIB finance (Approximate amount)

    EUR 50 million

    Total cost (Approximate amount)

    EUR 158 million

    Environmental aspects

    The project comprises a multi-scheme framework loan and some of the schemes may eventually fall under Annex I or Annex II of the EIA Directive 2014/52/EU. Should any such 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 the national law. It is a requirement that all schemes must be implemented in compliance with EU environmental legislation.


    The Promoter is the region of Comunidad Valenciana, which is the contracting authority within the meaning of EU Public Procurement Legislation. Schemes are to be implemented by public authorities and public entities. The Bank will require the Promoter to ensure that contracts for the implementation of the project are tendered in accordance with the relevant applicable EU procurement legislation. The majority of contracts for the implementation of the project for public sector final beneficiaries will be subject to 2014/24/EU. However, given that the operation is a multi-scheme framework loan with ex-post allocation review, some contracts will be subject to Directives 2014/25/EU or 2014/23/EU.


    Signed - 8/09/2020


    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

    Spain Water, sewerage Agriculture, fisheries, forestry Urban development Industry