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    Reference: 20220148
    Release date: 1 March 2023

    Promoter – Financial Intermediary




    The loan will finance rehabilitation works to improve the A32 highway connecting the North-West of Italy to France (Torino-Bardonecchia) via the Frejus Tunnel. The highway is part of the Trans-European Transport Network (TEN-T) Mediterranean Corridor. The project is not expected to lead to any traffic capacity increase and no material interventions are foreseen to occur beyond the existing right of way.

    Additionality and Impact

    The project contributes to the improvement of the TEN-T core network corridor, which currently needs to be upgraded to the required technical standards under TEN-T regulation in terms of road safety and seismic protection. The project achieves several purposes in terms of sustainability and it aims at improving safety and preserving the assets. A significant part of the works on structures, pavement, drainage, ITS and equipment will also contribute to the Climate Action (mostly adaptation but also mitigation) and Environmental Sustainability objectives (reduce pollution and noise).

    In addition, the Project is expected to improve accessibility and decrease road user costs.

    Furthermore the Bank's provision of long term financing provides significant stability to the Borrower's Capex plan.


    The project comprises a set of individual components with the aim to rehabilitate the A32 highway connecting the North-West of Italy to the South-East of France via the Frejus Tunnel. The components include various types of works, such as: - Alignment on EU directives road related to road safety management (2008/96/EC) and minimum safety requirements for tunnels in the TEN-T(2004/54/EC) ; - Reinforcement of bridges and viaducts structures to safeguard the assets and make them more resilient to future climate change effects; - Pollution control and prevention.


    Proposed EIB finance (Approximate amount)

    EUR 260 million

    Total cost (Approximate amount)

    EUR 558 million

    Environmental aspects

    The pomoter is a private entity and therefore, in principle, not being subject to EU rules on public procurement or concessions. However, if during project appraisal the EIB were to conclude that the Promoter is subject to the EU public procurement legislation, then the Bank would require the Promoter to apply those rules.


    The Project involves multiple components generally expected to be performed within existing rights of way; therefore negative environmental impacts are likely to be minor and temporary. The schemes are likely to fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU, as amended by Directive 2014/52/EU, and therefore be subject to screening. Given the nature of the proposed works, it is unlikely that any of the individual investments will require an EIA which will be verified during the appraisal of the project.


    Signed - 19/07/2023

    Under appraisal
    7 June 2023
    19 July 2023


    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

    Italy Transport Credit lines