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    Reference: 20220609
    Release date: 22 November 2022

    Promoter – Financial Intermediary

    EMPRESA GERAL DO FOMENTO SA

    Location

    Description

    The project concerns the 2022-2024 investment programme of the promoter focussing on the implementation of various components in the solid waste sector in Portugal. It consists of a number of geographically dispersed investments throughout the service areas covered by the promoter and its 11 subsidiaries respectively.

    Additionality and Impact

    Municipal waste management service is considered a "public good". The fact that the service is not provided through a network limits the promoter's ability to exclude someone enjoying the service. The project addresses a number of additional market failures by contributing to generate positive externalities and to mitigate existing negative externalities, notably by reducing greenhouse gases; by protecting the environment, public health, and saving energy as well as costs related to environmental protection. With this project, the EIB financing will help to reduce negative externalities while strengthening the positive externalities for the targeted regions. The project will also address a sub-optimal investment situation in the Portuguese solid waste sector. The EIB long-term financing will be addressing a market failure in relation to the provision of finance in the size and tenors needed to carry out the investment backlog of projects to provide solid waste-essential services at affordable prices for the population.

    Objectives

    The project will contribute to achieving compliance with the national and EU regulations on waste management and circular economy. The project is also a stepping stone in implementing the National Strategic Plan on Urban Waste Management.

    Sector(s)

    • Solid waste - Water supply; sewerage, waste management and remediation activities

    Proposed EIB finance (Approximate amount)

    EUR 100 million

    Total cost (Approximate amount)

    EUR 202 million

    Environmental aspects

    Due to their technical characteristics, some facilities are likely to fall under Annex II of the EIA Directive 2011/92/EU as amended by Directive 2014/52/EU. Compliance with the said Directive as well as with SEA Directive (2001/42/EC), Habitats Directive (92/43/EEC) and Birds Directive (2009/147/EC) will be examined by the EIB during appraisal.

    Procurement

    Contracts for the implementation of the project shall be tendered in accordance with the relevant applicable EU procurement legislation. EIB preliminary assessment of the promoter, its subsidiaries holding concessions, and the concessions contracts has led to the conclusion that the concessionaires are private bodies not subject to EU directives on public procurement (2014/24/EU), concessions (2014/23/EU) or water, energy, transport and postal service sectors (2014/25/EU).

    Status

    Signed - 23/12/2022

    Milestone
    Under appraisal
    Approved
    Signed
    21 December 2022
    23 December 2022

    Disclaimer

    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

    Portugal Solid waste