Release date: 29 November 2023
Promoter – Financial Intermediary
REPUBBLICA ITALIANALocation
Description
The project will finance the second phase of the rehabilitation of buildings and infrastructure damaged by earthquake events that affected four Italian regions (Abruzzo, Lazio, Marche and Umbria) from August 2016 until January 2017.
Additionality and Impact
The operation concerns the rehabilitation of buildings and infrastructure damaged by earthquake events that affected four Italian regions (Abruzzo, Lazio, Marche and Umbria) from August 2016 until January 2017. Investments include the rehabilitation residential and non-residential private buildings, public buildings (including schools, hospitals, social houses, and municipal buildings), urban infrastructure (including integrated water cycle network, public facilities and local roads), and adaptation measures, primarily landslide consolidation.
The Project addresses multiple market failures, including the financial market failure in terms of timing and availability of funds to support post-disaster recovery. In addition, the operation delivers more resilient public buildings and infrastructure supporting the increased availability and quality of public goods, including education and healthcare.
In addition to restoring of normal living and operating conditions for affected communities and businesses, rehabilitation investments are complemented by tailored initiatives for social and economic recovery of affected communities that are financed by national resources.
The foreseen investment is plan-led and builds upon relevant urban and regional development plans as well as relevant resilience strategies and a clear legal framework. Building rehabilitation will improve seismic resilience in compliance with the relevant national requirements and dedicated energy efficiency support actions will help deliver rehabilitated buildings with substantially improved energy performance.
The recovery effort is implemented by a multi-level governance system coordinated by the Special Commissioner for post-earthquake reconstruction acting as project promoter.
Financially, EIB's advantageous conditions and long tenor will contribute to improving the sustainability of the Borrowers' debt repayment capacity and optimise national resources.
Objectives
The rehabilitation schemes address multiple sectors: residential and non-residential private buildings, public buildings (municipal buildings, schools, etc.) and key urban infrastructure, including drinkable water, sewage, electricity and urban roads. Supported investments also include fixing landslides and other geo-hazards.
Sector(s)
- Urban development - Construction
- Composite infrastructure - Construction
Proposed EIB finance (Approximate amount)
EUR 2000 million
Total cost (Approximate amount)
EUR 4432 million
Environmental aspects
The compliance with the relevant EU Directives will be verified during appraisal: Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU), EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC, EU Birds Directive 2009/147/EC, Urban Waste Water Treatment Directive (91/271/EEC) and national legislation. Furthermore, for schemes triggering Art. 4.7 of the Water Framework Directive (WFD) 2000/60/EC, the compliance with the WFD will be verified during appraisal. For new and refurbished buildings, compliance with EU Directive 2010/31/EU on Energy Performance of Buildings will be further assessed during appraisal. The contribution to climate action (adaptation and mitigation) and environmental sustainability, where relevant, will be assessed during appraisal. The Project is expected to contribute to improving social inclusion. This will be further assessed during the appraisal, with a specific focus on the inclusion of specific groups, gender equality, the enhancement of the accessibility to specific areas as well as the enhancement of the living standards of low-income populations.
Procurement
The EIB will require the promoter to ensure that contracts for the project implementation will be tendered in accordance with the applicable EU procurement legislation: Directive 2014/23/EU, 2014/24/EU, 2014/25/EU 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 EU Official Journal, as and where required.
Status
Signed - 31/07/2024
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).