UNIVERSITY OF LATVIA II

Promoter – Financial Intermediary

LATVIJAS UNIVERSITATE

Location

• Latvia

Description

The project concerns the third phase of the University of Latvia's campus development programme in Riga, Latvia. It comprises the construction of two new facilities, the so-called "House of Health" and the so-called "House of Sports".

Additionality and Impact

The Project creates positive externalities as it will promote access to high-quality public education and healthcare provision, which benefits society and the broader economy, mainly in terms of skills development and upgrading and better health outcomes. The construction of the new buildings as part of phase 3 of the campus development programme is expected to have a positive impact on the quality of teaching and research activities in the field of medicine, biology, radio-pharmacy and health sciences at Latvia's largest university.

The EIB financing, structured along the lines of the best banking practice, will provide the Borrower with flexible conditions and will allow to attract other financiers to the Project. The Borrower will be able to diversify its funding sources and accelerate the full financing and implementation of the Project. 

Objectives

The project concerns the third phase of the University of Latvia's campus development programme in Riga, Latvia. It comprises the construction of two new facilities, the so-called "House of Health" and the so-called "House of Sports". The "House of Health" combines teaching and research facilities for the university's medicine, biology, and physics and chemistry faculties alongside premises for an outpatient clinic. The "House of Sports" accommodates sports facilities for use by the university's students in the framework of study programmes and leisure activities.

Sector(s)

• Services - Professional, scientific and technical activities
• Education - Education

Proposed EIB finance (Approximate amount)

EUR 25 million

Total cost (Approximate amount)

EUR 60 million

Environmental aspects

Buildings dedicated to research and teaching activities are not explicitly mentioned in the EIA Directive 2011/92/EU as amended by 2014/52/EU, though the project is covered by Annex II of the Directive concerning urban development. The compliance with requirements of the EIA Directive 2011/92/EU as amended by 2014/52/EU on Environmental Impact Assessment (EIA) and Habitats Directive will be verified during appraisal. In line with Directive 2010/31/EU, the promoter intends to design the energy performance of the new buildings to be at least 10% below the applicable national threshold. The detailed energy performance of the new buildings will be verified during appraisal. It is expected that the project will bring more comprehensive benefits to the community as healthcare is an element of social cohesion and economic development.

Procurement

The Bank will require the promoter to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 8/11/2024