SOCIOECONOMIC TRANSITION OF CRETE

Promoter – Financial Intermediary

REGION OF CRETE

Location

• Greece

Description

The project is structured as a multi-sector Framework Loan under the Public Sector Loan Facility (PSLF), Pillar III of the Just Transition Mechanism will finance schemes under the investment programme of the Region of Crete, with a focus on environment, irrigation and energy efficiency, flood protection, education and culture.

Objectives

The aim is to support the Territorial Just Transition Plan for the regions of North and South Aegean and Crete, addressing some of the social, economic, environmental and climate transition challenges faced by the region of Crete, which is particularly affected by the transition to climate neutrality.

Sector(s)

• Water, sewerage - Water supply; sewerage, waste management and remediation activities
• Composite infrastructure - Construction
• Education - Education
• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 111 million

Total cost (Approximate amount)

EUR 154 million

Environmental aspects

Some of the schemes under the Framework Loan may eventually fall under Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by 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 promoter will have to act according to the provisions of the aforementioned EU Directives as transposed into the national law. It is a requirement that all schemes must be implemented in compliance with the EU environmental legislation. Where and if applicable, and based on a risk-based approach as defined in the EIB Group Environmental and Social Policy, the EIA requirements, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC, will be checked during appraisal. Environmental and efficiency improvements in public buildings will be required to comply with the provisions of the EU Directive on Energy Performance of Buildings 2010/31/EU.

Procurement

The promoter to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation: Directive 2014/23/EU/ 2014/24/EU as well as Directive 92/13/EEC or 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

Under appraisal - 18/06/2024