- EIB credit of €84 million, along with a €21 million grant from the European Union's Public Sector Loan Facility (PSLF) under the Just Transition Mechanism (JTM), constitutes most of the financial support for planned €115.5 million concert venue in northeastern Czech city of Ostrava.
- Concert hall to revitalise Ostrava's cultural infrastructure, supporting economic diversification away from heavy industry.
- Building to host Janáček Philharmonic Orchestra and promote cultural and educational activities.
The European Investment Bank (EIB) is lending 2 bn Czech crowns (ca €84 million) for the construction of a state-of-the-art concert hall in the Czech city of Ostrava. The EIB credit covers most of the financing for the planned €115.5 million cultural landmark in Ostrava, the third-largest Czech city with a population of 318,000. Located in the northeastern Moravian-Silesian region, Ostrava is close to the village where renowned composer Leoš Janáček was born in 1854 and is where he died in 1928.
The project will also receive a grant of 500 million CZK (ca €21 million) from the European Union's Public Sector Loan Facility (PSLF), which is part of the Just Transition Mechanism (JTM), complementing the EIB loan of €84 million, as well as additional funding from local sources.
“The Ostrava Concert Hall represents a transformative milestone between the EIB and the European Commission, fostering cultural enrichment and economic revitalization in Ostrava. This landmark project exemplifies our joint commitment to sustainable development, enhancing the region’s cultural vibrancy and socio-economic resilience,” said EIB Vice-President Kyriacos Kakouris.
The planned Ostrava Concert Hall will be a 1,300-seat venue featuring world-class acoustics and serve as an extension of the existing House of Culture. Due to be completed in 2028, it will host the renowned Janáček Philharmonic Orchestra and showcase musical performers from around the globe. Beyond its primary role as a concert venue, the hall will support a wide range of cultural and educational activities, enriching the cultural landscape of the Moravian-Silesian region.
European Commissioner for Cohesion and Reforms Elisa Ferreira highlighted the broader impact of the project. “This world-class green architectural endeavour will help to redefine Ostrava's identity, symbolising its transition from a coal and steel industry hub to a vibrant, modern metropolis with a flourishing cultural and creative sector that fully embodies the New European Bauhaus spirit and principles. The Ostrava Concert Hall will create jobs and support the diversification of the city.”
Paloma Aba Garrote, director of CINEA, the European Climate, Infrastructure and Environment Executive Agency, said “I am very happy that this new PSLF grant will contribute to the social and economic development of Ostrava, helping the region to transition to a more diverse and sustainable economy. The Ostrava Concert Hall will add a new architectural and cultural landmark, which will help the city to re-focus on the development of arts and creative industries and boost tourism.”
Czech officials also hailed the project.
Ostrava Mayor Jan Dohnal said the venue would make Ostrava a worldwide landmark.
“The project for the New Concert Hall in Ostrava, which the prestigious Architizer magazine has ranked among the 10 most eagerly awaited buildings in the world, will bring a significant boost to our city's image, placing us on the world cultural and architectural map” Dohnal said. “The project is being funded from multiple sources, including the City of Ostrava's own budget, a loan from the European Investment Bank (EIB), a European Union grant (tied to the EIB loan) via Pillar III of the Just Transition Mechanism (JTM), plus contributions from the Moravian-Silesian Region and the Czech Ministry of Culture.”
“The development of our regions is a priority for me, even more so when it comes to the coal regions,” said Czech Minister of Regional Development Ivan Bartos. “Any project that helps to transform these regions is meaningful. I believe that the Ostrava Concert Hall will become an important place not only for Ostrava itself, but also for the entire Moravian-Silesian region and thus also for the Czech Republic.”
The project may serve as a showcase for other Just Transition Mechanism-related initiatives in the Czech Republic and inspire urban development and cohesion across the country.
Background information
About the EIB and the Czech Republic
The European Investment Bank (EIB) is the long-term lending institution of the European Union. It finances sound investments contributing to EU policy goals. The EIB Group invested €1.88 billion in the Czech Republic in 2023, supporting regional development and boosting economic resilience while also enhancing environmental sustainability and improving quality of life.
About PSLF and Just Transition Mechanism (JTM)
The Public Sector Loan Facility aims at alleviating the social and economic effects of the transition towards climate neutrality in the EU regions. It is a blending facility that combines loans from the EIB with grants from the European Commission to help mainly public sector entities in the most affected EU regions, which are identified in the territorial just transition plans, to mobilise additional public investments and meet their development needs in the transition towards climate neutrality. The first PSLF call for proposals was launched on 19 July 2022 with 10 intermediate cut-offs until the end of 2025. There are 3 cut-off dates per year planned until the end of 2025. A second call for proposals will be launched in 2026.
To find out more about PSLF and PSLF-funded projects, visit CINEA website.
CINEA
The European Climate, Infrastructure and Environment Executive Agency (CINEA) is an Executive Agency established by the European Commission to implement parts of EU funding programmes for transport, energy, climate action, environment and maritime fisheries and aquaculture.
CINEA aims is to support its beneficiaries, establish strong partnerships, deliver high-quality programme and project management, foster effective knowledge sharing and create synergies between programmes - to support a sustainable, connected, and decarbonised Europe.