FONDS TOURISME COTE D AZUR

The operation consists of a EUR 40 million max. framework loan to a regional investment platform set up by several private and public organisations including the regional branch of the Caisse d'Epargne group as cornerstone investor. Managed commercially by private investment firm M Capital, Fonds Tourisme Côte d'Azur provides financial support to projects and businesses (mostly small and medium-sized enterprises (SMEs)) in the tourism sector through types of loans that are not easily available in the market, with the aim of modernising, making greener and more resource-efficient a key industry of the Côte d'Azur area.

The project will improve access to finance at favourable conditions for SMEs and public entities in the tourism sector in Côte d'Azur. It aims at strengthening the competitiveness of SMEs as well as upgrading obsolete infrastructure and facilities, thus encouraging innovation and the improvement of services to enhance tourists' experiences.

The investments made by Fonds Tourisme Côte d'Azur may contribute to generate environmental benefits as some of the investments may include energy efficiency refurbishments of existing public and private buildings. The actual climate action contribution of the project will have to be carefully assessed during the appraisal. Details of Fonds Tourisme Côte d'Azur's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation and EIB's Environmental and Social Standards as well as the capacity of M Capital to assess and monitor environmental and social risks and impacts will be reviewed during the appraisal. Fonds Tourisme Côte d'Azur will be required to develop an environmental and social policy and establish the appropriate management systems so as to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that Fonds Tourisme Côte d'Azur will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law, EU environmental legislation as well as EIB Environmental and Social Standards.

The Bank will require M Capital to take all the requisite measures to ensure that contracts for the implementation of the projects financed by Fonds Tourisme Côte d'Azur will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU and/or 2014/24/EU, where applicable, as well as Directive 89/665/EEC) as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.