SECURITY INNOVATION & DIGITAL TRANSFORMATION

The project concerns the Promoter's digital transformation plan to adapt the company for the digital future through different initiatives, developing innovation projects in advanced digital technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), Data Science and Electronic Security Systems. The activities will take place primarily in the Promoter's technical centres in Europe between 2021 and 2023.

The project will support the continuous efforts of the Promoter in keeping its competitive position through investing in innovation, supporting operational excellence, the technological improvement of processes and the rollout of the necessary platforms and tools to enhance client experience.

The financing of this project supports development and innovation activities in digital technologies, including the Internet of Things, Edge Computing, Artificial Intelligence, Robotics and Augmented Reality, which generate positive knowledge and technology externalities, through the creation of innovative processes, products or services and through skills development and upgrading. It addresses the market failure of imperfect competition, as it contributes to expanding the competitive space for new product technologies and helps to mitigate the competitive disadvantage of companies with outdated digital technologies, which require transformation. In addition, the project will promote the diffusion of knowledge through collaboration with the startup ecosystem, foster internal innovation initiatives. EIBs customized and flexible financial terms and conditions are highly appreciated by the promoter, in support to the accelerated implementation rhythm of its digitalisation plan, while preserving its financial credit worthiness during this volatile period. Additionally, EIB's financing will provide a signalling effect on the soundness and quality of the project, facilitating funding to PCS from commercial banks going forward.

The project activities do not fall under the Annexes I or II of the EU Directive2014/52/EU amending the EIA Directive 2011/92/EU. In addition, the project activities are expected to be carried out in existing facilities that are already used for the same purposes and that are not expected to change their scope due to the project. As such, the project activities are not subject to a mandatory environmental impact assessment (EIA).

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.