Pécs - European Capital of Culture 2010

Promoter – Financial Intermediary

Municipality of Pécs

Location

• Hungary

Description

Municipal development programme with a view to financing long-term, sustainable development projects for infrastructure development and urban renewal purposes of the Municipality of Pécs, which will host the European Capital of Culture event in 2010.

Objectives

The Bank’s loan comprises essentially five major urban components; a music and conference centre; the Zsolnay Cultural Quarter - the renewal of an industrial building complex; the reconstruction and extension of a baroque building for fine arts; a regional library and information centre; and the upgrading of public squares and parks.

Comments

Construction and community, social and personal service activities

Sector(s)

• Urban development
• Services

Proposed EIB finance (Approximate amount)

EUR 50 million.

Total cost (Approximate amount)

EUR 201 million.

Environmental aspects

Given the wide and disparate components undertaken for the European Capital of Culture 2010, and as many of them are closely linked geographically, the Promoter has been asked to undertake a Strategic Environmental Assessment (SEA) covering the project and any other related works.

Procurement

The Bank requires that the Promoter ensures that contracts for the implementation of all projects are tendered in accordance with the coordinated EU procurement legislation (EU Directive 2004/18/EC).

Status

Signed - 19/05/2008