Release date: 23 November 2011
Promoter – Financial Intermediary
Republic of Hungary represented by the Ministry for National Economy
Location
Description
The project comprises emergency, reconstruction and preventive measures in response to the red mud and flood catastrophes in Hungary in 2010.
Objectives
The measures are partly socially driven, to cater for the needs of affected population, and partly environmentally driven to reduce and control associated adverse environmental impacts as well as to support prevention for future events.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 63 million
Total cost (Approximate amount)
EUR 290 million
Environmental aspects
As flood relief works, the emergency measures and rehabilitation of existing structures, including pre-existing flood protection infrastructure are expected to fall under Annex II of the EIA Directive, the requirement for EIA’s and the screening procedures are set by National legislation. Competent authorities are reported to have participated in the emergency works and given permissions in real time. For longer term measures standard EIA procedures are expected to be undertaken. Application of appropriate environmental procedures will be assessed during Project appraisal.
Procurement
As the project mainly concerns emergency measures and rehabilitation of existing structures, standard procurement procedures have, to a large extent, not been followed. During appraisal, the Bank will verify satisfactory application of the Bank’s Guide to Procurement and relevant EU rules.
Status
Signed - 14/06/2012
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).