ISTRIAN RIVIERA DEVELOPMENT

Promoter – Financial Intermediary

VALAMAR RIVIERA DD ZA TURIZAM

Location

• Croatia

Description

The project concerns the financing of the three-year capital expenditure programme of a leading Croatian tourism company. The investments will be located mainly in Porec and Rabac, in Istria. The investment programme includes nearly equal proportions of new developments and reconstruction of older tourist infrastructure into modern family-oriented holiday facilities.

Objectives

The project's objectives would, inter alia, allow to address an increasing customer demand, ensure a further diversified offer on increased service standards and enhanced safety standards.

Comments

Note that the total loan amount of EUR 60 million is financed as follows: (i) EUR 16 million are a direct loan to the Promoter from the Bank and (ii) EUR 44 million are intermediated to the Promoter by another financing institution.

Sector(s)

• Services - Accommodation and food service activities

Proposed EIB finance (Approximate amount)

EUR 60 million

Total cost (Approximate amount)

EUR 130 million

Environmental aspects

All schemes considered under this project are tourism infrastructure operations. The proposed investments may fall under Annex I or II of Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU), requiring a full Environmental Impact Assessment or EIA screening by the national competent authority on the basis of Annex III to determine the need for a full EIA. If a specific investment is subject to an EIA, the promoter will be required to provide the Bank with a copy of the non-technical summary (NTS) of the EIA, or provide a website link to the location where the document is published in compliance with the EIB's Public Disclosure Policy. The promoter will confirm that the project incorporates all mitigating measures recommended as a result of the EIA. Where relevant, the promoter shall obtain written confirmation from the competent authority that the investment will not have any significant negative impact on sites of nature conservation importance, including sites protected under the "Habitats" and "Birds" Directives (92/43/EEC and 2009/147/EC respectively) and the associated Natura 2000 network.

Procurement

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, should the status of the promoter change and the EIB were to conclude that the promoter is after all subject to EU public procurement legislation, then the Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation.

Status

Signed - 24/03/2017