OSTRAVA - CULTURAL INFRASTRUCTURE DEVELOPMENT

Promoter – Financial Intermediary

STATUTARNI MESTO OSTRAVA

Location

• Czechia

Description

The project concerns the construction of a new concert hall and the refurbishment of the existing House of Culture in Ostrava city in the Czech Republic.

Additionality and Impact

The Project concerns construction of a new concert hall and the refurbishment of the existing House of Culture. It forms part of a wider regeneration initiative in the centre of Ostrava and it aims to contribute to the conversion of the city and the region from a post-industrial capital to a regional capital of culture focusing on music and performing arts. The Project addresses a market failure (insufficient direct revenues generated by the Project) that justify the use of public financing to address the investment gap. It is expected to generate numerous positive externalities. The project is envisaged to act as an agent of change; it shall contribute to changing the city's image and the overall quality of life of residents by providing a venue for quality music and art performances, as well as by enhancing the quality of the public space in the vicinity of the facility. The Borrower will benefit from the flexibility of the EIB financing allowing for the optimization of their cash-flow needs. The pricing, availability and grace periods add to the attractiveness of co-operation with the EIB.

Objectives

The project is expected to create an architecturally significant venue, with the capacity to accommodate musical performances at top acoustic quality. The premises will also host many other types of cultural events and serve as an education centre dedicated to musical, theatrical and artistic workshops for schools and the general public. The project aims to contribute to urban development and regeneration, as well as to changing the city´s image and the overall quality of life.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

CZK 2000 million (EUR 82 million)

Total cost (Approximate amount)

CZK 4647 million (EUR 190 million)

Environmental aspects

The Bank will require that the investment complies with EU environmental legislation, as well as with the principles and standards of the Bank's Environmental Policy Statement.

Procurement

The promoter is subject to the public procurement regime. 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: Directive 2014/24/EU, Directive 2014/25/EU, as well as Directive 92/13/EEC and 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU (OJEU), as and where required.

Status

Signed - 9/07/2024