The EIB approved a framework loan for a Greek Municipality[1] in December 2015 to finance investments for the urban development and regeneration of the city in line with the Municipality’s Urban Development and Resilience Strategy.

As a result of the financial crisis and the Stability and Growth Pact, the Municipality has seen its internal capacity considerably reduced. Therefore, project preparation and implementation support was requested to the European Investment Advisory Hub (EIAH) in order to help the Municipality properly prepare their loan requirements and ensure that quality projects are put forward under the framework loan.

Project prioritisation and technical assistance

This Greek Municipality requested technical support from the EIAH in connection with the implementation of its municipal investment programme to be implemented under an EIB framework loan. In particular, support was requested with regard to assistance with the finalisation of the investment programme, project prioritisation and technical assistance for specific investment areas.

The investment programme supports eligible schemes comprising typical urban development and regeneration investments, such as improved urban accessibility, modernised public services and renewal of urban infrastructure. The investments will contribute to enhancing the business attractiveness of the city and its general quality of life, improving accessibility within the city, enhancement of energy efficiency in public buildings, amelioration of urban green spaces, e-government actions, innovation, and recreational and cultural facilities. Overall, the investment programme will act in a counter-cyclical way, fostering local economic development.

EIAH’s support

The technical support will assist the Municipality in: (i) fulfilling EIB requirements in relation to the framework loan; (ii) ensuring that quality infrastructure projects are aligned with the Municipality’s Urban Development and Resilience Strategy; and (iii) to support the Municipality’s services to devise, procure and monitor the projects’ implementation in accordance with EIB requirements. The key activities to be performed include:

  • Project preparation – This phase focuses on the generation of good quality projects under the Municipality’s Urban Development and Resilience Strategy, comprising the development of a criteria for the prioritisation of projects; identification of a suitable pipeline of investments and market demand studies.
  • Technical assistance – This phase relates to the development of adequate systems and procedures that would need to be set up in relation to the management of the EIB operation, such as support and guidance for a Project Implementation Unit and related monitoring systems. 

[1] The name of the municipality cannot be disclosed as the advisory agreement has not been signed at the time of publication.