COASTAL EROSION PROTECTION (FL 2015-0548)

The project consists of investments in the coastal protection sector against erosion and floods in Constanta County in Romania. It is an allocation under SPL Romania EU Co-financing for Environment.

The project objective is to control and monitor coastal erosion of the shoreline and protect ecosystems, properties and socio-economic infrastructure in line with the EU environmental protection law and policy.

The EIB will finance the State contribution to the project "Protection against coastal erosion - Phase II". The project is financed from the Cohesion Fund under the Large Infrastructure Operational Program (LIOP) 2014-2020. The project contributes to the Bank's vertical Public Policy Goal of Sustainable Energy and Natural Resources. The project will provide a significant positive environmental impact and contribute to the protection of the Black Sea coast on the territory of Romania from the effects of coastal erosion and floods accentuated by climate change. The project will ensure compliance with EU Environmental Law, in particular the Water Framework Directive, the Floods Directive and the Marine Strategy Directive. The Project will generate substantial economic benefits, the most important of which are: (i) environmental benefits from improved protection of marine habitats and species within Natura 2000 sites (wetlands) and of freshwater lakes against sea intrusion, (ii) benefits from improved recreational value of beaches, and (iii) avoided costs of damage to properties and infrastructure. The Project will also contribute to climate adaptation by increasing largely the climate resilience of the coastal sector. In addition to the advisory support provided by JASPERS, the Bank's more favourable conditions of the EIB loan (in particular a longer maturity and lower interest rate than available on the market) have a significant impact on the operation.

The project will provide a significant contribution to EU policy through strong positive environmental impact and will contribute significantly to the protection of the Black Sea coast on the territory of Romania from the effects of coastal erosion and floods accentuated by climate change. The project is in line with the EU environmental legislation, in particular the Water Framework Directive, the Floods Directive, the Bathing Directive and the Marine Strategy Directive

The Bank will require the Promoter to ensure that contracts for the implementation of the project are/will be tendered in accordance with the relevant applicable EU public procurement legislation (Directive 2014/24/EU, 2007/66/EC and, as well as Directive 92/13/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.