The EBRD is helping to inject private finance into the modernisation of Poland’s municipal transport system with a loan for the construction and operation of an underground car park in the historic part of Wrocław, Poland’s fourth largest city.
This will be the first project in Wrocław to be implemented under a Public Private Partnership (PPP) scheme. The project also launches the city’s programme to carry out urban transport improvements in order to reduce congestion and further boost economic development in south-western Poland.
The EBRD is providing a PLN 31.3 million (equivalent of €7.8 million) loan to Immo Park, a special purpose vehicle created to finance the construction and operation of the underground car park, and owned by a specially-established consortium led by the Portuguese Mota Engil group.
Following its successful participation in the tendering process, the city of Wrocław has awarded Immo Park a 40-year concession to develop, build, operate and maintain the parking facility under the city’s historic Nowy Targ Square.
The project includes the construction of a car park intended for parking 331 vehicles, as well as the refurbishment of the old square, which will see new lighting, benches and trees. The construction works are planned to be completed by July 2013.
“We are proud to support the city of Wrocław in addressing its traffic congestion problems. Our new project is set to provide a platform for other mutually-beneficial public private partnerships in cities across Poland, urging the private sector partners to take part in key public sector improvements,” said Jean-Patrick Marquet, EBRD Director for Municipal and Environmental Infrastructure.
Since the beginning of its operations in 1991, the EBRD has invested over €5 billion in Poland in more than 280 projects in various sectors of the country’s economy with a total value of over €18 billion.