The proposed project would finance a road transport scheme in the City of Vilnius, Lithuania. The project would also include a technical cooperation component designed to improve the City's capital planning capacity. The project represents the first financing by the EBRD for the City of Vilnius. The Project will finance upgrades in existing roads together with some associated pedestrian access improvements. The transport scheme selected is part of the City's master plan and reflects prioritisation of the City's objectives in capital planning. The Technical Cooperation funding is intended to improve the City's ability to plan, prioritise and finance its capital investment programme. It is intended that the project will lead to further transition in the City's management and financing of capital projects in the transport and utility sectors.
The Project, together with the technical cooperation programme, will help the City identify alternative sources of funding, including private sector investment, for its capital investments.
The City of Vilnius is the capital and largest city of Lithuania. With a population of approximately 600,000 and a major locale for foreign investment, Vilnius plays an important role in the economy of Lithuania. The City is governed by a Mayor and Executive Board who are chosen by the City Council.
The project will be financed by a €7 million senior debt obligation between the City and the EBRD.
The total project costs will be approximately €8 million, including Technical Cooperation funding.
The project was screened B/0, requiring an Environmental Analysis of the proposed development. An Environmental Specialist from the Bank carried out a site visit and held discussions with the Lithuanian Green Movement and municipal authorities. As part of the Bank's due diligence process, an environmental analysis has been prepared for the EBRD and Vilnius City Municipality. The analysis will address a range of environmental impacts and propose appropriate mitigation measures. Limited noise, worker safety, dust/air quality issues may also arise during the construction process, and mitigation measures to address these impacts will be included in tender documents. The project will meet relevant EU and national environmental requirements.
It is expected that technical cooperation funding will be provided for a Capital Budgeting Development Programme.
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Text of the PIP