The proposed project consists in the refurbishment and management of three railway stations, Prague Main, Karlovy Vary and Marianske Lazne, on a commercial basis. In 2003 Grandi Stazioni won a long term concession agreement following the open tender issued by Ceske Drahy, the Czech National Railways. The investments and commercial strategy are aimed at turning the stations into profit centres by reconfiguring the layout, while ensuring continuous operation of the primary services of the stations. The Bank’s funds would finance part of the Company’s equity.
Management and operation of railway property on a commercial basis is still in its early years in the Bank’s countries of operations. Important transition benefits can be expected from the demonstration of products and processes which are new to the local market, expansion of private ownership and transfer and dispersion of market-based conduct and skills, thanks to the involvement of the private sector in an area previously under the control of the state sector.
Grandi Stazioni Ceska Republika is a special purpose company registered under the laws of the Czech Republic by Grandi Stazioni, an Italian company which is co-owned by the Italian Railways and the private sector. Grandi Stazioni manages the network of 13 largest Italian stations. In 2003 Grandi Stazioni posted revenues of € 138 million and net income of € 13.8 million.
€ 3.8 million equity investment in the Czech company.
€ 31.3 million.
Screened C/1. The implementation of the 30 year concession contract for the refurbishment and management of the three railway stations may be associated with some environmental issues, including waste disposal, air emissions, effluent quality and noise problems and cultural heritage at some of the project stations. These impacts can be easily prevented or mitigated by sound design and construction practices. The refurbishment will also improve the energy management of the three railway stations resulting in energy savings. The due diligence showed that the Sponsor has satisfactory procedures and experience to manage the environmental issues in accordance with applicable Czech environmental regulations and EU standards. The Company will be required to carry out the three refurbishment projects in accordance with applicable Czech environmental, health and safety laws and regulations and EU environmental standards.
The Bank will monitor ongoing compliance of the Company with Czech and EU environmental, health and safety standards during the lifetime of the project by evaluating reports submitted annually to the Bank by the Company, supplemented with field visits by the Bank staff when deemed appropriate.
Mr. Massimo Paglialunga, General Manager
Grandi Stazioni Ceska Republika s.r.o.
11000 Prague 1
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