INTERBIAK LAMIAKO TUNNEL (EIB-20220261)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Spain
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bilbao, Lamiako, Lejona, Bizkaia
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 15, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Interbiak Bizkaia SA Medio Propio
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 217.09 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 200
Converted using 2023-11-15 exchange rate.
Loan Amount (USD)
$ 217.09 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 200 million
Converted using 2023-11-15 exchange rate.
Project Cost (USD)
$ 550.32 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 507 million
Converted using 2023-11-15 exchange rate.
Media Documents
Primary Source

Original disclosure @ EIB website

Updated in EWS Jan 2, 2024

Disclosed by Bank Dec 21, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EIB, the project consists of the construction of an underground road link "Lamiako Tunnel" connecting the two banks of the Nervion river in the outskirts of Bilbao, Spain. The road link will connect to A8 Santander-Bilbao TEN-T Core network Atlantic corridor, within the Bilbao Urban Node. The 3.9 km long link consists of a 3.2 km twin tube tunnel and connecting roads, including two interchanges and three at-grade intersections. Each tube will include two lanes one-way road. In addition, the western tube will integrate a single-track underground light metro over 300 m.

The project will provide with a new transport link across the Nervion river and serve as an alternative to a Rontegi bridge that, despite its high capacity, suffers from congestions. It will improve traffic conditions and reduce road traffic air emissions in five municipalities of the Greater Bilbao agglomeration and beyond. The project will contribute to climate change mitigation and adaptation, by providing with a resilient shorter road connection and by including an infrastructure for a future underground metro line. The project will contribute to the development of the TEN-T Atlantic Core Network Corridor within the Bilbao Urban Node and its port, and thus improve connectivity and inter-modality.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, Interbiak Bizkaia Sociedad Anonima Medio Propio operates as a construction company. The Company offers services such as projection, construction, conservation, maintenance, and exploitation. Interbiak Bizkaia Sociedad Anonima Medio Propio operates throughout Spain.

The EIB states that Interbiak is a public company affiliated with the Department for Infrastructure and Territorial Development of the Provincial Council of Bizkaia. It plays a crucial role in managing Bizkaia’s road infrastructure, including tolls, motorways and tunnels, underlining its importance in maintaining and developing the area’s transport system.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Interbiak Bizkaia SA Medio Propio Client Construction

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

Client - Interbiak Bizkaia SA Medio Propio:

Address: Islas Canarias 19-1, 48015 Bilbao, Basque Country, Spain
Phone: +34 900840048
Website: https://interbiak.bizkaia.eus/ca_index.asp

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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How it works