What to do with a cultural monument when there are no Euro funds? Bratislava shows how to finance public services differently

Bratislava, May 3, 2022 - Bratislava has set up a joint venture with the State Investment Fund to restore the Grössling Spa, which will allow it to finance the reconstruction and also borrow additional money from the bank. According to Slovak Investment Holding (SIH), this is an exemplary model for financing viable public projects.

Slovak Investment Holding invests EU funds in enterprises that are viable but at the same time have difficulty borrowing money on the financial market. At the same time, SIH fills investment gaps in areas that the state has identified as priorities.

Local government projects in the cultural and creative industries also fall into this category. The spa itself would not meet this definition, so SIH's investment will be directed solely towards the reconstruction of the library.

"In the case of the allocation to support projects in the cultural and creative industries, the priority is not to achieve profitability, but above all to contribute to improving the quality of life and ensuring the sustainable provision of public services with an impact on balanced and sustainable territorial development," SIH Vice-Chairman of the Board of Directors Peter Dittrich explains to EURACTIV Slovakia.

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