The construction of the Ostrava Concert Hall in Czechia receives European support worth EUR 105 million

The European Union’s Public Sector Loan Facility (PSLF), part of the Just Transition Mechanism (JTM) supports with a grant of EUR 21 million the construction of a new 1,300-seat concert hall in the city of Ostrava in Czechia. The grant complements a loan of EUR 84 million awarded by the European Investment Bank (EIB) and own financing of EUR 10.5 million, bringing the total budget for the project to EUR 115.5 million.

“This world-class green architectural endeavour will help to redefine Ostrava's identity, symbolising its transition from a coal and steel industry hub to a vibrant, modern metropolis with a flourishing cultural and creative sector that fully embodies the New European Bauhaus spirit and principles. The Ostrava Concert Hall will create jobs and support the diversification of the city.”

Elisa Ferreira, the European Commissioner for Cohesion and Reforms

The beneficiary of the grant, the Statutory City of Ostrava (Statutarni Mesto Ostrava) aims to build a new music venue with world-class acoustics as an extension of the existing House of Culture. The Ostrava Concert Hall will host the Janáček Philharmonic Orchestra and welcome on its stage musical performers from all over the world. It will also serve as a venue for diverse cultural and educational activities.

“The Ostrava Concert Hall represents a transformative milestone between the EIB and the European Commission, fostering cultural enrichment and economic revitalization in Ostrava. This landmark project exemplifies our joint commitment to sustainable development, enhancing the region’s cultural vibrancy and socio-economic resilience.”

Kyriacos Kakouris, EIB Vice-President

The project will support the development of cultural infrastructure and contribute to the revitalisation of Ostrava, a former mining city which still maintains the traditional production of steel. The establishment of a new cultural venue will strengthen the city’s attractiveness to both its inhabitants and visitors and facilitate the socio-economic transformation of the Moravian-Silesian region, one of the three Czech coal regions currently shifting towards a low-carbon economy.

“I am very happy that this new PSLF grant will contribute to the social and economic development of Ostrava, helping the region to transition to a more diverse and sustainable economy. The Ostrava Concert Hall will add a new architectural and cultural landmark, which will help the city to re-focus on the development of arts and creative industries and boost tourism.”

Paloma Aba Garrote, CINEA Director

The project is expected to change the image of the city and improve the quality of life of its residents. Furthermore, the Ostrava Concert Hall will become one of the most sustainable buildings in Czechia by heavily relying on renewable sources of energy.

“The project for the New Concert Hall in Ostrava, which the prestigious Architizer magazine has ranked among the 10 most eagerly-awaited buildings in the world, will bring a significant boost to our city's image, placing us on the world cultural and architectural map. The project is being funded from multiple sources, including the City of Ostrava's own budget, a loan from the European Investment Bank (EIB), a European Union grant (tied to the EIB loan) via Pillar III of the Just Transition Mechanism (JTM), plus contributions from the Moravian-Silesian Region and the Czech Ministry of Culture.”

Jan Dohnal, Mayor of Ostrava city

About PSLF

The Public Sector Loan Facility (PSLF) is the third pillar of the Just Transition Mechanism (JTM) – a key tool of the European Green Deal Investment Plan to make sure that no one and no region is left behind in the transition to a climate-neutral economy.

The PSLF combines loans from the European Investment Bank with grants from the European Commission. The combined support is designed to mobilise additional investments for public sector entities in the regions most affected by the climate transition, as identified in the Territorial Just Transition Plans, to meet their development needs in the transition towards a climate-neutral economy. The blending of the European Investment Bank loan and the Commission grant will facilitate the financing of projects that do not generate sufficient streams of revenues to cover their investment costs.

EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union. It finances sound investments contributing to EU policy goals. The EIB Group invested €1.88 billion in the Czech Republic in 2023, supporting regional development and boosting economic resilience while also enhancing environmental sustainability and improving quality of life. For more information visit: Regional development and cohesion.