Project DescriptionA financing facility to MAS Energy LLC in the amount of up to USD 1.87mm.  The loan will finance the construction and operation of 1.45 MW Skurdidi 3 HPP located on river Skurdidi, in the Adjara region of Georgia.Project ObjectivesTo finance the development, construction and operation of a small-sized greenfield hydro power plant in Georgia with the installed capacity of 1.45 MW located in the Adjara region of Georgia.Transition ImpactETI score: 60Competitive: the operation will support the development of a new renewable energy capacity in Georgia, which will help to increase the share of private generation and facilitate further competition in the country's electricity market.Green: the Project is estimated to generate 7.3GWh of electricity annually, corresponding to expected reduction in GHG emissions of up to 990 tonnes of CO2 equivalent per annum.Client InformationMAS ENERGY LLCEBRD Finance Summary USD 1,870,000.00 Total Project Cost USD 2,530,000.00 AdditionalityFinancing structure: EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. longer grace period and tenor under a limited-recourse project finance structure.Standard-setting: The Borrower seeks/makes use of EBRD expertise on higher environmental standards, above the requirements of Georgian law.Knowledge, innovation, and capacity building: EBRD provides expertise, knowledge and capabilities in the hydro sector in Georgia that are material to the timely realisation of the Project's objectives.Environmental and Social SummaryCategory B (Environmental and Social Policy 2019): the environmental and social (E&S) risks and impacts associated with the construction and operation of the project have been assessed by way of independent E&S Due Diligence (ESDD).  The ESDD concluded that the project is of small-scale in nature, with the weir to be constructed at 2.5 meters, no reservoir or water regulation, or the requirement of any land take which could result in involuntary physical or economic displacement.  The project is not located in a legally protected or sensitive area.  The project is located downstream of the existing HPP where no additional impacts to the river flow regime are anticipated.  An Environmental and Social Action Plan has been developed and agreed with the client to manage construction related impacts and to operate the project in line with good practice, including biodiversity monitoring and disclosure of biodiversity related information.Technical Cooperation and Grant FinancingTC support for this operation has been provided by the ETC Fund to cover the costs of a technical due diligence and Environmental and Social (E&S) assessment.Company Contact InformationIrakli [email protected] V. Dolidze Street, Tbilisi, Georgia GE0171PSD last updated25 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55114"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA financing facility to MAS Energy LLC in the amount of up to USD 1.53mm.  The loan will finance the construction and operation of 1.24 MW Tashiskari HPP located on river Mtkvari in the Shida Kartli region of Georgia.Project ObjectivesTo finance the development, construction and operation of a small-sized greenfield hydro power plant in Georgia with the installed capacity of 1.24 MW located in Shida Kartli region of Georgia.Transition ImpactETI score: 60Competitive: the operation will support the development of a new renewable energy capacity in Georgia, which will help to increase the share of private generation and facilitate further competition in the country's electricity market.Green: the Project is estimated to generate 7.0GWh of electricity annually, corresponding to expected reduction in GHG emissions of up to 950 tonnes of CO2 equivalent per annum.Client InformationMAS ENERGY LLCEBRD Finance Summary USD 1,530,000.00 Total Project Cost USD 2,690,000.00 AdditionalityFinancing structure: EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. longer grace period and tenor under a limited-recourse project finance structure.  Standard-setting: The Borrower seeks/makes use of EBRD expertise on higher environmental standards, above the requirements of Georgian law. Knowledge, innovation, and capacity building: EBRD provides expertise, knowledge and capabilities in the hydro sector in Georgia that are material to the timely realisation of the Project's objectives.Environmental and Social SummaryCategory B (Environmental and Social Policy 2019): the environmental and social (E&S) risks and impacts associated with the construction and operation of the project have been assessed by way of independent E&S Due Diligence (ESDD).  The ESDD concluded that the project is of small-scale in nature, located at the site of an existing large irrigation weir in a semi-urban area, with no reservoir or water regulation, or the requirement of any land take which could result in involuntary physical or economic displacement.  The project is not located in a legally protected or sensitive area.  An Environmental and Social Action Plan has been developed and agreed with the client to manage construction related impacts and to operate the project in line with good practice, including biodiversity monitoring and disclosure of biodiversity related information.Technical Cooperation and Grant FinancingTC support for this operation has been provided by the ETC Fund to cover the costs of a technical due diligence and Environmental and Social (E&S) assessment.Company Contact InformationIrakli [email protected] V. Dolidze Street, Tbilisi, Georgia GE0171PSD last updated25 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "54093"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionThe EBRD invested EUR 35 million in a EUR 500 million senior preferred bond issued by Piraeus Bank SA. The bonds have a maturity of 6 years, with an embedded issuer call option after 5 years, and are listed on the Luxembourg Stock Exchange's Euro MTF market.Project ObjectivesThe project supports the resilience and regulatory compliance of a systemic banking institution in Greece, as well as its sustainable access to capital markets. Furthermore, the project encourages Piraeus's green agenda by requiring Piraeus Bank to allocate an amount equivalent to 180% of EBRD's investment to finance green projects.Transition ImpactETI score: 61The transition impact derives from the resilient quality by supporting Piraeus to gradually build its bail-in-able funding base, diversify its funding sources, and successfully access the capital markets. The project also supports the EBRD's green "transition quality" and the Bank's Green Economy Transition (GET) approach in Greece, through Piraeus Bank allocating a multiple of the EBRD investment amount to projects that meet strict GET-eligibility criteria.Client InformationPIRAEUS BANK SAPiraeus Bank is one of the four systemic banks in Greece, with total assets of about EUR 76 billion as of year-end 2023. The bank generates the vast majority of its revenues domestically, following a universal banking model covering all financial and banking activities in the Greek market. Piraeus Bank S.A. is a wholly owned subsidiary of Piraeus Financial Holdings S.A., an entity listed on the Athens Stock Exchange.EBRD Finance SummaryEUR 35,000,000Total Project CostEUR 500,000,000AdditionalityThe Project supports Piraeus's funding efforts to build up its loss-absorbing capacity through sustainable access to debt capital markets, as EBRD's participation enables Piraeus to expand its stable investor universe. The project also promotes the green agenda as Piraeus will allocate an amount equivalent to 180% of EBRD's investment to green projects in line with EBRD's GET criteria.Environmental and Social SummaryCategorised FI (2019 ESP). Piraeus is an existing client and well known to the EBRD through previous exposures. Under the existing exposures, Piraeus is in compliance with the EBRD's Performance Requirements 2, 4 and 9. Piraeus will be required to continue complying with these PRs, to apply the E&S Exclusion List, and to refer to EBRD on any operation part of the FI referral list and list of A projects under the ESP 2019. Piraeus will implement EBRD's applicable E&S Risk Management Procedures and continue to submit annual environmental and social reports to the EBRD. The partner bank will continue to report on E&S performance of the operation and compliance with the ESP annually to the Bank.Technical Cooperation and Grant FinancingNoneCompany Contact InformationXenofon [email protected]+30 210 3288 100https://www.piraeusholdings.gr/en/Amerikis 4, 105 64, Athens, GreecePSD last updated25 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55050"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA Resilience and Livelihoods Guarantee ("RLG"), under the Resilience and Livelihoods Framework ("RLF"), in the form of an unfunded portfolio risk-sharing facility covering up to 50 per cent of the credit risk in sub-loans with the total value of up to EUR 100 million equivalent (the "Covered Portfolio") to be originated by Raiffeisen Bank JSC in Ukraine. The Project will be delivered in two tranches: (i) committed Tranche A amounting to EUR 60 million of the Covered Portfolio and; (ii) uncommitted Tranche B amounting to EUR 40 million of the Covered Portfolio.20% of the RLG is part of the EU4Business-EBRD Credit Line with incentives (this sub-limit assigned with a separate EBRD project number 55246). The EBRD and the EU support investment projects of local small and medium enterprises ("SMEs") across the Eastern Partnership region. The EBRD enables financing of long-term capital investments of SMEs to upgrade their technologies and equipment to EU standards, including investments in sustainable and green technologies (at least 70% of the sub-limit), thereby enhancing businesses' competitiveness. The EU and the US complement the offer with incentive grants and technical assistance under its EU4Business initiative.Project ObjectivesThe Facility will be used to support lending to Ukrainian private companies operating in the primary and secondary agriculture and other critical industries (inter alia food processing, retail, logistics), with the ultimate goal of preserving livelihoods in Ukraine. Transition ImpactThe Facility will support the Resilient, Inclusive and Competitive TI qualities.The Resilient quality stems from credit enhancement mechanism provided by the RLG, which will enable Raiffeisen Bank JSC to finance Ukrainian agricultural value chains and other critical industries and to preserve food and energy security, maintain consumption and access to critical goods as a vital step in safeguarding people's livelihoods and to reduce losses due to supply chain disruptions.The Facility will also support the Inclusive quality by providing funding to the Ukrainian businesses affected by the war, aimed at safeguarding their human and organisational capital.The Facility also contributes to the Competitive quality by improving SME investments in line with EU standards, enhancing their competitiveness in domestic and export markets.Client InformationRAIFFEISEN BANK JSCRaiffeisen Bank JSC is the fourth largest bank in Ukraine and the largest private bank with 6.7% market share by total assets (EUR 4.5B) as of YE2023. The bank has 320 branches and 1,567 ATMs, servicing 2.65 million active clients offering conventional banking products to corporate, SME and retail customers.EBRD Finance SummaryEUR 50,000,000Total Project CostEUR 100,000,000AdditionalityResponse to the war in Ukraine: the Facility is provided in the extraordinary circumstances of the ongoing war on Ukraine, serving as a significant risk mitigating instrument to enable financing of critical industries. Environmental and Social SummaryCategorised FI (ESP 2019). Raiffeisen Bank JSC is an existing client of EBRD and performance on environmental and social (E&S) issues to date has been satisfactory. Annual reporting, and previous E&S due diligence, demonstrates that the bank has staff nominated to manage E&S issues, adequate E&S risk management procedures built into the credit appraisal process and appropriate monitoring for E&S issues both within the portfolio and within the institution itself. The management system is applied to the entire commercial lending portfolio. Technical Cooperation and Grant FinancingNon-TC: The project will benefit from donor support in the form of the first loss risk cover for potential defaulted sub-loans in the Covered Portfolio. TC and non-TC under EU4Business-EBRD Credit Line: SME sub-borrowers will benefit from EU and US funded financial incentives for eligible sub-projects, while the bank will receive technical assistance from dedicated consultants towards investment projects preparation and implementation.Company Contact InformationRuslan [email protected]+380 66 222 2943https://raiffeisen.ua/4A Generala Almazova,Kyiv, Ukraine 01011Implementation summaryPSD last updated25 Apr 2024Related materialFramework projectFramework: Resilience and Livelihoods FrameworkPublished: 14.04.2022 var projFinderService = '/project-finder-json?1=1'; var projectId = "55245"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionAn investment of USD 60 million in USD 300 million Basel III compliant Perpetual Subordinated Callable Additional Tier 1 Capital Note issuance by JSC TBC Bank ('TBC'). Notes will be listed on Euronext Dublin (Global Exchange Market) with expected issue rating of B2 by Moody's. Project ObjectivesThe proposed investment in AT1 Capital Notes supports the resilience of a systemic financial institution in Georgia by (i) strengthening its capital position to maintain prudent capital buffers, (ii) insulating the bank's capital base against the currency depreciation, and (iii) enabling uninterrupted lending to the real economy. Transition ImpactETI score: 66The expected transition impact stems from Resilient and Competitive transition qualities. The investment in AT1 Capital Notes will strengthen the systemic bank's Tier 1 capital, optimise capital structure and diversify capital currency composition while providing additional capacity for future growth for continued lending to the real economy.Client InformationTBC BANK JSCTBC Bank ('TBC') is a leading universal bank in Georgia. It offers a full range of financial products and services to the retail, corporate and MSME clients through the wide distribution network of 135 branches and digital channels. TBC's credit rating is BB/Stable by Fitch, Ba2/Stable by Moody's.EBRD Finance Summary USD 60,000,000.00 EBRD finance is 20% of the total issuance at USD 60 million. Total Project Cost USD 300,000,000.00 Total issuance size is USD 300 million. AdditionalityEBRD financing is expected to effectively 'close the funding gap' and support successful book-building process for TBC's benchmark AT1 issuance as the bank returns to the international capital markets since 2021. The project is also Gender additional as TBC will participate in the national roll-out of the WE Finance Code in Georgia. Environmental and Social SummaryCategorised FI (ESP 2019). TBC bank is a long-standing client of the EBRD and compliance with, and reporting on, the Bank requirements have been good in the context of the existing and previous projects.Technical Cooperation and Grant FinancingNoneCompany Contact InformationKetevan [email protected]+(995 32) 227 27 27https://tbcbankgroup.com/7 Marjanishvili St. Tbilisi, Georgia 0102PSD last updated26 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55247"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA senior unsecured loan of up to €15 million under the Financial Intermediaries Framework ("FIF"). Project ObjectivesThe transaction is envisaged to provide financing for on-lending to local SMEs for capital expenditure, primarily equipment and vehicles in line with the FIF Policy Statement.Transition ImpactETI score: 60The project contributes to the objectives of the FIF, supporting the Competitive and Resilient transition qualities. FIF seeks to (i) foster SME competitiveness by increasing availability of financing and (ii) contribute to the competitiveness of financial institutions by enabling innovation in strategy, products, processes and marketing related to SME segment. By ensuring that financial institutions have adequate underwriting and risk management practices in place, the FIF also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.Client InformationRAIFFEISEN LEASING DOO SARAJEVORaiffeisen Leasing doo ("RL)" is the second largest leasing provider in BiH, holding a market share of 27 per cent in terms of total assets (as of end-3Q 2023). The principal activity of RL is leasing of vehicles and equipment through finance and operating leases. Established in 2004, RL operates solely in BiH and is based out of Sarajevo.EBRD Finance Summary EUR 15,000,000.00 Total Project Cost EUR 15,000,000.00 AdditionalityAdditionality is achieved by the financing structure of the project which optimizes RL's funding structure and enables it to more effectively manage maturity gaps on the balance sheet.Environmental and Social SummaryCategorised FI (ESP 2019). RL is an existing client and will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; adopt and implement the EBRD's E&S Risk Management Procedures for Leasing Companies, including adherence to the EBRD E&S Exclusion List and Referral List ESP 2019; and submit Annual Environmental and Social Reports to the Bank on compliance with the applicable Performance Requirements and any other E&S matters arising during the year. Sub-lessees financed through RL will also be required to comply with national environmental, health, safety and labour (EHSL) requirements. If EBRD funding will be used for financing solar PV technologies, these will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.Technical Cooperation and Grant FinancingNone.Company Contact InformationLarisa [email protected]+387 (0) 61 234 567https://www.rlbh.ba/Zmaja od Bosne bb, 71000 Sarajevo, Bosnia and HerzegovinaPSD last updated24 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55337"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA senior unsecured loan of up to € 3 million under the Sustainable Reboot SME Programme ("the Programme").Project ObjectivesThe proceeds of the Bank's investment will be used to provide leases to help finance the investments in micro, small and medium-sized enterprises in Bosnia and Herzegovina assisting in improving the competitiveness and compliance with technical standards in line with the EU directives and other international recognized standards.Transition ImpactETI score: 60The project will contribute to the overall Programme objectives and support the Competitive and Green TI qualities. The Competitive quality will be supported by: (i) facilitating SME's increased competitiveness; and (ii) prioritising investments that result in compliance with EU Directives and other relevant international standards. The project will also facilitate investments in green technologies that will drive the transition to an environmentally sustainable, lower-carbon and climate-resilient green economy, thus supporting the Green quality.Client InformationRAIFFEISEN LEASING DOO SARAJEVORaiffeisen Leasing doo ("RL)" is the second largest leasing provider in BiH, holding a market share of 27.4 per cent in terms of total assets (as of end-3Q 2023). The principal activity of RL is leasing of vehicles and equipment through finance and operating leases. Established in 2004, RL operates solely in BiH and is based out of Sarajevo.EBRD Finance Summary EUR 3,000,000.00 Total Project Cost EUR 3,000,000.00 AdditionalityCombining the necessary medium-term financing with technical support and targeted investment incentives into a package that promotes green investments that will improve the competitiveness of SMEs.Environmental and Social SummaryCategorised FI (ESP 2019). RL is an existing client and will be required to continue to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9; adopt and implement the EBRD's E&S Risk Management Procedures for Leasing Companies, including adherence to the EBRD E&S Exclusion List and Referral List ESP 2019; and submit Annual Environmental and Social Reports to the Bank on compliance with the applicable Performance Requirements and any other E&S matters arising during the year. Sub-lessees financed through RL will also be required to comply with national environmental, health, safety and labour (EHSL) requirements. If the EBRD funding will be used for financing solar PV technologies, these will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.Technical Cooperation and Grant FinancingThe project will be supported by a comprehensive technical assistance to RL and sub-borrowers to facilitate the project preparation and successful implementation of the FIF- Sustainable Reboot SME programme. The SMEs will also benefit from grant incentives worth up to 15 per cent of the lease financing amount. The grants for the entire regional programme across all countries will be funded by Norway, Luxembourg, the United States of America and SECO via the Small Business Impact Fund, as well as DANIDA and the EBRD's Shareholders' Special Fund. The particular project with RL will be supported with funding from SECO only. Company Contact InformationLarisa [email protected]+387 (0) 61 234 567https://www.rlbh.ba/Zmaja od Bosne bb, 71000 Sarajevo, Bosnia and HerzegovinaPSD last updated24 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55334"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionSenior secured loan in favour of Fiberhost S.A. ("Fiberhost") and INEA s.p. zo.o ("Inea") (together, the "Group", the "Company"), a leading wholesale fibre broadband operator and a retail telecom services provider, respectively, incorporated in Poland. The Bank's financing will support Fibre-to-the-Home ("FTTH") network expansion and modernisation, as well as the commercial development of Inea. Project ObjectivesEBRD will co-finance the capex plan of the Group, which supports its network expansion and modernisation, as well as the commercial development of Fiberhost and Inea. A large portion of the capex will be allocated to connecting households in rural and peri-urban areas of Poland to fibre technology. Transition ImpactETI score: 67Competitive: the operation will foster digital inclusion and improved access to high-speed FTTH technology in underserved rural and peri-urban areas in Poland, currently relying on outdated copper-based networks. In addition, the operation will support the Group's capex investments to modernise its existing backbone and cable connections, expand fibre network capacity and add last-mile connections, which are poised to significantly bolster network capacity, elevate data speeds, and ultimately augment the FTTH coverage across Poland.Green: the financing will support the delivery of ambitious climate targets in line with the Company's Net Zero objectives, while increasing the number of Homes Passed served by fibre, which is the most energy-efficient telecom technology.Client InformationFIBERHOST SAFiberhost and Inea are subsidiaries of ODIN Holdings S.a.r.l ("ODIN Holdings"), a holding owned by Macquarie Infrastructure and Real Assets ("MIRA"), a leading infrastructure private equity firm, since 2018. Fiberhost is a leading Polish wholesale broadband operator, providing access to backbone and distribution networks to internet services providers ("ISPs") in 8 out of 16 Polish regions. Inea is a retail provider of broadband, television, mobile and fixed-line telephony services in Poland. EBRD Finance Summary PLN 450,000,000.00 Provision of long-term financing denominated in Polish zlotys (PLN).Total Project Cost PLN 2,770,000,000.00 The Bank's loan is part of a larger syndicated debt financing.AdditionalityEBRD provides a large amount to close the fundraising and necessary to ensure the delivery of Company's expansion business plan. Environmental and Social SummaryCategorised C under the 2019 ESP. The client is an existing client of the Bank and corporate level Environmental and Social Due Diligence ("ESDD") was carried out in 2018. The transaction involves refinancing and capex for FTTH rollout and expansion of mobile, telco, broadband services into new regions in Poland. The previous ESDD involved the assessment of construction impacts from laying cables through targeted questions on contractor management procedures, temporary access rights and provisions for a public grievance mechanism. The Environmental and Social Action Plan ("ESAP") focused on improved monitoring of contractors Environmental and Social ("E&S") performance and provision of access to a grievance mechanism to communities affected by the works. The annual environmental and social reporting has been satisfactory and the Bank will continue to monitor the Company's practices through review of annual E&S reports. Technical Cooperation and Grant Financingn/aPSD last updated24 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "54973"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionThe EBRD is considering providing a senior unsecured loan of up to € 26.4 million to the Macedonian Transmission System Operator AD ("MEPSO", or the "Company"). The proceeds of the EBRD financing will be used to finance the construction of (i) 400/110kV substation near Miletkovo, (ii) new 110kv OHTL connection and rehabilitation of the existing 110kV overhead transmission lines and substations in and between Miletkovo, Valando and Strumica, and (iii) develop a training center for high voltage grid operators and other sectoral specialists (the "Project"). The Project will also benefit from (i) € 7.8 million investment grant from the Western Balkans Investment Fund (WBIF) and € 0.5 million grant from the Climate Investment Fund Accelerating Coal Transition ("CIF ACT"). The total project cost will be € 34.7 million.Project ObjectivesOverall, the Project will enable MEPSO to strengthen further the transmission network in the southeast region of North Macedonia. This development is pivotal for integrating a considerable array of Renewable Energy ("RE") power plants with the TSO system. The realization of this project is also projected to significantly reduce energy losses, with an estimated reduction of approximately 14.5 GWh annually. Additionally, it will develop a training centre for high voltage grid operators in the coal-affected southwest region targeting not only MEPSO grid operators but also other sectoral workers affected by the green energy transition.  Transition ImpactETI score: 72The Project's transition impact stems from Green and Inclusive qualities. The operation will deliver climate energy efficiency benefits by targeting a decrease in electricity transmission losses and will allow the potential connection of up to 1,170 MW of additional renewable energy sources in the country, which currently are not possible due to limited capacity of the local transmission grid. The Project will promote human capital development by supporting MEPSO in setting up a training centre in the Southwest region targeting not only its grid operators but also other sectoral workers affected by the green energy transition.Client InformationMEPSO ADMEPSO, the 100% state-owned electricity transmission system operator ("TSO") of North Macedonia, was incorporated as an independent TSO in 2005, following the unbundling of the old vertically integrated state-owned utility ESM was unbundled into 3 major companies.MEPSO's business activity is: (i) transmission of electricity; (ii) management of the electric power system by dispatching electricity throughout the country, as well as balancing the power system; and (iii) organisation and management of the Macedonian electricity market.EBRD Finance Summary EUR 26,400,000.00 Total Project Cost EUR 34,700,000.00 AdditionalityThe EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions. Such financing is necessary to structure the Project. Additionally, the EBRD offers a tenor, that is longer than what is available to the Client in the market on reasonable terms and conditions.Environmental and Social SummaryCategorised B (2019 ESP). Environmental and social ("E&S") due diligence ("ESDD") was conducted by an independent consultant for the two Project's components, i.e., Sub-project 1 - Construction of a new 400/110 kV substation near Miletkovo located in Gevgelija Municipality with its connection to the existing 400 kV and 110 kV transmission network; and Sub-project 2 - new connection and rehabilitation of the existing 110kV transmission lines and substations in and between Miletkovo, Valandovo and Strumica  Municipalities. The independent assessment included a company audit and assessment of E&S project risks and impacts in line with EBRD's E&S Policy and Performance Requirements ("PRs"). Additionally, an E&S assessment of the associated facility related to the project, i.e. the development of a training centre for high voltage grid operators, which would include refurbishment of the existing facility of the client, procurement of equipment and development of the training curriculum was carried out by ESD, and included the review of the associated renovation CAPEX and assessment of the location and surrounding area with regards to any sensitive receptors. The ESDD findings showed that the Company has a set of E&S procedures in place for mitigation of the E&S risks during the Project's implementation and operation.  These have been developed as part of the external certification for the ISO 9001 (quality management), ISO 14001 (environmental management), ISO 45001 (health and safety management) as well as ISO 50001 (energy management), including an Environment Protection Policy.  ESDD has identified areas for improvement required to structure the Project to align with the Bank's 2019 PRs and good international practice.  These have been included in an Environmental and Social Action Plan ("ESAP"). The ESAP has been agreed with the Client.  National permitting procedures will need to be adhered to and a set of permits obtained in line with ESAP. A project-specific Construction Environmental and Social Management Plan ("CESMP") is to be developed in line with ESAP, based on the Framework ESMP which has been prepared for the project as part of the ESDD.  The client will need to set requirements in the tender documentation for the construction contractor and third-party supervision to appoint environmental, social and health and safety specialists as part of their teams. Operational impacts will be managed by the client within existing Environmental and Social Management System and procedures in place.  The client fully complies with the North Macedonian Labour Law, and the company's HR provisions and procedures are in line with local requirements and comply with PR 2. The contractors will need to implement an internal grievance mechanism for workers to fully comply with PR2. Pollution risks during construction will be managed by a Pollution Prevention and Control Plan and Soil Management and Erosion Control Plan, while construction noise will be managed by a Noise Management Plan, as stipulated in the ESAP. Construction - Waste Management Plan as part of the CESMP will be developed and implemented by the appointed Contractor(s) to ensure all construction and demolition waste is properly managed according to Macedonian law and EU waste management requirements. Climate resilience measures need to be incorporated into the Project design documentation to reduce vulnerability to future climate change. ESAP stipulates development and implementation of several management plans to mitigate health and safety impact during construction phase. It is expected that project will result in land acquisition.  A Land Acquisition and Resettlement Framework ("LARF") has been prepared as part of the ESDD in line with PR5, including measures for closing gaps with PR5. ESAP stipulates preparation of a Land Acquisition and Resettlement Plan (LARP) based on the Framework, which will be developed once the exact nature and scope of land acquisition become known, to ensure full compliance with PR5. The Sub-Project 1 is not located in Natura 2000 site or locally protected areas; however, the wider geographical area of River Vardar corresponds to known bird migratory route. Regarding the Sub-Project 2, existing 110 kV transmission line passes through one locally protected area - Park of Nature Cham Chiflik in 0.5 km long section, and one internationally recognised site i Important Plant Area Belasica (IPA) in 2.8 km long section. Therefore, optimisation of the position of the transmission line has been done as part of the ESDD to fully avoid impacts to protected area Park of Nature Cham Chiflik, as well as the use of a power underground cable is selected for the section in Strumica, to reduce overall length through IPA from 2.8 km to 1.6 km. In line with requirements of PR6, the ESAP stipulates the following measures: (i) development of a Bird Protection Plan at corporate level; (ii) installation of bird diverters; (iii) seasonal restrictions of vegetation clearance from April to June; (iv) prohibition of works in sensitive area near River Vardar; and (v) preparation of a Biodiversity Action Plan. Impacts to known cultural heritage sites in the wider area of the project are avoided as part of the route selection and optimisation process, in line with mitigation hierarchy of EBRD's E&S Policy. No impacts on the known cultural heritage are expected and chance finds will be managed through a Chance Find Procedure, as stipulated by ESAP. Interested stakeholders have been consulted during ESDD through individual or group meetings. The Stakeholder Engagement Plan ("SEP") has been prepared for the Project and includes a grievance mechanism to address complaints of external stakeholders, in line with the ESAP. Both SEP and Non-Technical Summary will be publicly disclosed in English and local language. The Bank will monitor the implementation of the Project through review of annual monitoring reports and visits as required.Technical Cooperation and Grant FinancingTechnical Cooperation for up to EUR 230,000, for training curricula to promote upskilling and reskilling energy sector employees in the country and the region, under the Gender & Economic Inclusion ("G&EI") Technical Assistance Framework, is expected to be provided by an international donor ("CIF") to support the design and implementation of the G&EI activities.Company Contact InformationErol [email protected]://www.mepso.com.mk/index.php/en/PSD last updated24 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "54625"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA  senior unsecured LCY-denominated loan of up to EUR 20 million equivalent to be provided to Bank Lviv in four equal tranches to enable the bank's support to private small and medium sized enterprises ("SMEs") in Ukraine. The facility is under the EBRD Resilience and Livelihoods FrameworkProject ObjectivesThe Project will help Bank Lviv to maintain a sustainable funding base during the crisis and provide continued access to finance for private SMEs affected by the ongoing war on Ukraine. At least 30% of all financed sub-loans under the Project are to be directed on a best effort basis to support projects compliant with EBRD Green Economy Transition (GET) approach.Transition ImpactThe Project will support the Resilient and Inclusive TI qualities. Resilient: reinforcing lending capacity of Bank Lviv and helping it to maintain sound funding profileInclusive: supporting the war affected private businesses in Ukraine.Client InformationBANK LVIV JSCA regional MSME-focused bank in the western part of Ukraine with total assets of USD 280 million (ranked #27, 0.4% market share) and a loan portfolio of USD 183 million (ranked #18, 1% market share) as of YE2023. The bank has a head office in Lviv and operates through 19 branches (1 in Kyiv, 13 in Lviv region and 5 in other main cities in the western part of Ukraine).EBRD Finance Summary EUR 20,000,000.00 Includes a committed tranche of EUR 5 million equivalent and up to EUR 5 million equivalent for each of three uncommitted tranches, calculated based on the UAH-EUR exchange rate at the time of disbursement of the respective tranche of the loan.Total Project Cost EUR 20,000,000.00 AdditionalityResponse to the war in Ukraine: the Project is undertaken in the extraordinary circumstances of the ongoing war on Ukraine enabling medium and long-term financing of Ukrainian SMEs in the local currency.Gender Additional: Senior managers of Bank Lviv will participate in EBRD-organized trainings covering the results of market diagnosis in Ukraine regarding the needs and  market opportunities for the Women in Business program with PFIs in Ukraine.Environmental and Social SummaryCategorised FI (ESP 2019): Bank Lviv is an existing client and will continue to comply with PRs 2, 4 &9, and further, implement and comply with the relevant EBRD's Environmental & Social (E&S) Procedures.  An Environmental Social Monitoring Plan ("ESMP") has been developed under the previous transaction and its implementation status was reviewed during the due diligence.Technical Cooperation and Grant FinancingTC: NoneNon-TC: the Project will benefit from LCY Interest Rate Subsidy to reduce EBRD's funding cost in order to bring the interest rate of the UAH facility to acceptable market level. The expected source of donor funds for the LCY Interest Rate Subsidy is the United States' SME Local Currency Lending Programme in Ukraine.  Company Contact InformationAndriy [email protected]+380 93 116 9747https://www.banklviv.com/1, Serbska str., Lviv, Ukraine, 79008Implementation summaryPSD last updated24 Apr 2024Related materialFramework projectFramework: Resilience and Livelihoods FrameworkPublished: 14.04.2022 var projFinderService = '/project-finder-json?1=1'; var projectId = "55295"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA Resilience and Livelihoods Guarantee ("RLG"), under the Resilience and Livelihoods Framework, in the form of an unfunded portfolio risk-sharing facility covering up to 50% of the credit risk in sub loans with the total value of EUR 30 million equivalent (the "Covered Portfolio") to be originated by Bank Lviv  ("BL", the "PFI") in Ukraine.The Project will be delivered in two equal tranches with the second tranche being uncommitted.20% of the RLG is part of the EU4Business-EBRD Credit Line with incentives (this sub-limit is assigned with a separate EBRD project number 55297). The EBRD and the EU support investment projects of local small and medium enterprises ("SMEs") across the Eastern Partnership region. The EBRD enables financing of long-term capital investments of SMEs to upgrade their technologies and equipment to EU standards, including investments in sustainable and green technologies (at least 70% of the sub-limit), thereby enhancing businesses' competitiveness. The EU and the US complement the offer with incentive grants and technical assistance under its EU4Business initiative.Project ObjectivesThe Facility will be used to support lending to Ukrainian private companies operating in the primary and secondary agriculture and other critical industries (inter alia food processing, retail, logistics), with the ultimate goal of preserving livelihoods in UkraineTransition ImpactThe Resilient quality stems from the credit enhancement mechanism provided by the RLG, which enables Bank Lviv to finance Ukrainian agricultural value chains and other critical industries and to preserve food and energy security, maintain consumption and access to critical goods as a vital step in safeguarding people's livelihoods and to reduce losses due to supply chain disruptions.The Facility will also support the Inclusive quality by providing funding to Ukrainian businesses affected by the war, aimed at safeguarding their human and organisational capital. Providing affected businesses with financing will enable them to remain operational, may potentially limit staff shrinkages, and will allow entrepreneurs to preserve their organisational capital, i.e., the know-how needed to create systems of production combining human skills and physical capital.The Facility also contributes to a Competitive quality by improving SME investments in line with EU standards, enhancing their competitiveness in domestic and export markets.Client InformationBANK LVIV JSCA regional SME-focused bank in the western part of Ukraine with total assets of USD 280 million (ranked #27, 0.4% market share) and a loan portfolio of USD 183 million (ranked #18, 1% market share) as of YE2023. The bank has a head office in Lviv and operates through 19 branches (1 in Kyiv, 13 in Lviv region and 5 in other main cities in the western part of Ukraine).EBRD Finance SummaryEUR  15,000,000Total Project CostEUR  30,000,000AdditionalityResponse to the war in Ukraine: the Facility is provided in the extraordinary circumstances of the ongoing war on Ukraine, serving as a significant risk mitigating instrument to enable financing of critical industries.Gender Additional: A childcare needs assessment will be conducted for the PFI's employees and its women-led SME clients to identify and prioritize areas for product and non-financial service development within the current wartime context in Ukraine.Environmental and Social SummaryCategorised FI (ESP 2019): Bank Lviv is an existing client and will continue to comply with PRs 2,4 &9, and further, implement and comply with the relevant EBRD's Environmental & Social (E&S) Procedures.  An Environmental Social Monitoring Plan ("ESMP") has been developed under the previous transaction and its implementation status was reviewed during the due diligence.Technical Cooperation and Grant FinancingNon-TC: The project will benefit from donor support in the form of the first loss risk cover for potential defaulted sub-loans in the Covered Portfolio.TC and non-TC under EU4Business-EBRD Credit Line: SME sub-borrowers will benefit from EU and US funded financial incentives for eligible sub-projects, while the bank will receive technical assistance from dedicated consultants towards investment projects preparation and implementation.Company Contact InformationAndriy [email protected]+380 93 116 9747https://www.banklviv.com/1, Serbska str., Lviv, Ukraine, 79008PSD last updated24 Apr 2024Related materialFramework projectFramework: Resilience and Livelihoods FrameworkPublished: 14.04.2022 var projFinderService = '/project-finder-json?1=1'; var projectId = "55296"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionProvision of a senior secured loan of USD 15 million to Tavan Bogd LLC (the "Company" or the "Client"). The proceeds of the loan will finance the construction and completion of the Company's new automotive service centre, showroom, and headquarters office building in Mongolia, allowing the Company to support its automotive retail operation and improve its operational efficiency.Project ObjectivesThe Project is in line with the EBRD country strategy for Mongolia which priorities include enhancing Mongolia's resilience through a stronger, more diversified and stable private sector.Transition ImpactETI score: 63The transition impact is expected to derive from contribution to the competitive and green qualities. Toyota vehicles are the most popular car choice in Mongolia, and there is a high demand for maintenance services but only a limited number of official after-service providers is active in the market. The Company's expansion of the after service and maintenance business following the completion of the project will double its number of serviced cars while halving the average queue time. In addition, the Company will improve its service outreach to cars not sold by the Company thereby improving reliable service availability in Mongolia. The construction will achieve EPC A building certification. The Project is expected to result in primary energy savings of 2,139 GJ and avoided emissions of 184 tCO2e.Client InformationTAVAN BOGD LLCTavan Bogd LLC, incorporated in Mongolia in 1995, is engaged in automotive retail and services. The company is the largest subsidiary of the Tavan Bogd Group one of the largest and well-diversified groups in Mongolia (the "Group").EBRD Finance Summary USD 15,000,000.00 Total Project Cost USD 20,000,000.00 AdditionalityThe project loan tenor is longer than currently available in the local market. The Bank's additionality stems from the Project achieving energy performance class A according to the national standards which is two grades over the national requirement.Environmental and Social SummaryCategory B (2019 EP). The client is well known to the Bank from previous projects where they have shown the capacity and capability of implementing works in line with the Bank's Performance Requirements. Due diligence on this Project involved a review of assessments carried out on previous Projects, review of findings from site visits carried out as part of monitoring of previous Projects, review of Annual Environmental and Social Reports submitted by the client, and a review of the technical works proposed for the proposed Project. The proposed project involves the construction and completion of a large commercial structure for the sale of automobiles to the public and the general operation of the client's business. The E&S Management Systems that the client has in place are generally appropriate for the proposed works, noting that the scale of the Project is larger than for previous transactions with the client. The most significant E&S risks are related to the construction works and the client will be required to update their contractor management and public safety management procedures, including safeguarding, to reflect the scale of the construction project. These commitments shall be captured in an Environmental and Social Action Plan to be agreed with the client prior to Board Review.Technical Cooperation and Grant FinancingNA.Company Contact InformationMr. Turtuvshin [email protected]+976-99032389https://tavanbogd.comTavan Bogd Group office, Khan-Uul district, Chinggis Avenue 130, Ulaanbaatar 210136, MongoliaPSD last updated23 Apr 2024Related materialFramework projectFramework: Direct Finance Framework non SMEPublished: 01.06.2017 var projFinderService = '/project-finder-json?1=1'; var projectId = "55110"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionProvision of a senior loan to Inecobank ("IB") of up to USD 7 million  under the SME Competitiveness and Inclusion Programme in Eastern Partnership ("EaP SMECI") established by the European Bank for Reconstruction and Development ("EBRD") in cooperation with the European Union ("EU") to be on-lent to eligible micro, small and medium sized enterprises ("MSMEs").Project ObjectivesThe project will enable IB to finance long-term investments of Armenian MSMEs in upgrading their production facilities and processes to achieve compliance with the EU standards, including investments in sustainable and green technologies, thus facilitating competitiveness of Armenian MSMEs in the European and domestic markets. In addition to long-term financing, eligible sub-borrowers will benefit from investment incentives upon successful completion of their investment projects. At least 70 per cent of all financed sub-loans are expected to be compliant with EBRD Green Economy Transition ("GET") approach. Transition ImpactETI score: 75Competitive: IB will expand its MSME loan portfolio with a specific focus on financing priority investments complying with EU directive(s), ultimately facilitating competitiveness of Armenian MSMEs.Resilient: IB is expected to maintain strong loan portfolio quality.Client InformationINECOBANK CJSCInecobank CJSC is a long standing EBRD partner bank. IB is the 5th largest bank in Armenia by total assets and loan portfolio with 6.4% and 6.6% respective market shares as of YE 2023.EBRD Finance Summary USD 7,000,000.00 Total Project Cost USD 7,000,000.00 AdditionalityFinancing structure: EBRD offers a tenor, which is above the market average and is necessary to structure the project.Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance ("ESG") standards and/or climate and ESG risk considerations into the financing structure. For instance, adjusting level of concessionality to reflect level of climate risk and/or positive climate benefits, such as greenhouse gas reductions and climate resilience benefits.Knowledge, innovation and capacity building: EBRD provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives, including support to strengthen the capacity of the MSMEs.Environmental and Social SummaryCategorised FI (2019 ESP). IB is an existing client and performs in compliance with the environmental and social ("E&S") requirements under existing exposures. IB will need to continue to comply with PRs 2, 4 & 9, implement the EBRD's Environmental and Social Procedures for Corporate Loans, SME and Micro Loans, including adherence to the EBRD E&S Exclusion List and Referral List introduced with ESP 2019, and submit annual environmental and social reports to EBRD. Sub-borrowers financed through the loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements.Technical Cooperation and Grant FinancingThe project includes a comprehensive technical cooperation programme funded by the EU. The objective of the technical cooperation is to assist financial intermediaries in Armenia, including IB, in successful implementation of the project, including marketing, pre and post finance assessment of sub-projects as well as general monitoring and reporting. Furthermore, the loan is complemented by EU funded grant of EUR 0.83m to be allocated to eligible sub-borrowers in form of investment incentives to stimulate investments in technologies meeting EU standards including investments in sustainable and green technologies.  Company Contact InformationHayk [email protected]://www.inecobank.amPSD last updated18 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55403"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionThe provision of a senior unsecured loan of up to €15 milion, under SME Go Green Programme, to Banca Intesa Belgrade ("BIB").Project ObjectivesProceeds of the Loan will be used for providing sub-loans to eligible SMEs in Serbia for improving their competitiveness and trade potential via targeted investments in sustainability practices and the adoption of internationally recognised quality standards, scaling up green economy investments and in particular, greening of agribusiness supply chains and promoting more equitable access to climate and other finance to women-led SMEs. BIB will aim to deliver 70 percent of the proceeds to Green Economy Transition (GET) eligible projects.Transition ImpactETI score: 65The Project contributes to the overall objectives of the SME Go Green Programme, supporting the Competitive and Green TI qualities. FIF SME Go Green seeks to (i) support SMEs in accessing finance towards EU and international standards investments and assist them to access advice and know-how for introducing and implementing such standards and becoming competitive, and (ii) scale up investments into GET-eligible technologies by SMEs and thereby contribute to building a green, low-carbon economy in the Western Balkans.Client InformationBANCA INTESA AD BEOGRADBIB is the largest bank in Serbia and is among the leading banks in both corporate and retail banking. As of 4Q23, BIB had a market share of 15.6 percent by total assets, 16.7 percent by net loans and 16.3 percent by deposits. It has approximately 3,000 employees and a branch network of 143 offices across Serbia. EBRD Finance Summary EUR 15,000,000.00 Total Project Cost EUR 15,000,000.00 AdditionalityThe EBRD offers long-term financing which is above the market average and provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives.Environmental and Social SummaryCategorised FI (ESP 2019). BIB is an existing client and has provided satisfactory annual environmental and social reports to the Bank to date. BIB will be required to continue to comply with the EBRD's Performance Requirements (PR) 2, 4 and 9, to apply the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the EBRD E&S Exclusion List and Referral List ESP 2019 and submit annual E&S reporting to the Bank. Sub-borrowers financed through BIB's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements.If the EBRD funding may be used for financing solar PV technologies, these will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.Technical Cooperation and Grant FinancingTC includes support from Programme Consultants that will assist SMEs and PFIs with the implementation, marketing and monitoring of the Programme and a separate verification of the technical implementation of the investments by Sub-borrowers before the incentive payment is released. TC funds are provided by the EU.Company Contact InformationSnezana [email protected] 11 201 1400381 11 201 1400http://www.bancaintesa.rs/Milentija Popovica 7b11070 Novi BeogradPSD last updated18 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55275"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionProvision of a senior unsecured loan in the amount of up to €7 million in a single tranche to Banca Intesa Beograd ("BIB"), for on-lending to eligible women-led SMEs in line with the criteria under Western Balkans Women in Business Programme Phase II ("WB WiBP II").Project ObjectivesThe project will contribute to women's economic inclusion by supporting women-led SMEs' access to finance and business advisory services. Transition ImpactETI score: 68The project contributes to the objectives of the WB WiBP II, supporting the Transition Impact qualities of Inclusive and Competitive:Inclusive: The project will contribute to women's economic inclusion by supporting women-led SMEs' access to finance and business advisory services, while demonstrating the business case for scaling-up lending to the women-led SME segment.Competitive: Transition impact is expected to derive from market expansion in line with the EBRD Financial Intermediaries Framework.Client InformationBANCA INTESA AD BEOGRADBIB is the largest bank in Serbia and is among the leading banks in both corporate and retail banking. As of 4Q23, BIB had a market share of 15.6 percent by total assets, 16.7 percent by net loans and 16.3 percent by deposits. It has approximately 3,000 employees and a branch network of 143 offices across Serbia. EBRD Finance Summary EUR 7,000,000.00 Total Project Cost EUR 7,000,000.00 AdditionalityThe project will support the market segment as a whole and enable the continuation of the successful implementation of the previous six WiB projects.Environmental and Social SummaryCategorised FI (ESP 2019). BIB is an existing client and has provided satisfactory annual environmental and social reports to the Bank to date. BIB will be required to continue to comply with EBRD's Performance Requirements (PR) 2, 4 and 9, to apply the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the EBRD E&S Exclusion List and Referral List ESP 2019 and submit annual E&S reporting to the Bank. Sub-borrowers financed through BIB's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements.If EBRD funding may be used for financing solar PV technologies, these will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.Technical Cooperation and Grant Financing€2 milion at the faclitly level, provided by the government of Sweden and SSF. As a repeating PFI, BIB will benefit from the support to achieve its gender mainstreaming initiatives only.Company Contact InformationSnezana [email protected] 11 201 1400381 11 201 1400http://www.bancaintesa.rs/Milentija Popovica 7b11070 Novi BeogradPSD last updated18 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55276"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionA senior loan of up to EUR 75 million to Draexlmaier Group, an international automotive supplier headquartered in Vilsbiburg, Germany.Project ObjectivesThe project will support the client's investments in e-mobility and general capital expenditure in Romania, North Macedonia and Moldova.Transition ImpactETI score: 63The expected transition impact of the project stems from the following qualities:Green: The project supports the expansion of production capacity in Romania for high-voltage harnesses and battery systems for electric vehicles.Inclusive: The client will broaden access to market relevant skills by introducing new training programmes on emerging technical skills and new apprenticeship programmes in collaboration with local universities.Client InformationFRITZ DRAXLMAIER GMBH AND CO KGDraexlmaier Group is an international automotive supplier with about 65 sites in over 20 countries and a strong footprint in the EBRD region. It supplies leading automobile manufacturers worldwide with complex wiring harness systems, central electrical and electronic components, interiors, and battery systems for electromobility. In 2023, the company generated sales of EUR 5.6 billion and employed about 75,000 employees throughout the world.EBRD Finance Summary EUR 75,000,000.00 AdditionalityFinancing structure: The tenor of EBRD's loan is longer than what is readily available in the market from commercial lenders.Risk mitigation: The long-term relationship with the Bank provides the client with comfort to grow its investments and take on more risk in countries like Moldova or North-Macedonia.Gender SMART: The client will launch an outreach campaign to attract and support female talents in STEM fields.Environmental and Social SummaryCategory B (2019 ESP). The client is well known to the Bank including through previous subscriptions to Schuldschein issuances, one of which an ESG related instrument. The client has published public Sustainability Reports for several years, providing clear information on policies, procedures and performance at the corporate level on EHSS issues. As this is a bi-lateral loan between the Bank and client, there was an opportunity to become involved in more detailed due diligence, including a series of discussions with client management on the practical implementation of corporate standards across the portfolio of operations; the flows of performance information within the corporate structure, and the assurance and corrective procedures within the corporate structure; and the reporting requirements required at the site and corporate levels in response to changing legislation.Due diligence confirmed that the client has an effective and sophisticated EHSS risk management system where performance is monitored at site, regional and corporate level and corrective actions, where required, are managed appropriately through to close. The client management systems and operations are in compliance with the Bank's Performance Requirements and no Environmental and Social Action Plan is required for this transaction. Due diligence also reviewed the client's supply chain risk management systems in light of recent German legislation in this regard. It was found that the client is in compliance with this regulation with assessment and reporting systems being in place throughout their countries of operation, and with independent review of suppliers risks and performance where appropriate.Technical Cooperation and Grant Financingn/aCompany Contact InformationChristian Anzinger, Group [email protected]+49 8741 47- 0https://www.draexlmaier.com/en/PSD last updated17 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "54653"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionThe provision of a senior loan of up to € 30 million to  Zeljezniiki Prevoz Crne Gore a.d. (ZPCG), the passenger train operator in Montenegro. The loan will be fully guaranteed by the State of Montenegro (the Guarantor) and used to finance the purchase 4-car Electro-motor unit (EMU) sets to be used for operations across the railway network of Montenegro. The new rolling stock will replace the old, energy inefficient loco-hauled train sets currently in operation. Project ObjectivesZPCG needs to acquire 4-car EMUs to improve the quality and regularity of services. The acquisition of new rolling stock has been identified by the Government of Montenegro as the key priority for the developement of the railway services in the country. The new rolling stock will replace the old, energy inefficient locomotive-hauled train sets currently in operation.Transition ImpactETI score: 66Well Governed (primary) through the Company's and the Guarantor's (where applicable) undertaking to: (i) implement a corporate governance action plan and (ii) sign a public service contract based on the international best market practices;Green (secondary) through the  renewal of the rolling stock fleet resulting in estimated average savings of 18,145 tonnes of CO2 over the evaluation period from 2026 to 2037, which represents emission savings at the level of 53 per cent. The Project will be 100 per cent GET eligible.Client InformationRAILWAYS PASSENGER COMPANY OF THE REPUBLIC OF MONTENEGROZeljezniiki Prevoz Crne Gore a.d. Podgorica, or Railways Passenger Company of Montenegro, is a majority state-owned company and is the sole passenger train operator in Montenegro. The state owns 90.79 per cent of the company shares, while the remainder is owned by individual investors (4.58 per cent), investment funds (4.55 per cent) and other (0.08 per cent). In 2022, the Company reported € 10.3 million of revenues and EBITDA of € 3.4 million.  EBRD Finance Summary EUR 30,000,000.00 A senior loan of up to € 30 million will finance the purchase of 4-car EMU sets to be used for operations throughout the whole railway network of Montenegro.Total Project Cost EUR 30,700,000.00 The loan will be accompanied by the technical assistance deployed for (i) project implementation support, (ii) revisions of the Public Service Contract and (iii) enhancement of the Company's corporate governance standards and practies. AdditionalityThe EBRD loan offers a tenor that is above the market average, ensures that the company complies with the Bank's environmental and social policies and Procurement Policies and Rules.  Environmental and Social SummaryCategorised B (ESP 2019). The Environmental and Social Due Diligence ("ESDD") for the Project has been undertaken internally and included an environmental and social ("E&S") assessment of the Project, review of the current operations, as well as the E&S management systems and the capacity of ZPCG as it relates to rail operations.ESDD was carried out by means of questionnaires and a review of previous annual E&S reports submitted to the Bank over the past several years. Other relevant documents were also reviewed including the ISO certifications, the recent annual report on railway transport safety and other labour related documentation. Due to the time that had elapsed since the initial ESDD, further information was requested to confirm any E&S related updates within ZPCG operations. It is estimated that the Project will generate average savings of 18,145 tonnes of CO2 over the evaluation period from 2026 to 2037.Previous annual E&S reporting by ZPCG has been satisfactory and ZPCG has well established Human Resources policies. A new collective agreement has been effective from August 2023 . ZPCG complies with national legislation related to labour and working conditions which are aligned with PR2. Some updates to existing labour arrangements are needed which includes the preparation of an updated retrenchment plan and further development of the worker grievance mechanism. The Bank will require both these documents to be submitted for review prior to any future retrenchment.ZPCG has a certified integrated management system (IMS) including ISO 14001 Environmental Management and ISO 45001 Occupational Health and Safety ("OHS") which has been certified since 2016. The last independent audit was carried out in 2020 and included the migration from the OHSAS 18001 to ISO 45001. Annual E&S reports confirmed regular inspections take place annually by the relevant labour and environmental authorities, with no significant issues raised. The existing policy document for the IMS is available on ZPCG website and starting from September 2021 includes also ISO 45001:2018. ZPCG evaluates contractors E&S arrangements prior to selection and appointment although further development on contractor monitoring is needed to confirm implementation. ZPCG has an employee OHS rulebook which is also made available on their website and for operational safety, an formal safety management system ("SMS") has been implemented and is audited annually.ZPCG has an existing Stakeholder Engagement Plan ("SEP") developed under the previous EBRD project and this requires a review and update to reflect changes since its original development. ZPCG will also develop arrangements on Energy Efficiency ("EE"), which include establishing an EE team, establish performance indicators and objectives and produce annual report on energy consumption.The above requirements have been included in the Environmental and Social Action Plan ("ESAP") which has been developed and has been agreed with the ZPCG. The Bank will continue to monitor ZPCG activities through annual E&S monitoring reports and site visits if necessary.Technical Cooperation and Grant FinancingPre-signing TC 1: Technical Due Diligence, with aprimary objective to establish the overall technical assessment of the project according to recognised international standards (note: this assignment also supported the Railways Maintenance Equipment Renewal Project (OPID 51806)). The cost of this assignment was EUR 55,000 and was supported by the SSF.TC 2: Economic Due Diligence, with aprimary objective to establish the overall economic assessment of the project according to recognised international standards (note: this assignment also supported the Railways Maintenance Equipment Renewal Project (OPID 51806)). The cost of this assignment was EUR 45,000 and was supported by the SSF. Post-signingTC 3: Project Implementation Support, in particular, project preparation, preparation of the tender documents (including technical specifications), contract administration, financial control, project management and reporting. The estimated cost of the assignment is EUR 300,000 and is expected to be funded by an international donor or the SSF. TC 4: Procurement Support, to assist the Client with the procurement of the PIU support consultant, on-the-job training for the preparation of the procurement documents, workshops on the Bank's PP&R and best procurement practices. The estimated cost of the assignment is EUR 25,000 and is expected to be funded by an international donor or the SSF.TC 5: Revisions of the Public Service Contract, to assist in amendment of the PSC aligning it with the EU regulations and best international practice while enabling the implementation of the new Law on Railway Transport that is to be adopted in 2024 in the field of public service obligation. The estimated cost of this assignment is up to EUR 90,000 to be funded by the EU IPA, under the EU reform Facility.TC 6: Enhancements of the Company's corporate governance standards and practices through the adoption of the corporate governance action plan ("CGAP"). The estimated cost of this assignment is up to EUR 150,000 to be funded by the EU IPA, under the EU reform Facility. Company Contact InformationDjordje [email protected]+382 63 228 089zpcg.meTrg Golootockih zrtava br.1381 000 Podgorica MontenegroPSD last updated17 Apr 2024Related materialTranslation: Montenegrin Railways Passenger Trains (Montenegrin) Type: PDF, Published: 19.04.2024, Language: Montenegrin var projFinderService = '/project-finder-json?1=1'; var projectId = "55258"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionThe provision of a three-year senior loan (YiB Loan I) of up to US$ 10 million in the local currency equivalent to Ipak Yuli Bank (IYB), a major private bank in Uzbekistan, under the Youth in Business Programme for Central Asia (CA YiB). The proceeds of the Bank's investment will be used for on-lending to eligible youth-led MSMEs in line with standard eligibility criteria.Project ObjectivesThe YiB Loan I will enable Ipak Yuli Bank to maintain further diversification of its funding base, and to finance youth-led businesses in Uzbekistan. Ipak Yuli Bank will benefit from a comprehensive technical assistance (TC) to develop the internal capacity for financing youth-led businesses and to contribute to the improvement in access to finance for youth entrepreneurs in Uzbekistan.Transition ImpactETI score: 71As part of the CA YiB, the YiB Loan I to Ipak Yuli Bank will support Inclusive (primary) and Competitive (secondary) transition qualities through promotion of youth entrepreneurship and, more broadly, youth's active participation in business activities. Taken together, these targets will contribute to improving access to finance for youth entrepreneurs in Uzbekistan which IYB may not have pursued otherwise.Client InformationIPAK YULI JOINT-STOCK INNOVATION COMMERCIAL BANKIpak Yuli Bank is a leading privately-owned bank in Uzbekistan with focus on SMEs. With a market share of close to 3 per cent, Ipak Yuli Bank is the fourth largest by assets private bank in Uzbekistan out of 25 private banks.  EBRD Finance Summary USD 10,000,000.00 A three-year senior unsecured loan of up to US$ 10 million under the Youth in Business Programme for Central Asia (CA YiB). The loan will be provided in two equal tranches of US$ 5 million and will be available in the synthetic local currency (Uzbekistan Sum).Total Project Cost USD 10,000,000.00 AdditionalityInnovative financing structures and/or instruments: The project will benefit from a First Loss Risk Cover and a Performance Based Compensation, a tailor-made and innovative instrument in the Central Asian market.Financing Structure: The EBRD loan will provide much-needed term financing which will help address issues of limited availability of medium- to long-term financing for Youth MSMEs. The EBRD along with other international creditors is one of the rare providers of long term funding which local banks need in order to maintain their lending operations and meet customer demands.Knowledge, innovation and capacity building: The Programme includes extensive capacity building, comprising training, advisory support for participating banks and for Youth MSMEs through ASB activities, allowing all parties to access and benefit from knowledge and expertise that may not be present in the local market. A strong focus is on digital delivery to maximise outreach and improve accessibility to services in the regions outside of capital cities, making the products attractive to young entrepreneurs and micro-companies.The Programme helps the client raise its inclusive financing standards by generating a better awareness and understanding of the needs of the underserved segment of young entrepreneurs. Environmental and Social SummaryCategorised FI (ESP 2019). IYB is an existing client of the Bank and environmental and social due diligence included a review of the annual environmental and social report (the AESR-2022). IYB will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; continue to implement the applicable the EBRD's E&S Risk Management Procedures for Financial Institutions and Corporate, SME and Micro Lending; and submit Annual Environmental and Social Reports to the Bank. IYB is also required to continue applying the ESMS Risk Management and categorization going forward in line with the EBRD's ESP 2019 including the EBRD's E&S Exclusion and Referral List. The project has defined use of proceeds under the FIF programme and is determined Paris aligned based on the application of the Bank's Paris alignment methodology for indirect finance.Technical Cooperation and Grant FinancingTechnical Cooperation (TC): The Central Asian Youth in Business Programme includes two linked TC components:(i) tailored capacity-building for participating financial institutions:Funding source: SSFAmount/currency: EUR 4 million at the Programme level(ii) capacity-building for Youth MSMEs via the Advice for Small Businesses (ASB) Programme: Funding source: SSFAmount/currency: EUR 6 million at the Programme levelClient contribution: It is expected that the client will contribute in parallel in connection with seminars, events, marketing activities and materials, which may be used for training and promotion of YiB-related products.Non-Technical Cooperation (Non-TC): The project involves a First Loss Risk Cover (FLRC), in favour of the client, of up to 7% of the YiB Loan I (up to USD 700 thousand; limited to 70% per a single sub-loan). The FLRC will compensate for credit losses of IYB, if any, as a result of its participation in the Programme.The project also involves a Performance-based Compensation (PBC) of up to 3% of the YiB Loan (up to USD 300 thousand). The PBC is envisioned to partially compensate IYB for the up-front investments related to building the necessary infrastructure for a sustainable YiB lending expansion.Funding source: SSFCompany Contact InformationDilaziz [email protected]+998 (78) 140-69-43+998 (78) 140-69-05http://www.ipakyulibank.uz/2, Abdulla Qodiriy Street, Tashkent, UzbekistanPSD last updated16 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55204"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionThe provision of a three-year senior loan (MSME Loan II) of up to US$ 10 million in the local currency equivalent to Ipak Yuli Bank (IYB), a major private bank in Uzbekistan. The Loan will be provided under the Financial Intermediaries Framework (FIF). Loan proceeds will be on-lent to local small and medium companies and private entrepreneurs as per the eligibility criteria defined in the Policy Statement for SMEs. Project ObjectivesThe MSME Loan II will enable Ipak Yuli Bank to maintain diversification of its funding base, extend duration of its liabilities and expand financing of MSMEs in Uzbekistan at a multiple of the EBRD financing.Transition ImpactETI score: 60The project contributes to the objectives of the FIF, supporting the Competitive and Resilient transition qualities. FIF seeks to (i) foster MSME competitiveness by increasing availability of financing and (ii) contribute to the competitiveness of financial institutions by enabling innovation in strategy, products, processes and marketing related to MSME lending. By ensuring that banks have adequate underwriting and risk management practices in place, the FIF also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.Client InformationIPAK YULI JOINT-STOCK INNOVATION COMMERCIAL BANKIpak Yuli Bank is a leading privately-owned bank in Uzbekistan with focus on SMEs. With a market share of close to 3 per cent, Ipak Yuli Bank is the fourth largest by assets private bank in Uzbekistan out of 25 private banks.  EBRD Finance Summary USD 10,000,000.00 A three-year senior unsecured loan of up to US$ 10 million equivalent provided in a single tranche in the synthetic local currency (Uzbek Sum).Total Project Cost USD 10,000,000.00 AdditionalityFinancing Structure: The EBRD offers local currency financing on terms not readily available in the market. The EBRD offers a tenor, which is above the market average and is necessary to structure the project.Risk Mitigation: The EBRD's long-term relationship with a client provides comfort to the client to be willing to take on more risk and/or finance expansion in the MSME sector.Environmental and Social SummaryCategorised FI (ESP 2019). IYB is an existing client of the Bank and environmental and social due diligence included a review of the annual environmental and social report (the AESR-2022). IYB will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; continue to implement the applicable the EBRD's E&S Risk Management Procedures for Financial Institutions and Corporate, SME and Micro Lending; and submit Annual Environmental and Social Reports to the Bank. IYB is also required to continue applying the ESMS Risk Management and categorization going forward in line with the EBRD's ESP 2019 including the EBRD's E&S Exclusion and Referral List. The project has defined use of proceeds under the FIF programme and is determined Paris aligned based on the application of the Bank's Paris alignment methodology for indirect finance.Technical Cooperation and Grant FinancingTechnical Cooperation (TC): None.Non-Technical Cooperation (Non-TC): None.Company Contact InformationDilaziz [email protected]+998 (78) 140-69-43+998 (78) 140-69-05http://www.ipakyulibank.uz/2, Abdulla Qodiriy Street, Tashkent, UzbekistanPSD last updated16 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55205"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

Project DescriptionAn equity investment of EUR 10.3 million in Starlight II SARL, a parent company of Pfleiderer Polska z o.o. ("Pfleiderer", the "Company"), a leading Polish manufacturer of wood-based panels. The Bank's funds, together with additional equity contributions from other shareholders, will enable the implementation of a comprehensive value creation plan at the Company and further strengthen its competitive positioning.Project ObjectivesThe project is expected to transform the Company into a highly attractive asset and will further support the private equity ecosystem in Poland during a period of reduced liquidity and increased international investor risk aversion, thus contributing to the resilience of capital markets.Transition ImpactETI score: 65The Project's Transition impact derives from the Resilient and Completive transition qualities. Under Resilient, Bank's co-investment with Innova will both support Company's growth prospects and improve the visibility of PE investments in Poland and the region. Under Competitive, the Company will benefit from investors' operational and sustainability expertise reflected in the value creation plan.Client InformationSTARLIGHT IIStarlight II SARLStarlight II SARL is a Luxembourg-domiciled financial entity, through which financial investors (including the EBRD and Innova/7) together with the family office of Bogdan and Elzbieta Kaczmarek will hold their interests in Pfleiderer Polska sp. z o.o., an established supplier of a wide range of particleboard-based products to industrial customers and wholesalers in Poland and abroad.EBRD Finance SummaryAn equity investment of EUR 10.3 million in Starlight II SARL, a parent company of Pfleiderer Polska z o.o., a leading Polish manufacturer of wood-based panels. The Bank's funds, together with additional equity contributions from other shareholders, will enable the implementation of a comprehensive value creation plan at the Company.AdditionalityThe EBRD bridges the financing gap in the Project's financing structure and will drive the implementation of the ESAP including a commitment to develop and implement a Low Carbon Transition Plan reducing the use fossil fuels and carbon emissions. Environmental and Social SummaryCategorised B (ESP 2019). Acquiring an indirect shareholding within the Company, a producer of wood-based products for use in furniture, fittings and construction is considered to be associated with site-specific impacts which are readily addressed by mitigation measures. Environmental and Social Due Diligence (ESDD) has been carried out internally by ESD consisting of a review of an independent due diligence report carried out of the Company's three production sites (which largely focussed on legal compliance and material liabilities), the Company's annual public sustainability report and the Company's response to specific questions on E&S issues.The Company operates in accordance with EU-Best Available Techniques, implements ISO certified management systems, and publishes an annual sustainability report covering the 3 sites with associated objectives and targets on environmental performance. They also have future investment plans which include further reduction of energy usage and increase the proportion of recycled wood in their products.As part of the ESDD, key environmental and social impacts of the Company's operations have been assessed and the Project is structured in compliance with the PRs through the implementation of the Environmental and Social Action Plan (ESAP). The Bank is familiar with the wood product production sector and the typical E&S impacts and risks are considered to be low-medium and effectively managed using standard processes and mitigations. ESAP will require a follow-on audit, undertaken by a third-party, of the Company's compliance with the PRs and the development and implementation of a gap closure plan, to be agreed with EBRD.The ESAP also requires the Company to operate in accordance with the PRs, maintain the existing E&S management systems and ISO certifications and appoint of a corporate E&S manager to ensure its implementation. Developing and implementing a decarbonisation plan to ensure the phase out of coal, which is used, together with biomass for thermal energy generation for the production process at two of the plants; undertaking a sustainability assessment of groundwater abstraction and wood consumption volumes and setting targets to further reduce this resource usage. The Company currently sources a proportion of its biomass from Forest Stewardship Council certified forests and will be required to develop a procedure for sustainable biomass procurement which will include that biomass for energy meets the sustainability requirements in the Renewable Energy Directive II and that preference continues to be given to sourcing biomass used in production is sourced from suppliers certified to a recognised international standard for sustainable forest management.The Company will also be required to continue to publish annual sustainability reports and report to EBRD on a regular basis on E&S performance including ESAP implementation.Technical Cooperation and Grant FinancingNoneCompany Contact InformationJakub Wolodkowww.pfleiderer.plul. Strzegomska 42 ABMillennium Tower IV53-611 WroclawPSD last updated16 Apr 2024Related material var projFinderService = '/project-finder-json?1=1'; var projectId = "55047"; Understanding Transition Further information regarding the EBRD’s approach to measuring transition impact is available here. Business opportunities For business opportunities or procurement, contact the client company. For business opportunities with EBRD (not related to procurement) contact: Tel: +44 20 7338 7168 Email: [email protected] For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794 Email: [email protected] General enquiries Specific enquiries can be made using the EBRD Enquiries form. Environmental and Social Policy (ESP) The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback. More information on the EBRD’s practices in this regard is set out in the ESP. Integrity and Compliance The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment. OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to [email protected]. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith. Access to Information Policy (AIP) The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website. Specific requests for information can be made using the EBRD Enquiries form. Independent Project Accountability Mechanism (IPAM) If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM). IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank. Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email [email protected] to get guidance and more information on IPAM and how to submit a request.  

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