Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Bulgaria
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Approved
Bank Risk Rating: FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-05-25
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Participating Financial Institutions - TBD
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 22.31 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported EUR 20,000,000.00
Converted using 2016-05-25 exchange rate.
Project Cost (USD): $ 22.31 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported EUR 20,000,000.00
Converted using 2016-05-25 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-06-27
Disclosure Date: 2016-03-17
REECL 3 (Bulgaria) Framework (2nd fwk extension)
EBRD-47535

Project Description
The EBRD is financing a second extension of the Residential Energy Efficiency Credit Line ("REECL") Framework initially launched on the Bulgarian market in 2005. Under this extension ("REECL 3", "the Facility") the EBRD will provide credit lines to Participating Financial Institutions ("PFIs") in Bulgaria for on-lending to individuals, associations of apartment owners and privatelyowned service providers for energy efficiency projects in the residential sector. According to bank documents, the proposed second extension is intended to continue the momentum gained by the REECL Framework to date and aims to address the need for further energy efficiency improvements in the residential sector.
Investment Description
The clients will be privately-owned Bulgarian PFIs, which will on-lend the funds to individuals, associations of apartment owners and privately-owned service providers for energy efficiency projects in the residential sector.
Contact Information
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.
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