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: United Bulgarian Bank
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 Amount (USD): $ 5.57 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 5,000,000.00
Converted using 2016-05-25 exchange rate.
Project Cost (USD): $ 5.57 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 5,000,000.00
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 - United Bulgarian Bank
EBRD-48204

Project Description
The EBRD is considering to provide a EUR 5 million loan and technical cooperation to United Bulgarian Bank ("UBB") under the second extension of the Residential Energy Efficiency Credit Line Framework ("REECL 3"). Proceeds of the loan will be used for on-lending on market terms to individuals, associations of apartment owners and privately-owned service providers for financing of energy efficiency projects in the residential sector.
Investment Description
UNITED BULGARIAN BANK AD was established in 1992 through the merger of 22 Bulgarian regional commercial banks, United Bulgarian Bank is the first consolidation project in the Bulgarian banking sector. It was also the first large stateowned bank in the country to be privatised, back in 1997. At present UBB is one of the largest banks in Bulgaria, providing universal banking services through its wide branch network of close to 200 units. It is part of the financial group of the National Bank of Greece, which has been successfully operating for more than 160 years.
Contact Information
Zornitsa Raichina zagororva_z@ubb.bg +359 2 8112480 +359 2 9880822 www.ubb.bg 5 St. Sofia Str. Sofia 1040, Bulgaria 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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