COVID-19 Response - Business Insolvency and Restructuring Policy Assistance (EBRD-13430)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 21, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
  • Education and Health
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 25, 2020

Disclosed by Bank May 21, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to EBRD website, the COVID-19 crisis has already had a major impact on economic activity around the globe and is still unfolding. The objective of the TC Project in a selected number of CoOs: 

1. New Financing Support will include the following activities:

(i) a high level paper setting out the rationale for protection of new financing and focusing on the main legislative support needed, including intercreditor and security agent arrangements and insolvency avoidance provision support;

(ii) policy dialogue with country authorities on any gaps in the secured transactions and insolvency law framework;

(iii) drafting legislative provisions relating to the recognition and validity of subordination arrangements among creditors and the security agent structure; and

(iv) drafting amendments to insolvency avoidance provisions in liquidation procedures to ring-fence any COVID-19 new financing and security.

2. Financial Restructuring Support will comprise the following activities:

(i) drafting changes to existing legislative frameworks, guided by the recent EU Directive 1023/2019 on preventive restructuring and other relevant international benchmarking, such as the UNCITRAL Legislative Guide on Insolvency Law and consultations with local stakeholders, including through ASB networks and Investment Councils;

(ii) drafting a paper on specialisation of judges and courts in the area of insolvency and advising CoOs on specialisation of judges to manage insolvency cases;

(iii) delivery of training to a selected group of judges on business financial restructuring and any reforms introduced pursuant to (i) above; and

(iv) outreach activities for businesses to share and promote information on financial restructuring tools. This will involve the preparation of standard guidance and delivery of at least one national conference.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure. 


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 or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at

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