HIB Petrol (IFC-38732)

Countries
  • Kosovo
Where the impacts of the investment may be experienced.
Specific Location
Pristina and Kosovo
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Hold
Bank Risk Rating
B
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.
Voting Date
Jun 5, 2017
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
HIB Petrol
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 13.46 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 13.46 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 17, 2018

Disclosed by Bank Feb 7, 2017


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Project Description
According to IFC website, HIB Petrol has an investment program in the next 2-3 years to strengthen its market position (the Project) in both business segments. The Project assumes (i) opening of four modern gas filling stations in the period 2017-2018; (ii) expansion of the hotel operations by building an adjacent facility next to the existing hotel with 54 rooms and large conference center and restaurant; and (iii) refinancing part of the existing short-term debt of the Company to strengthen its balance sheet. The Project will: 1. Improve the country's distribution infrastructure through creation of modern and safe gas stations and improvements in storage terminals 2. Contribute to the tax revenues to the Government of Kosovo by supporting a local company's expansion 3. Create new employment opportunities in an IDA and FCS country with over 35% unemployment rate.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Project Contact: Hatab Prekazi General Manager, Emerald Hotel Telephone No.: +381 (0) 38649149999 Email Address: hatab.prekazi@emeraldhotel.info Office Address: Preoc, Pristina, Republic of Kosovo Website: www.emeraldhotel.info General IFC Inquiries IFC Communications 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/