KB - Macedonia Municipal Facility (EBRD-49463)

Countries
  • North Macedonia
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Jul 18, 2017
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.
Borrower
Komercijalna Banka Ad Skopje
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 5,673.33 million
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.
Currency conversion note:
Bank reported EUR 5,000,000.00
Converted using 2017-07-05 exchange rate.
Project Cost (USD)
$ 11,346.66 million
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.
Currency conversion note:
Bank reported EUR 10,000,000.00
Converted using 2017-07-05 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 8, 2018

Disclosed by Bank Jul 5, 2017

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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, following the decision of MIDF's (Municipal Infrastructure Development Fund) shareholders to wind down the Fund's operations, EBRD is considering assuming MIDF's funded risk participation with Komercijalna Banka to provide up to EUR 5 million to fund municipal infrastructure projects in FYR Macedonia on a 50/50 basis with KB. The project will demonstrate the Bank's support for MIDF's existing investments as well as new municipal investments in FYR Macedonia. The Facility will enable the Bank to provide financing to small and medium sized municipalities that have significant investments needs, but limited access to financing and poor capacity for preparing good quality projects. Grant financed TC will be provided to facilitate project preparation as well as for subsequent project implementation with an aim to develop the commercial sustainability and institutional capabilities of the municipal borrowers.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
For the EBRD Finance Summary, Debt investment through a funded risk participation with KB of up to EUR 5 million. The total project cost is EUR 10,000,000.00. Funded risk participation for up to EUR 10 million, financed on 50/50 basis by KB and EBRD.

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.
Contact Person: Biljana Maksimovska-Popovik Komercijalna Banka Telephone No.: +389 2 316 8501 Email Address: Biljana.Maksimovska.Popovik@kb.com.mk Website: www.kb.com.mk General enquiries (EBRD project enquiries not related to procurement): Tel: +44 20 7338 7168 Email: projectenquiries@ebrd.com 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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How it works