KB - Macedonia Municipal Facility (EBRD-49463)

Countries
  • Macedonia
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
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.
Voting Date
Jul 18, 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
Komercijalna Banka Ad Skopje
The holder of the loan, grant, or other investment.
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, converted to USD$. 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, converted to USD$. Please see updated project documentation 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
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
  • European Bank for Reconstruction and Development (EBRD)
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
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.