Early Warning System

Countries

Greece

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

Completed

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 23, 2018

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

OTE PLC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Communications
Finance

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, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 46.84 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 40
Converted using 2018-05-23 exchange rate.

Project Cost (USD)

$ 468.38 million

Bank Documents

Translation: OTE Eurobond 2 (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 22, 2025

Disclosed by Bank Oct 8, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 the Bank’s website, the EBRD invested in July 2018 EUR 40 million in a 4-year EUR 400 million Eurobond issued by OTE PLC under OTE PLC guaranteed by Hellenic Telecommunications Organisation SA ("OTE") Global Medium-Term Note ("GMTN") programme. The bond was repaid in July 2022.

The proceeds of EBRD's investment have been used to finance sustainability upgrades and renovations aiming to improve the energy footprint of OTE's real estate portfolio in Greece.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised C (2014 ESP). OTE is an existing client of the Bank, and the Corporate Environmental and Social Due Diligence ("ESDD") carried out for the OTE Group in 2015 and 2017 respectively remained applicable for this Project. The preceding ESDD showed that OTE's environmental and social risk management systems are in line with EBRD Performance Requirements ("PRs") and no Environmental and Social Action Plan ("ESAP") required. The OTE Group is publicly committed to good environmental and social sustainability practices and is a member of UN Global Compact. The official Sustainability Report comprehensively covered all environmental and social sustainability aspects of the OTE Group's activities and objectives. The OTE Group is accredited with ISO 14001, OHSAS 18001 and ISO50001. The OTE Group has corporate fair employee policy in accordance with legal requirements of Greece and the EU as well as the UN Global compact. The Bank continued to monitor the Client's PR compliance by reviewing the annual environmental and social reports.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

The bank invested EUR 40 million in a 4-year EUR 400 million Eurobond issued by the client. The bond was repaid in July 2022.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

OTE PLC - The Issuer is a public limited company domiciled in the UK, acting as the finance arm of OTE Group. OTE, part of the Deutsche Telekom Group, is the largest technology company in Greece. It offers a wide range of products and services, including fixed-line, mobile telephony and broadband services, networks and infrastructure, pay television and integrated information and communications technology ("ICT") solutions.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	OTE PLC	Client	-

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.

COMPANY CONTACT INFORMATION

Elisa Mylona (OTE Group Treasurer)
emylona@ote.gr
+30 210 6118946
https://www.cosmote.gr
99 Kifissias Avenue, GR-15124 Maroussi, Athens, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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