DFF - Ferronikeli (EBRD-50978)

Countries
  • Kosovo
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
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 25, 2019
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
Ferronikeli Complex LLC
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)
$ 27.86 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 25
Converted using 2019-07-29 exchange rate.
Project Cost (USD)
$ 27.86 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 25
Converted using 2019-07-29 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 8, 2019

Disclosed by Bank Jul 29, 2019


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Project Description

According to the Bank's website, this project provides financing to the borrower in order to make energy efficiency capital expenditures and working capital financing in order to increase operational efficiency and improve the environmental standards of the company.  

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Established in 1989 and privatised in 2006, NFN is a ferronickel producing company based in Drenas, Kosovo. It produces high quality nickel with all production destined for exports averaging 7,000 t annually at full capacity. NFN is the largest exporter in Kosovo, accounting for about 40% of the country's exports and is one of the largest private employers.

In August 2018, Balfin, the largest private conglomerate group in Albania, acquired 90% of the Company's shares via a UK-entity NKL Ltd., with the remainder owned by a privately held Clearglass Investment Limited (Cyprus).

Contact Information

Mr. Steven Grunerud
s.grunerud@balfin.al
+355 4 2389252
Besim Mala Street no.227, 13000 Gllogoc, Republic of Kosovo

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.