Velvet Care Tissue II (EBRD-51045)

Countries
  • Poland
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
Active
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 23, 2020
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
VELVET CARE SP ZOO
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.
Project Cost (USD)
$ 71,281.32 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 63,000,000.00
Converted using 2020-07-06 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 9, 2021

Disclosed by Bank Jul 6, 2020


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Project Description

Provision of long-term financing in the amount of EUR 24m, that will allow Velvet to (i) install new state-of-the-art paper machine, as well as (ii) cogeneration plant.

The Project will allow the Client to remain a leading tissue manufacturer on the Polish market. The Project will also reduce Borrower's carbon footprint by switching to internal electricity generation from gas in the co-generation plant.

 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

Artur Pielak - President
Artur.Pielak@velvetcare.pl
+48 22 461 27 10

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.