DFF - Akabe (EBRD-51406)

Countries
  • Azerbaijan
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
Apr 14, 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
Akabe LLC
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • 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)
$ 10.60 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 13.30 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 11, 2020

Disclosed by Bank May 29, 2020


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Project Description

According to the bank's website this project provides financing to Akabe LLC for the construction of a warehouse and supplementary facilities for ceramic tiles, bathroom furniture and accessories.

According to the bank's website the company's own assessment (Environmental and Social Due Diligence) indicates potential ecnvironmental and social risks and impact related to the construction of the warehouse.  

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

Senior secured loan of up to USD 10.6 million (EUR 9.8 million) to Akabe LLC.

Private Actors

Akabe LLC is a retailer of ceramic tiles and home improvement products in Azerbaijan.

Contact Information

Company Contact Information 

Samad Hajiyev
Samed.Haciyev@akabe.az
+994502186911
www.akabe.az
Binagadi highway 12, Rasulzade settlement, Baku, Azerbaijan

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.