STEG Liquidity and Restructuring Facility (EBRD-51859)

Countries
  • Tunisia
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
Nov 25, 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
Societe Tunisienne de l'Electricite et du Gaz
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 324.65 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 300
Converted using 2020-05-15 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 16, 2020

Disclosed by Bank May 15, 2020


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Project Description

According to bank provided informaton, the financing involves provision of a sovereign guaranteed loan to Societe Tunisienne de l'Electricite et du Gaz ("STEG" or the "Company") to assist the Company in its reforms and developing Tunisia's electricity sector. The Project combines long-term reform objectives with an immediate response to the COVID-19 crisis.

The proceeds of the Bank's loan will be used to (i) provide liquidity support to STEG as an immediate response to the current COVID-19 crisis, and to (ii) refinance existing short-term debt to lengthen the tenors and provide terms more consistent with STEG's operations.

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

A portion of the project will be provided as liquidity support as an immediate response to the current COVID-19 crisis and another portion will be applied to refinance short-term debt.

Contact Information

Besma Jaafar Ben Nasr
bjaafar@steg.com.tn 
+216 71 341 345
www.steg.com.tn 
38 rue Kamel Ataturk, 1080 Tunis

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.