Balfin Expansion (IFC-52302)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Albania
  • Armenia
  • Azerbaijan
  • Georgia
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Specific Location
Albania, Ukraine, and the Caucasus
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
Borrower
Balkan Finance Investment Group Sh.p.k (Balfin)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 162.18 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 140
Converted using 2026-08-28 exchange rate.
Project Cost (USD)
$ 463.38 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 400
Converted using 2026-08-28 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 14, 2026

Disclosed by Bank Aug 28, 2026

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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, IFC proposes a €140 million debt package to Balfin Group, an existing IFC client. This investment will support: (i) entry into Ukraine and the South Caucasus region with Balfin's retail business; and (ii) tourism development in Albania. The debt package will be structured as secured loans, expected to be committed in three separate phases over the next three years: (i) up to €57mn to finance the energy efficient expansion of TEG; (ii) up to €50mn for capex and working capital of retail expansion outside Albania, including in Ukraine and Southern Caucasus; and (iii) up to €33mn for tourism development through a hotel in the city of Vlora.

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.

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability. Potential E&S risks associated with the TEG Expansion Project include: (i) labor and working conditions for direct and third-party workers, including grievance management, gender-based violence and harassment (GBVH) prevention; (ii) occupational and community health, safety and security, including OHS, traffic management, and construction- and operations-related impacts; (iii) pollution prevention and resource efficiency, including water quality and waste management; (iv) Life and Fire Safety (L&FS) and emergency preparedness and response; (v) tenant and security management; and (vi) stakeholder engagement and community consultation.

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

A €140 million debt package.
Total needs for the Project are estimated at about €400 million.

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.

Balfin is a leading diversified conglomerate based in Albania with operations in the Western Balkans, Austria, and, more recently, North America. Established in 1993, it is fully owned by Mr. Samir Mane. Balfin owns 97% of TEG with the remaining shares held by First Investment Services (3%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Balfin Group 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.

For Inquiries About the Project, Contact:
Balkan Finance Investment Group Sh.p.k
Mr. Leons Tuda
CFO
+355 44509250
l.tuda@balfin.al
11th Floor, ABA Business Center, Street, Rruga Papa Gjon Pali II, Tirane 1010, Albania
https://balfin.al/

Local Access of Project Documentation:
Balkan Finance Investment Group Sh.p.k, ‘Papa Gjon Pali II’, Floor 11, ABA Center, Postal Code 1010, Tirana, Albania. 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works