Early Warning System

Countries

Greece

Geographic location 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

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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."

Voting Date

Mar 23, 2022

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Borrower not available on website at the time of the snapshot

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
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)

$ 558.12 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 500
Converted using 2022-03-30 exchange rate.

Project Cost (USD)

$ 1,395.29 million

Bank Documents

Translation: Greek RRF Co-Financing Framework (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 30, 2022

Disclosed by Bank Nov 11, 2021

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 website, the project will consist of up to EUR500 million of EBRD loans to be extended pari passu and pro rata with up to EUR500 million of loans funded by the Greek Recovery and Resilience Facility ("RRF"), to support private sector investments in Greece. RRF loans will be provided at concessional rates, subject to compliance with EU state aid rules and in accordance with EBRD Guidelines for the use of Concessional Finance. The EBRD, together with any potential co-financiers, will be required to finance at least 30% of project costs on a pari passu basis with the RRF loans, while borrowers or sponsors will be required to contribute at least 20% of project costs. Potential options to mobilise additional commercial co-financiers will be assessed at project level. The Bank will enter into financing agreements under the Framework until 31 December 2025, in line with the timeline of its mandate in Greece. In particular, the Framework will support a broad range of projects across several sectors of the Greek economy provided that they comply with at least one of the five Eligibility Criteria (pillars) set in the RRP, i.e. green, digital, innovation, extroversion and economies of scale.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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.

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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