Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Serbia

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.

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

Nov 23, 2021

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

INTESA LEASING DOO

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

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Project Cost (USD)

$ 5.18 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.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 9, 2022

Disclosed by Bank Nov 26, 2021

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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.

PROJECT DESCRIPTION

The provision of a senior unsecured loan to Intesa Leasing d.o.o. Beograd (ILS) in the amount of up to EUR5 million for on-lending to local small and medium-sized enterprises (SMEs) in Serbia through the SME Competitiveness Support Programme (SME-CSP) under the Financial Intermediary Framework (FIF).

PROJECT OBJECTIVES

The Loan will support investments in micro, small and medium-sized enterprises in Serbia that will assist in improving competitiveness and compliance with technical and environmental standards in line with the EU directives. Up to 60 per cent of the loan proceeds are expected to be utilised for GET eligible investments.

TRANSITION IMPACT

ETI score: 60

The project contributes to the objectives of the Regional SME-CSP, supporting the Competitive and Resilient TI qualities.

Competitive: The project will contribute towards: (i) supporting SMEs in accessing finance towards EU standards investments; and (ii) assisting SMEs to access advice and know-how for introducing and implementing EU standards and becoming competitive.

Competitive:

CLIENT INFORMATION

INTESA LEASING DOO

Intesa Leasing d.o.o. is part of the Intesa Group and is one of the largest leasing companies in Serbia with EUR167 million in assets and EUR12 million in equity at the end of the first half of 2021. Intesa Leasing specialises in the financing of machinery, equipment and vehicles.

EBRD FINANCE SUMMARY

EUR 5,000,000.00

EUR5 million financed by EBRD.

TOTAL PROJECT COST

EUR 5,000,000.00

The total project cost is EUR5 million.

ADDITIONALITY

The EBRD loan will provide financing and technical cooperation which will help to address issues of limited availability of medium-term financing in order for SMEs to introduce standards in line with EU directives and increase the awareness and knowledge of SMEs about the benefits of compliance with EU standards.

ENVIRONMENTAL AND SOCIAL SUMMARY

Categorised FI (2019 ESP). Intesa Leasing is an existing client of the Bank and has been satisfactorily reporting on the implementation of the EBRD's E&S Risk Management Procedures and on its compliance with PRs 2, 4 and 9. The existing portfolio includes industry sectors which are deemed to be medium-high E&S risk and the client has an environmental management system in place to assess and monitor these risks. Intesa Leasing will be required to continue to comply with the PRs and the E&S Risk Management procedures for Leasing Activities, including adherence to the expanded the EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit Annual Environmental and Social Reports to the EBRD on E&S matters and on the implementation of the Performance Requirements.

TECHNICAL COOPERATION AND GRANT FINANCING

The Loan will to benefit from the Technical Assistance package implemented under the SME-CSP Programme.

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.

Company Contact Information

Slavko Dukic
slavko.dukic@intesaleasing.rs
+381 11 2025 416
www.intesaleasing.rs
INTESA LEASING doo Beograd Cara Urosa 54 Belgrade, Serbia

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