Early Warning System

Countries

Romania

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

Specific Location

Bucharest

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

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

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

Apr 6, 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

City of Bucharest

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

Sectors

Infrastructure
Law and Government
Technical Cooperation

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

Investment Type(s)

Grant

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 5.64 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 27.33
Converted using 2022-08-19 exchange rate.

Project Cost (USD)

$ 114.63 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 19, 2022

Disclosed by Bank Apr 28, 2022

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 consists

The EBRD invested EUR 5.5 million in the City of Bucharest's EUR 112 million bond issuance. The bond has a 10-year maturity and was launched to refinance the City's 7-year bond tranche, maturing on 4 May 2022. It is part of the City's Bond Programme in which the EBRD is an existing investor.

As part of the Bank's decision to invest, the Bank will mobilise technical assistance to support the City of Bucharest in developing a Green City Action Plan ("GCAP") as set forth in a Framework Agreement. The GCAP will articulate the City's vision, strategic objectives and priority actions and investments to address its priority environmental challenges.

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

nullrelatiipublice@pmb.ro
(+4) 021 305.55.55
https://www.pmb.ro/
B-dul Regina Elisabeta, Nr. 47, Sector 5, cod postal 050013, Bucuresti

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