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

Active

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

Jul 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

Hellenic Telecommunications Organisation S.A.

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

Sectors

Communications

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

Loan Amount (USD)

$ 152.76 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 150
Converted using 2022-07-06 exchange rate.

Project Cost (USD)

$ 190.96 million

Bank Documents

Translation: OTE RRF (project Syndesis) (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 24, 2023

Disclosed by Bank Sep 23, 2022

Contribute Information
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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.

As stated by the EBRD, the project is supporting Greece's digital transition with a EUR150 million investment in Hellenic Telecommunications Organisation S.A. to support the implementation of an up to EUR 187.5 million investment programme for the deployment of fibre broadband infrastructure by 2027. The project is the first under the EBRD's Greek Recovery and Resilience Facility Co-Financing Framework implemented as part of the "Greece 2.0" National Recovery and Resilience Plan, funded by the European Union's NextGenerationEU 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)

As stated by the EBRD, the €150 million loan consists of a €56.25 million tranche provided from the Bank's own resources and a €93.75 million tranche financed by the EU's RRF and channelled via the Greek Ministry of Finance, while the remaining €37.5 million of the investment are covered by OTE's own resources.

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.

From the EBRD's website:

Part of the Deutsche Telekom Group, Hellenic Telecommunications Organisation S.A. is the largest technology company in Greece. It offers a wide range of products and services, including fixed-line and mobile telephony, broadband services, pay television and integrated information and communications technology solutions.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Deutsche Telekom AG	Parent Company	Communications
-	-	-	-	Hellenic Telecommunications Organisation S.A.	Client	Communications

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.

Client - Hellenic Telecommunications Organisation S.A.:

Elisa Mylona - OTE Group Treasurer
Email: emylona@ote.gr
Phone: +30 210 6118946
Website: https://www.cosmote.gr/cs/otegroup/en/corp_homepage.html
Address: 99 Kifissias Avenue, GR-15124 Marousi, Athens, Greece

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