ETEX (EBRD-53649)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Lithuania
  • Poland
  • Romania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Poland, Romania, Lithuania, Slovenia
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
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
May 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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 105.36 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 100
Converted using 2022-12-13 exchange rate.
Project Cost (USD)
$ 632.13 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 600
Converted using 2022-12-13 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 17, 2023

Disclosed by Bank Jul 11, 2022

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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, the project consists of the participation in the amount of EUR 100 million in the 7-year tranche in environmental, social and governance (ESG)-linked Schuldschein (a German debt instrument used as an alternative to credit facilities and bonds) issuance of ETEX NV, a global, largely family-owned, building materials company. The EBRD proceeds are channelled to support the Company's direct green investments in Poland, Romania and Lithuania as well as to contribute to the acquisition financing linked to URSA (including URSA's operations in Poland and Slovenia), a European leader in thermal insulation materials.

The Project will support direct green investments in Poland, Romania and Lithuania through implementation of energy efficiency measures, introduction of new renewable energy capacity, increased product recyclability and increased circular economy practices. Moreover, the Project indirectly supports greater production and use of heat insulation materials in the EBRD region.


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

ETEX NV, headquartered in Brussels, Belgium, is a private, largely family-owned building materials company. ETEX operates over 140 facilities in 45 countries and focuses on lightweight innovative building materials solutions to overcome the world's challenges of scarce resources, housing needs, rapid urbanisation and climate change. These include plasterboard and fibre cement applications, offsite modular building systems, and leading fire protection products and thermal and acoustic insulation.


Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Etex NV 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.


Bernard Orban, Head of Group Treasury and Corporate Finance
+32 2 7781318
ETEX NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K 1930 Zaventem | Belgium


You can request information by emailing: or by using this electronic form:


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: or you can submit a complaint online using an online form at:

You can learn more about the PCM and how to file a complaint at:

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