RLF - Intermarium (EBRD-53769)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Poland
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
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
Nov 15, 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.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 48.08 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 228.9
Converted using 2022-11-01 exchange rate.
Project Cost (USD)
$ 99.11 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 471.9
Converted using 2022-11-01 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 9, 2022

Disclosed by Bank Nov 1, 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.


A senior loan of up to up to PLN 229 mln (ca. EUR 48 mln) in favour of Parkur PropCo Sp. z o.o., Bemowo PropCo Sp. z o.o., Mokotow I PropCo Sp. z o.o. and Mokotow II PropCo Sp. z o.o. ("Co-Borrowers"), which are fully owned by NREP Nordic Strategies Fund IV ("the Sponsor"). The proceeds will be used to fund the forward purchase of newly constructed green certified apartments for rent in Warsaw. The project is considered under the Resilience and Livelihoods Framework, a EUR 2 billion package which was adopted by the EBRD after the Russian invasion in order to support Ukraine and other affected countries.

This project was approved in the context of the Bank's response to the Russian-led invasion of Ukrainian territory in February 2022. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of this deviation, and the Bank's response to this situation, can be found on our website.


The operation will help to improve the housing situation in Poland, which was recently exacerbated by the war on Ukraine and the inflow of Ukrainian refugees to Poland. The proceeds from the planned financing will be utilised to finance in excess of 1,000 apartments for rent across four buildings.


ETI score: 65

The expected Transition Impact will contribute to the "Inclusive" and "Green" qualities.

Inclusive Quality - The project will broaden access to housing as vital infrastructure for sustaining human capital and livelihoods among host and refugee communities alike and will address structural imbalances within the Polish housing market, with a substantial undersupply of units further exacerbated by the war on Ukraine.

Green Quality - All four buildings will achieve Green Certification at BREEAM In Use "Very Good" level.



NREP Nordic Strategies Fund IV


The Bank's Additionality stems from: innovative financing structure; risk mitigation, as the financing is provided during the times of high political and economical turbulence in the region caused by the war on Ukraine; and alignment with overall additionality terms of the Resilience and Livelihoods Framework aimed at supporting Ukraine and other affected countries.


Categorised B (2019 ESP). The key E&S risks and impacts associated with the construction of mixed residential and commercial units in Bemowo and Parkur are readily identifiable and can be mitigated through relevant environmental and social risk management.

The Environmental and Social due diligence (ESDD) was undertaken by ESD and included an assessment of the Company's capacity as well as their management systems and procedures. Information provided by the Company demonstrated compliance with national and EU environmental, health and safety and labour requirements, as well as capacity to manage the project in line with EBRD requirements. During the due diligence it was observed that the land used for construction was assessed for contamination and remedial actions were developed in line with Polish legislation requirements. Given that the relevant legal requirements in Poland are aligned with the EU standards, the risks related to the operation of these assets are limited. NREP has developed a series of policies e.g. anti-trafficking and slavery policy and supplier code of conduct, work environment and diversity policy, whistle-blower policy, and local representatives in Poland are trained to comply and implement these procedures.

An ESAP will be developed and agreed with the client prior to the Board. Specific actions include completing audits for life and fire safety of residential assets upon completion of new buildings and commitments to BREEAM certification. The Bank will monitor the Project's environmental and social performance through a review of an annual report and site visits as required.

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

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.

Emil Jansson
+46 76-645 76 88


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


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

How it works

How it works