Early Warning System

Countries

Romania

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

Specific Location

Cluj-Napoca

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 30, 2025

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

Rivus Investments SRL

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

Sectors

Construction

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

Investment Type(s)

Loan

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

Investment Amount (USD)

$ 150.36 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 132.8
Converted using 2025-04-30 exchange rate.

Project Cost (USD)

$ 638.74 million

Bank Documents

PSD Translation (Romanian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 10, 2025

Disclosed by Bank Apr 29, 2025

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Can you contribute information about this project?
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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 thew provision of a senior secured loan of up to EUR 190,300,000 (out of which 180,300,000 committed and EUR 10,000,000 uncommitted) in favour of Rivus Investments SRL, a limited liability company incorporated in Romania, to finance the development of mixed-use urban regeneration project located in Cluj-Napoca, Romania. The committed portion of the loan will comprise an "A Loan" portion of up to EUR 122,800,000 for the Bank's own account, and a "B Loan" portion of up to EUR 57,500,000 for the account of commercial lenders as participants. The financing is part of a larger club deal, of up to EUR 400.6 million, alongside parallel lenders.

The development of the first two phases of the large-scale urban regeneration project, consisting of a commercial and entertainment center, including various retail components, consolidation and conversion of two historical buildings into a performing arts center and office space, interactive family entertainment centres and the development of infrastructure and landscaping.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). The Project includes the development of a mixed-use commercial and recreational property that is expected to have environmental and social benefits through the creation of economic opportunities and green public spaces.

An Environmental Impact Assessment was required for the demolition phase; this was approved by the competent authorities and demolition is now completed. A comprehensive Strategic Environmental Assessment was carried out for the various stages of the Project. An Environmental and Social Action Plan (ESAP) has been developed and commits the Borrower to, amongst others: ensuring existing Environmental and Social Management Plans meet EBRD standards prior to commencement of construction; maintenance of the existing ESMS; ensure all permits are in place prior to commencement of construction; develop a suitable worker grievance mechanism, develop health and safety, road safety and traffic management plans, and ensure the existing Stakeholder Engagement Plan meets EBRD standards.

The Project site has historically been owned by a heavy industry manufacturer which the Borrower acquired as part of the land transaction agreement. Cultural heritage has been given attention in Project designs with a dedicated cultural heritage centre exhibiting the site's former industrial use as well as the incorporation of heritage buildings into the Project design.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

A senior secured loan of EUR 132,800,000.00.

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.

Rivus Investments SRL is a limited liability company incorporated in Romania.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Rivus Investments SRL	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.

COMPANY CONTACT INFORMATION

Raluca Munteanu
raluca.munteanu@iuliusmall.com
+4 0232 208 500
https://iuliusmall.com/
Blvd. Tudor Vladimirescu, Iasi Postal Code: 700305

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