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

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 10, 2024

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

OLYMPIC COMMERCIAL AND TOURIST ENTERPRISES SINGLE MEMBER SA

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

Sectors

Industry and Trade
Transport

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)

$ 43.64 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 40.63
Converted using 2024-04-10 exchange rate.

Project Cost (USD)

$ 145.47 million

Bank Documents

Translation: RRF - Olympic E-mobility (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 29, 2024

Disclosed by Bank Apr 15, 2024

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’s website, the project consists of an up to EUR 108.35 million senior secured loan to Olympic Commercial & Tourist Enterprises SA in Greece. The loan consists of EUR40.6 million of EBRD financing, blended with EUR67.7 million of RRF loans channelled through the Greek Ministry of Finance to the EBRD/EU Special Fund. The project is the fifth sub-operation under the EBRD's Greek Recovery and Resilience Facility (RRF) Co-Financing Framework, implemented as part of the "Greece 2.0" National Recovery and Resilience Plan, funded by the European Union's (EU) NextGenerationEU programme.

The loan will finance the purchase of new Electric Vehicles (EVs) to replace Internal Combustion Engine (ICE) vehicles in Olympic's leasing and rental portfolio (the "Project"). The total Project cost of EUR 135.43 million will be funded from the EUR 108.35 million proposed debt-financing package and EUR 27.09 million from Olympic's own funds. The Project addresses the strategic directions of the EBRD Country Strategy for Greece, which aims to "support transition to a green, low-carbon economy" and "support the decarbonisation across sectors through direct engagement with private clients" and is in line with Greece's Recovery and Resilience Plan by "contributing to clean urban transport rolling stock", promoting the decarbonisation of the Greek economy.

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.

Category C (2019 Environmental and Social Policy).

The findings of the ESDD showed that the Company is certified for Environmental and Energy management in accordance with ISO14001 and ISO50001 and is pursuing further certification for Health & Safety and Quality assurance. A comprehensive E&S training programme is in place which includes regular Health and Safety training. All Company locations in Greece have undergone Health & Safety risk assessments and have site-based safety technicians. An emergency preparedness and response plan is in place and the company carries out regular hands-on fire safety and first aid trainings. The Company has a water recycling system for car wash operations and a waste management plan for recycling of domestic waste and management of hazardous wastes.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

An up to EUR 108.35 million senior secured loan. The loan consists of €40.6 million of EBRD financing, blended with €67.7 million of RRF loans channelled through the Greek Ministry of Finance to the EBRD/EU Special Fund.

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.

OLYMPIC COMMERCIAL AND TOURISTENTERPRISES SINGLE MEMBER SA

Olympic is one of the leading car rental and leasing companies in Greece and the master franchisee of Avis Budget Group in the country, operating a fleet of ca. 60,000 vehicles.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Avis Budget Group	Parent Company	-
-	-	-	-	OLYMPIC COMMERCIAL AND TOURIST ENTERPRISES SINGLE MEMBER SA	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

Yannis Redifis
yannis.redifis@avis.gr
(+30) 21 068 796 42
https://www.avis.gr
Vas. Georgiou 50A, Chalandri Attica, 15233, 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