This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Warsaw Metro (EBRD-39386)

  • Poland
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
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 15, 2011
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Disclosed by Bank Sep 7, 2010

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
PROJECT DESCRIPTION The EBRD is considering providing a senior loan of up to PLN 470 million to co-finance acquisition of 35 metro trains (210 metro wagons) required by the Warsaw Metro to be operated over both the existing metro line (Metro Line I requiring 15 new trains) and the new metro line currently under construction (Metro Line II requiring 20 new trains). TRANSITION IMPACT This project provides a platform to develop a robust methodology to determine the emission reductions of investments in the Warsaw urban transport sector, and aims to monetise these emission reductions under a carbon market instrument, such as Joint-Implementation. If successful, it would be the first carbon market example in the urban transport sector in Europe. This approach could promote market-based carbon trading mechanisms, for urban transport projects. THE CLIENT Metro Warszawskie Sp. z o.o. ("Warsaw Metro" or the "Company"), a limited liability company wholly owned by the City of Warsaw and providing urban transport services on the subway line in Warsaw. EBRD FINANCE Up to PLN 470 million senior loan to co-finance the new rolling stock to be purchased by the Company, which is part of the Metro Line II development project implemented by the City of Warsaw and the Company (the "Project"). The Project is expected to be co-financed from the EU Cohesion Funds, the City, the Company and debt financing. PROJECT COST The entire value of the Project is currently estimated at PLN 4.8 billion. ENVIRONMENTAL IMPACT The Project has been categorized B, requiring an Environmental and Social Due Diligence (ESDD) of the project, namely the planned acquisition of new rolling stock. TECHNICAL COOPERATION It is envisaged that the technical cooperation support will provide assistance with the following:
Investment Description

Contact Information
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 or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at