Early Warning System

Regions

World

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

Sep 24, 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

Global Green Bond Initiative

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

Sectors

Climate and Environment
Energy
Finance
Industry and Trade

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

Investment Type(s)

Equity

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

Investment Amount (USD)

$ 58.71 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 50
Converted using 2025-09-24 exchange rate.

Project Cost (USD)

$ 939.39 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 29, 2026

Disclosed by Bank Apr 26, 2026

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.

As stated in the project disclosure page, the EBRD is making an equity investment of EUR 50 million in favour of the Global Green Bond Initiative (GGBI), a flagship initiative of the European Commission (EC) investing in Green and Sustainability Bonds (GSBs). The EBRD will invest alongside several European Development Financial Institutions supporting the Fund to invest in eligible assets and therefore support the development of GSB markets in low- and middle-income countries across the EBRD region.

The EBRD's equity investment will benefit from an unfunded guarantee provided by the European Union (EU) under its European Fund for Sustainable Development Plus (ESFD+) guarantee programme, which supports financing and investment operations in partner countries outside of Europe.

The EBRD's investment into the GGBI Fund will help support EBRD Countries-of-Operations (COOs) transition to climate-resilient, low-carbon economies. This will be achieved through investments into GSBs, therefore also supporting the development of green bond markets across COOs, thus helping to address the climate finance gap.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Amundi Asset Management (Financial Intermediary)

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.

As stated by the EIB, the coalition of development finance institutions and multilateral organisations making up the Global Green Bond Initiative are the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), Italy’s Cassa Depositi e Prestiti, the Spanish Agency for International Development Cooperation (AECID), Germany’s KfW development bank, PROPARCO of the AFD Group, acting as a consortium of European development finance institutions and the Green Climate Fund (GCF).

The fund manager is Amundi, which is - according to its website - "Europe's leading asset manager, [which] offers its 200 million clients a comprehensive range of savings and investment solutions. Amundi's [hires] 5,400 professionals in 34 countries."

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Cassa Depositi e Prestiti SpA	Investor	Finance
-	-	-	-	KfW	Investor	Finance
-	-	-	-	PROPARCO	Investor	Finance
-	-	-	-	Spanish Agency for International Development Cooperation (AECID)	Investor	Finance

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.

Financial Intermediary - Amundi Group:

Email: nullinfo@amundi.com
Phone: +33 1 76 33 30 30
Website: www.amundi.com
Address: Amundi 90 boulevard Pasteur 75730 Paris cedex 15 FRANCE

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