UCLC SEF (IFC-42345)

Countries
  • Romania
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Oct 16, 2019
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
UNICREDIT LEASING CORPORATION IFN SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 160.58 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 145
Converted using 2019-10-16 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 21, 2020

Disclosed by Bank Sep 16, 2019

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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, this project finances on-lending to small and medium-sized enterprises, with 30 percent of the proceeds channelled to funding sustainable energy finance projects. 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Expected developmental impact will be derived from:
i) Access to finance for SMEs, which remains a major obstacle, especially in the most vulnerable regions of the Country. Although Romanian banks remain the main source of financing, in recent years companies have increasingly resorted to other financing sources such as leasing and other NBFIs.
ii) Access to climate finance, as IFC anticipates that the Project will increase access to energy efficiency and renewable energy projects. This will enable businesses to improve their environmental impact by implementing climate-smart practices such as purchasing through leasing energy-efficient vehicles and equipment; and
iii) IFC anticipates that the Project would result in increased competitive pressures in the SEF space and would have market impact through the competition and demonstration channels. The Project is expected to enhance the visibility and marketability of the SEF products offered in Romania and foster competition in this market. Supporting UCLC would result in expanding the financing potential for projects compliant with international energy saving criteria and would positively contribute to tackling climate challenges.

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

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.

UniCredit Leasing Corporation IFN S.A.
Silvia Atanasiu
Strategy, Data Governance & Cash Management Finance
+40 (0)21 2007 949
silvia.atanasiu@unicreditleasing.ro
Sector 1, 014106, Bucharest, Romania
www.unicreditleasing.ro

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works