Zagreb Bond 2023 (IFC-48368)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Croatia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Zagreb
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
  • 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Jun 30, 2023
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
Zagrebacki Holding d.o.o.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
  • Transport
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 79.14 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 72.5
Converted using 2023-06-30 exchange rate.
Project Cost (USD)
$ 332.95 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 305
Converted using 2023-06-30 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 12, 2024

Disclosed by Bank Jul 11, 2023

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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.

The proposed investment is an EUR 72.5 million subscription into a EUR 305 million, 5-year Sustainability Linked Bond, issued by Zagrebacki Holding d.o.o. (ZGH). ZGH is a municipal utility holding company, 100% owned by the City of Zagreb, whose subsidiaries provide essential municipal services such as waste disposal, water supply, and gas distribution. ZGH has twelve subsidiaries that provide utility, commercial, and energy services, waste management (including municipal waste collection and management of a landfill and bio-waste facility), public water supply and drainage, road rehabilitation and maintenance, and pharmacies.
ZGH also owns five companies and one institution and employs 7,126 people.The bond proceeds will be used to refinance an existing 7-year bond with a bullet maturity date of 15 July 2023, freeing up ZGH’s funds for future capital expenditures in critical and climate-friendly municipal infrastructure projects such as waste management, rehabilitation of water supply systems, equipment procurement, and renewable energy.

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

Zagrebacki Holding d.o.o. is solely owned by the City of Zagreb, which is issuing a guarantee for the bond.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Cistoca Subsidiary Water and Sanitation
- - - - Zagrebacki Holding d.o.o. Client Infrastructure

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Zagrebacki Holding d.o.o.:

Head of Project Management Sector / Public Relations
Phone: +385 1 6420 000
Email: info@zgh.hr
Address: Ul. grada Vukovara 41, Zagreb
Website: https://www.zgh.hr/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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How it works