Bank debt projects

Project Summary Documents

Project Summary Documents (PSDs) are disclosed for each project prior to Board consideration. They contain project descriptions, financial details, client information, environmental issues, tender guidelines, and contact details. PSDs for private sector projects are disclosed at least 30 days prior to Board consideration and for state sector projects, at least 60 days.

Project Summary Documents

Signed projects

Board approval is the final stage in the project approval process. After Board approval, the EBRD and the client sign the deal and it becomes legally binding. Signed project lists reflect year-end data.

Signed projects  (0.1Mb)

Case studies

Bank debt: Bulgarian Energy Efficiency and Renewable Energy Facility

A growing number of smaller and bigger businesses are turning to banks in Bulgaria supported by the Bulgarian Energy Efficiency and Renewable Energy Facility to take a loan under the Programme in order to become more efficient in using energy to grow their businesses. Under the Bulgarian Energy Efficiency and Renewable Energy Facility the EBRD lends to local banks, which in turn on-lend the funds to companies undertaking energy efficiency investments and small renewable energy projects. There are donor funds attached to the financing for Technical Assistance to help the Bulgarian companies structure their investments and for financial incentives for successfully completed projects.

One example is the case of Mr. and Mrs. Gigovi from the Bulgarian ski resort of Bansko, who own and run the Orphey Hotel. When constructing the hotel, they took the radical step of building a 100 cubic metre reservoir five metres below ground to heat the complex. Water from underground sources and melting snow is gathered in the reservoir and heat is created by increasing water pressure. This heat is subsequently used to warm the hotel’s rooms, showers, jacuzzis and pool.

Mr and Mrs. Gigovi financed the reservoir with a loan from United Bulgarian Bank, one of eight banks in Bulgaria to receive an EBRD credit line supporting energy efficiency and renewable energy projects. The savings achieved from the Orphey Hotel project are huge. Thanks to the reservoir, the hotel’s monthly heating bill is only 7,500 lev (€ 3,800) – 75 per cent less than the estimated 31,000 lev (€ 16,000) that it would have cost to heat the hotel using oil. The Gigovi are also doing their bit for the environment, with the hotel emitting little carbon dioxide – one of the gases responsible for global warming.

The Bulgarian Energy Efficiency and Renewable Energy Facility was launched in 2004 in cooperation with the Bulgarian government and with donor funds from the Kozlodui International Decommissioning Support Fund. The Facility has provided 8 banks with a total of EUR 105 million to on-lend to companies for energy efficiency and small renewable energy projects.

EBRD has launched similar Sustainable Energy Financing Initiatives in Ukraine, Georgia, Romania, Croatia and Slovakia.

Bank debt: EU/EBRD SME finance facility

An ever-growing number of entrepreneurs are turning to banks supported by the EU/EBRD SME finance facility to develop their small businesses.

A typical example is the case of Mr and Mrs Bugescu from Timisoara in Romania. In 2001 the couple approached the Romanian Commercial Bank for a loan to support the development of their family bakery. Using financing provided under the SME facility, the bank extended a loan of €40,000 for four years to finance the purchase of ovens and pastry equipment. Benefiting from a long-term loan at a competitive interest rate, the couple have more than doubled their sales, increasing production from 6,000 loaves a day to 15,000. As well as expanding their distribution network, the Bugescus have reduced energy costs by converting from diesel to gas. As a result of the expansion, the workforce has grown from two people in one bakery to 36 staff across five bakeries. Annual sales have grown to €325,000 and consumers now have a wider choice of higher-quality fresh bread.

The EU/EBRD SME finance facility provides financial intermediaries in EU accession countries with the financial and technical support to finance SMEs. The facility has provided loans totalling over €400 million to 25 banks and 3 leasing companies in all ten EU accession countries. It has also established 3 investment funds which operate primarily in the Czech and Slovak Republics, Estonia, Latvia, Lithuania and Hungary.