Operation performance evaluation reviews

• Agribusiness

• Environment

• Financial institutions

• General industry

• Municipal and environmental infrastructure

• Natural resources

• Power and energy

• Property

• Telecoms, informatics and media

• Transport

Agribusiness

• Post privatisation financing to a food manufacturer  (0.1Mb) - May 2006
  The Bank's objectives were to make the company's business viable and to help it regain its share of the market where this had previously been lost.
  
  
• Support to foreign-owned edible oil producer  (0.1Mb) - April 2006
  Evaluation related to an investment in an edible oil manufacturer owned by an international strategic investor. This is one of a series of investments.
  
  
• Multi Project Facility  (0.1Mb) - August 2005
  Evaluation of a series of equity investments by the Bank in several countries of operations under a framework agreement.
  
  
• Food Packaging Project  (0.1Mb) - March 2005
  Evaluates a loan to a multinational company in the consumer packaging sector to finance the development and expansion of its food packaging business, together with the development of regional production facilities. The loan consists a 5 year, multi-currency revolving credit facility.
  
  
• Agricultural commodity programme  (0.1Mb) - February 2004
  Evaluation of project which was to provide financing to buyers of agricultural commodities in the absence of Warehouse Receipt (WHR) legislation in the country of operation. The overall rating is "Successful".

Environment

• Environmental Loan  (0.1Mb) - August 2005
  Evaluation of a loan aimed at upgrading the environmental performance of the Company's operations.

 

Financial institutions

• Framework of credit lines  (0.1Mb) - May 2008
  This focuses on a framework of credit lines that are disbursed to local commercial banks for on-lending to micro and small enterprises.  Devised in a challenging environment, the facility nonetheless successfully supported the acquisition of skills among banks and improved corporate governance while providing for local entrepreneurs.  Issues highlighted include the creation of a credit registry and the handling of IT support and software after graduation from technical assistance.
  
  
• Privately owned commercial bank  (0.1Mb) - April 2008
  This review looks at the EBRD's engagement with a leading privately owned commercial bank that resulted from the merger of two smaller institutions.  The review highlights issues around mergers, the A/B loan structure and sound banking principles.
  
  
• Equity investment and institutional reform  (0.1Mb) - Apirl 2008
  This provides a summary of an equity investment and institutional reform programme that led to the privatisation of a state-controlled bank.
  
  
• Equity funds to support emerging private companies  (0.1Mb) - March 2008
  Management Comments  (0.1Mb)
  The project reviewed consisted of a number of equity funds that were to support emerging private companies in a rapidly changing economic environment.  It assesses the extent to which the funds succeeded in creating an enabling environment for private equity.
  
  
• Equity investment in a regional bank  (0.1Mb) - February 2007
  Evaluation of the equity investment and other EBRD operations designed to restructure a regional bank, set sound governance standards and improve the bank's competitive position.
  
  
• Framework facility to seek commercial-based microlending - October 2007
  A pioneer project to focus on the microfinance sector, the economic potential of which, at that time, was still unknown in the country.
   
• An SME credit line to a development bank  (0.1Mb) - March 2006
  The purpose of the facility was to enable the client to extend loans to privately owned small and medium-sized businesses, thereby contributing to private sector development and generating employment.
  
  
• Convertible loan to a bank in an early transition country  (0.1Mb) - February 2006
  The operation was designed to support the client's growth as an institution, and development of the banking sector, and also to achieve outreach to small and medium-sized privately owned businesses.
  
  
• Residential housing loan  (0.1Mb)
  Management comments  (0.1Mb) - January 2006
  Expansion of client's residential mortgage lending operations by extending the maturity of part of the existing portfolio of mortgage loans and by granting new loans for acquiring or refurbishing residential property.
  
  
• Credit Line for Micro and Small Enterprises  (0.1Mb) - October 2005
  Evaluation of a programme to provide finance to MSEs and to establish MSE lending on a commercially viable basis.
  
  
• Investment in the pension and insurance sector  (0.1Mb) - July 2005
  Evaluates EBRD's minoriy equity investments in a financial services group active in the region. The Bank's objective was to contribute to comprehensive pension reform, provide an alternative to the state pension system, and support health reforms and private health insurance.
  
  
• Syndicated Loan to a Leasing Company  (0.1Mb) - December 2004
  Evaluation of a loan to an independent leasing firm to expand leasing operations, and support diversification of financial services, in one of the EBRD's countries of operations.
  
  
• Equity Investment in an Investment Fund  (0.1Mb) - November 2004
  Evaluates an equity investment in an unincorporated investment fund for investing in small and medium-sized enterprises.
  
  
• Subordinated loan and bank-to-bank loan to baltic bank  (0.1Mb) - July 2004
  Evaluation of two projects which focus on supplying long term funds to be allocated in an economic environment where term financing was not available. The project shows support to selected banks which have capacity to develop into leading banks in terms of capital, asset quality and management.
  
  
• Pre-privatisation equity investment in a commercial bank  (0.1Mb) - March 2004
  Evaluates EBRD's equity investment in a bank to facilitate its structuring and sale of the remaining Government's stake to a strategic investor. The project represented significant progress in the privatisation of major institutions in the financial sector.
  
  
• Loans to Banks in the Accession Countries for on-lending to Small and Medium Enterprises  (0.1Mb) - June 2003
  The programme included a technical cooperation component, funded by the European Commission, to supply consulting for institution building at the banks, with performance fees to reward good portfolio performance.
  
  
• Equity investment in a commercial bank  (0.1Mb) - April 2003
  Evaluates the acquisition of a small minority stake in a commercial bank, which was intended to support the bank's final stage of privatisation. Investment performance of the operation has been good, but questions are raised about its additionality and transition impact.
  
  
• SME line of credit to commercial banks  (0.1Mb) - March 2003
  Evaluates a loan facility to private banks in an early transition country for on-lending to SMEs. Transition impact was rated as "Good", but overall the project was rated as "Partly Successful" due to the bankruptcy of two out of the five participating banks.

General industry

• Restructuring of a former state-owned businesss  (0.1Mb) - May 2008
  This assesses an equity investment that was intended to support the privatisation and restructuring of a former state-owned business.  The project ran into dificulties and had to be placed under corporate recovery.  
  
  
• Greenfield project  (0.1Mb) - January 2008
  This report looks at a greenfield project in an environment that had not seen any significant foreign investment.  In establishing a world-class manufacturing business with the help of an international sponsor, the project demonstrated the country's successful investment process and incentives regime.  During the operation, the bank acted as a guarantor of stability in a politically unstable environment and helped coordinate all key stakeholders.  The project also raised some crucial issues regarding local reporting and reliance on sponsors.  
   
• Investment into a local cosmetics company  (0.1Mb) - October 2006
  Evaluation of an equity inestment via a regional venture fund into a local cosmetics company in order to assist in a major restructuring process.
  
  
• Investment in a tyre manufacturing plant  (0.1Mb) - October 2006
  Evaluation of an equity portage investment. The operation consisted of the acquisition of an old factory to renovate and to create a new tyre manufacturing plant.
  
  
• Loan and Equity to a glass manufacturing company  (0.1Mb) - January 2006
  A two stage transaction to enable the company to build a highly competitive glass packaging facility and increase production.
  
  
• Loan for Upgrading a Pharmaceutical Company  (0.2Mb) - June 2005
  Evaluation of an EBRD convertible loan into equity to support the upgrading of the pharmaceutical production facilities to good manufacturing practice standards. Major part of the project was implemented and new facilities have been built.

Municipal and environmental infrastructure

• Municipal infrastructure rehabilitation  (0.1Mb) - May 2008
  This examines a project that tackled urgent reconstruction needs in municipal water supply and wastewater treatment/sewage systems.  The EBRD saw this project as not only restoring and improving vital infrastructure but also promotong national sector reform.  Due to a change in government these objectives were only partly achieved, but the project as a whole provides an interesting case study for the future in similarly volatile political climates.
   
• Railway development  (0.1Mb) - February 2008
  This provides a concise overview of an operation concerned with assisting the corporatisation of a state-administered railway system.  It offers a critical review of objectives and their respective successes and failure.
  
  
• Municipal solid waste  (0.1Mb) - May 2007
  Evaluation of a sovereign guaranteed loan for improvements to the municipal solid waste management system.
  
  
• Company in the energy sector  (0.1Mb) - May 2007
  The report looks at a large former state monopoly within the energy sector.  The major rationale for the Bank's participation was to introduce efficiency and positive environmental benefits into the company's non-core industry functions.
  
  
• Water supply and sewerage services project  (0.1Mb) - May 2007
  A project aimed to upgrade water supply and waste-water utulities, both in physical facilities and institutional capacity.  The rationale for the Bank's involvement consisted of a large potential for transition impact and enlarging the financing capacity for the borrower and the municipality.
  
  
• Waste water treatment plan  (0.1Mb)t - April 2007
  The evaluation of the completion of an existing unfinished and abandoned waste water treatment plant that, upon completion, was expected to deliver significant environmental benefits reaching far beyond the facility's catchment area.
  
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• Loan for more efficient track maintenance technology  (0.1Mb) - March 2007
  Loan to assist in introducing more efficient track maintenance technology with the aim of improving productivity, reducing track renewal costs, introducing state-of-the-art maintenance management practices and maximising the useful life of the track components.
  
  
• Privatisation of municipal heating plants  (0.1Mb) - April 2006
  Evaluation of a project intended to further private sector participation in the financing and operation of municipal district heating.
  
  
• Municipal infrastructure upgrade  (0.1Mb) - April 2006
  Evaluation of a loan aimed at supporting the expansion of the city's municipal infrastructure.
  
  
• Municipality rehabilitates tram track system  (0.1Mb) - March 2006
  Municipal authorities successfully improve transport services, rehabilitating the tram track system and begin renewing the bus fleet system.
  
  
• Full Privatisation of Municipal Water and Wastewater Services  (0.1Mb) - July 2005
  Evaluation of post-privatisation support to a major municipal water and wastewater company. The project was part of a sequence of projects that have seen this utility move from sovereign lending through to full privatisation, including international and local ownership.
  
  
• Supporting Water and Waste-Water Municipal Services  (0.1Mb) - April 2005
  Evaluation of environmental infrastructure support to a major municipal water and waste-water utility. The project was modified four times due to changing expectations and market conditions and some activities planned in this project have now been spun-off into follow-on projects.
  
  
• District Heating & Energy Efficiency  (0.1Mb) - February 2005
  Evaluation of a Multi Project Facility covering several countries of operations, in the district heating and energy efficiency sectors. The study focuses on a Bank investment as equity partner to the foreign sponsor in one particular country, where several cities are serviced.
  
  
• Municipal Water and Wastewater Services  (0.1Mb) - July 2003
  Evaluation of one of the first private concessions for services in a Central and Eastern European city. The porject involves an international sponsor as the operator.
  
  
• Partial privatisation of wastewater services under a Public-Private Partnership scheme  (0.1Mb) - July 2003
  Evaluates the partial privatisation of wastewater services under a Public-Private Partnership scheme. Overall the project was rated "Partly Successful". The Transition Impact is rated Marginal and pertains to the dimensions know-how transfer and new business standards at company level, and frameworks for markets and new business standards on sector level.

Natural resources

• Cement production facility  (0.1Mb) - April 2008
  An investment in a cement production facility.  The recently privatised plant successfully employed Bank financing to establish itself as the market leader.  The review demonstrates a number of improvements that could have turned the investment into an outstanding example.  
  
  
• A state owned mining company with a foreign investor  (0.1Mb)  - January 2007
  This mining company  was succesfully privatised.  It achieved good production results and successfully introduced advanced international standards for mining.
  
  
• A joint venture to develop oil field reserves  (0.1Mb) - April 2007
  Evaluation of a project with financing structure to be a breakthrough for the financing markets with high demonstration effect potential for a non-Project Sharing Agreement (PSA) oil project.
  
  
• Investment in a pipeline company  (0.1Mb) - April 2007
  Evaluation of an investment into the upgrading programme of a large pipeline company which focuses on modernisation to improve levels of safety, reliability and efficiency, and to remove bottlenecks for the transportation of oil products.
  
  
• Modernisation of a steel mill  (0.1Mb) - February 2004
  Evaluation of a working capital revolving credit facility to support the company's growing business of cast round billets and special quality bars. Overall, the project was rated "Successful".
  

Power and energy

• Restructuring of the electricity sector  (0.1Mb) - May 2008
  This report examines a project that formed part of the restructuring of a country's electricity sector.  Aiming to facilitate market liberalisaton, privatisation and competition, this restructuring was halted by a change in government.  The report demonstrates how crucial objectives were successfully achieved and suggests a number of useful methods in dealing with government interventations, regulators and the privatisation process.
  
  
• Power transmission and rehabilitation project - November 2006
  Evaluation of corporate loan to a joint stock electricity grid operating company with the aiim of reducing the company's technical transmission network losses.
  
  
• Restructuring Loan to Power Sector  (0.1Mb) - February 2005
  Evaluation of a loan to provide working capital to complete financial restructuring and improve efficiency of the transmission and despatch systems.
  
  
• Restructuring Loan to Energy Supply Company  (0.1Mb) - November 2004
  Evaluates a loan for the modernisation of a steam turbine generator set and an institutional development component for the restructuring of the company.
  
  
• Gas Supply Company  (0.1Mb) - October 2004
  Evaluation of an initial loan for the construction of a compressor station and of a second loan for the construction of two gas pipline sections.
  
  
• Power Plant Rehabilitation  (0.1Mb) - January 2004
  Evaluation of a loan for financing the rehabilitation of two units at the power plant. The project was implemented by the Ministry and transformed into a state joint-stock company. Overall it was rated as partly successful.

Property

• Real Estate project in a former Soviet Union Country  (0.1Mb)
  Management Comments  (0.1Mb)  (0.2Mb)- May 2006
  Evaluation of loans intended for two class A office developments.
  
  
• Loan for Office Building  (0.1Mb) - June 2005
  Evaluation of an EBRD loan to finance the completion of a half-constructed office building. The building is now managed to a good standard meeting the tenants' satisfaction with a satisfactory occupancy rate.
  
  
• Refurbishment of derelict hotel  (0.1Mb) - January 2004
  Loan for refurbishment of a hotel to mitigate the political risk in a country with a weak legal framework and limited access to medium-term credit. Overall the project was rated "Successful".

Telecoms, informatics and media

• Expansion of an outdoor advertising business  (0.1Mb) - January 2008
  Evaluaton of a loan and equity investment to finance the expansion of an outdoor advertising business.  The rationale for this project was to support the consolidation and modernisation of the outdoor advertising sector in the country.
  
  
• Loan to a telecommunications company  (0.1Mb) - November 2007
  An evaluation of a project aimed at providing long-term funding to a telecommunications company.  The rationale for the project was to improve competition, market expansion and transfer of skills.  
   
• Framework for investing in various internet related projects  (0.1Mb) - January 2007
  Evaluates upto US$30m invested through equity, quasi-equity or convertible instruments in Central and Eastern Europe.  The report looks at the rationale for ultimately unsuccessful overall performance outcome.
  
  
• Equity and eurobond investment in a telecommunications company  (0.1Mb) - December 2005
  The rationale was to facilitate expansion of the telecommunications network in the country, foster innovative and advanced servers, and promote competition and choice for consumers.
  
  
• Multimedia Provider  (0.1Mb) - November 2005
  Grown from a medium-sized enterprise to a market leader through mergers and acquisitons with an EBRD loan as part of investment by international financial institutions.
  
  
• Mobile Telephone Company  (0.1Mb) - March 2005
  Evaluation of three Bank loans for the construction and subsequent expansion of the country's second national Global System for Moblie (GSM) communications network.
  
  
• Pre-privatisation Equity Investment and a Loan to a Telecommunications Company  (0.1Mb) - July 2004
  Evaluation of a project to enhance a telecommunication company's physical infrastructure, and strengthen their corporate governance and commercial independence.
  
  
• Cellular Services Company  (0.1Mb) - March 2003
  Evaluation of a mobile telephone company that contained a senior loan, quasi-equity in the form of subordinated debt and a risk management facility. With particular emphasis on the future prospects, the project was rated successful overall.

 

Transport

• Railway Rehabilitation Report 1  (0.1Mb) and Report 2  (0.1Mb) - December 2005
  A major Bank investment in strategic systems in two countries of operations which both enhances the physical and economic viability, and improves efficiency and commercialisation.
  
  
• Railways Modernisation Project  (0.1Mb) - March 2005
  Evaluates EBRD's investment and technical cooperation support. Without the necessary re-investment in assets and commensurate management capacity and ability, the equipment deteriorated quickly and, together with severe under-investment and backlog in infrastructure maintenance, limited the railway's ability to meet transport demand.
  
  
• Airline Project  (0.1Mb) - February 2005
  The Bank signed a subscription agreement with the airline to acquire interest in the form of convertible preference shares in the airline company that was majority-owned by the country's State Property Fund. The Bank was aiming at, in cooperation with its two strategic co-investors, to recapitalise the company, strengthen its balance sheet and to encourage its further privatisation.
  
  
• Air Cargo Terminal  (0.1Mb) - March 2004
  Evaluation of a partly syndicated loan for a new air cargo terminal replacing an old, cramped, partly obsolete and badly equipped facility. The project had a convential structure, the Bank provided senior debt and the foreign and local sponsors provided subordinated debt. The financing was highly leveraged.

Note: Confidential content has been removed. Information is based on observations made at the time of the evaluation and does not take into account that a company's situation may have changed after the evaluation took place.