Project Description
A senior unsecured loan of up to €15 million to be provided in three equal tranches, under the SME Go Green programme (“SME Go Green”).
Project Objectives
The transaction will support the aim of the Programme to: (i) scale up green economy investments, including energy efficient, resource efficient and renewable energy investments; (ii) in particular, scale up greening of agribusinesses supply chains and help agribusiness companies in the region reduce their environmental impact and become more sustainable and more resilient to the risks of climate change; (iii) increase SME competitiveness and trade potential of the private sector via targeted investments in sustainability practices and the adoption of internationally recognised quality standards; (iv) strengthen the financial sector by supporting climate resilience and inclusiveness of the Western Balkan economies, by improving financial institutions and businesses capacity to deploy sustainable and gender responsive green solutions as well as enhancing climate risk practices to ensure all projects under the Programme are aligned with the Paris Agreement; (v) promote more equitable access to climate and other finance for women-led SMEs in the region.
Transition Impact
The Project contributes to the overall objectives of the SME Go Green Programme, supporting the Competitive and Green qualities. SME Go Green seeks to (i) support SMEs in accessing finance towards EU and international standards and assist them to access advice and know-how for introducing and implementing such standards and becoming competitive, and (ii) scale up investments into GET-eligible technologies by SMEs and contribute to building a green, low-carbon economy.
Client Information
ERSTE BANK AD NOVI SAD
Erste Bank Serbia (“EBS”) is a dynamic mid-sized bank with an experienced management team and consistently strong performance. It has a market share of 6.3% and is ranked 8th by the total assets among 20 banks in Serbia.
EBS is a subsidiary of Erste Group, which is the second largest bank in Austria rated A1, A+, A by Moody’s, S&P and Fitch, respectively.
EBRD Finance Summary
EUR 15,000,000.00
Total Project Cost
EUR 15,000,000.00
Additionality
EBRD offers mid-term financing which is above the market average and provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project’s objectives.
Environmental and Social Summary
Categorised FI (ESP 2019). Erste Bank Serbia (EBS) is an existing client of the Bank and its environmental and social (E&S) performance to date under existing exposures has been satisfactory. EBS should maintain an environmental and social management system to assess, manage and monitor environmental and social risks and impacts associated with the sub-projects it finances. EBS is required to continue to comply with EBRD’s Performance Requirements (PRs) 2, 4 and 9 including the EBRD’s E&S Exclusion and the Referral list introduced with ESP 2019, continue to implement the applicable EBRD’s E&S Risk Management guidance and submit Annual Environmental and Social Reports to the Bank. Sub-borrowers financed through EBS’s loan will be required to comply with national environmental, health, safety and labour requirements.
If EBRD funding may be used for financing solar sub-projects, these such sub-projects will be managed in line with ‘The Proposed Management Approach for Solar Supply Chain Risk Management’ (CS/FO/21-35) and any subsequent guidance developed under that approach.
Technical Cooperation and Grant Financing
Company Contact Information
Nikolija Milojevic
nikolija.milojevic@erstebank.rs
060/874-78-89
www.erstebank.rs
Bulevar Milutina Milankovica 3A
11070 Novi Beograd
PSD last updated
30 Oct 2024
Understanding Transition
Further information regarding the EBRD’s approach to measuring transition impact is available here.
Business opportunities
For business opportunities or procurement, contact the client company.
For business opportunities with EBRD (not related to procurement) contact:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
For state-sector projects, visit EBRD Procurement:
Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
Specific enquiries can be made using the EBRD Enquiries form.
Environmental and Social Policy (ESP)
The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.
More information on the EBRD’s practices in this regard is set out in the ESP.
Integrity and Compliance
The EBRD’s Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.
OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank’s countries of operation. The information provided must be made in good faith.
Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
Specific requests for information can be made using the EBRD Enquiries form.
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.