Project description
and objectives:
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The EBRD intends to re-finance the existing sovereign-guaranteed loan into a corporate loan without the sovereign guarantee. There will also be an additional investment programme for the Riga Water Company (RW) to extend the network in the city of Riga.
The project aims to improve the supply and installation of water meters, the rehabilitation of treatment plants, pumping stations, water wells and the networks. In addition, completion of the Daugagriva WWTP sludge deposit and extension of the sewerage network in the city of Riga are also objectives of the project.
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Transition
impact:
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This project will be the first re-financing of a sovereign-guaranteed loan to a corporate loan with limited undertakings from a city in Latvia. It demonstrates to other cities and banks that municipal services can be financed without recourse to sovereign or full municipal guarantees.
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The client:
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Riga Water Company.
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EBRD
finance:
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A corporate loan of €39 million (including one-year's grace period) for re-financing of the existing sovereign-guaranteed loan into €24.8 million 15-year corporate loan and co-financing additional ISPA-related and other investments.
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Total project cost:
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€161.0 million.
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Environmental impact:
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The project has mainly environmentally related objectives and will help the Riga Water Company to achieve compliance with EU directives. It will contribute to a reduction in the manganese content in the drinking water. The rehabilitation of the sewerage network will reduce sewage leakage.
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Technical
cooperation:
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- Independent review of technical feasibility studies already prepared by RW.
- Legal advice to the Bank for structuring a security package in accordance with Latvian law.
- Assistance to develop and implement an outsourcing strategy for activities such as maintenance, transportation, billing etc.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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EBRD contact:
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Viesturs Bernans, Operation Leader: bernansv@ebrd.com
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Procurement or tendering
opportunities:
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Visit EBRD Procurement
Enquiries: Tel: +44 20 7338 6794; Fax: +44 20 7338 7472, Email: procurement@ebrd.com
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General
enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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