Project summary document

Project description
and objectives:

The proposed project will enable the client to complete and viably operate an ex-brownfield site redevelopment of class A office development. Specifically, the Project will provide funds for reorganisation of the company's capital structure, acquisition finance, and refurbishment/tenant improvement and completion.

Transition impact:

The project is expected to achieve demonstration effects through long term maturity of the senior project financing. It is expected to foster linkages between local service providers and the oil and gas industry, implement western standards of corporate governance and reporting, and improve the availability of modern Class A office buildings to meet the demand for quality office space in the under-developed local market.

The client:

Muduroglu Limited, a building and civil engineering firm, involved in construction (schools, medical faculty, hospitals, hotels, apartment blocks), and civil engineering works (power station, drainage works, pipeline, roads, steel towers, slipways), currently focusing on Azerbaijan office market.

EBRD finance:

Up to US$ 10 million

Total project cost:

Up to US$ 10 million

Environmental impact:

The Project was screened C/1 requiring an Environmental Audit. Key issues addressed as part of the Bank's environmental due diligence included the adequacy of the borrower's environmental procedures for the development and operation of the office space, potential risks associated with the previous use of the site, soil and groundwater contamination, potential impacts arising from construction (noise, dust, traffic disturbance, site waste management and worker health and safety), the environmental efficiency of the design of the buildings and the site, as well as environmental considerations during the operation of the buildings (fire and other safety systems, waste disposal arrangements, parking space and traffic issues).

The environmental due diligence confirmed that the project sites comply with, at minimum, national environmental, health and safety legal requirements and that there are unlikely to be any significant environmental issues associated with the project. The Sponsor will ensure that all construction work and operation is conducted in accordance with national and EU environmental, health and safety standards, and that the proposed operation complies with national and local public consultation requirements. The Sponsor will have to submit annual environmental reports to the Bank.

Technical
cooperation:

None.

For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.

Company contact:

c/o Mihael Jeklic, Property and Tourism team, EBRD
e-mail: jeklicm@ebrd.com

EBRD contact:

Lily Klemenchich, Operation Leader: klemencl@ebrd.com

Business opportunities:

For business opportunities or procurement, contact the client company.

General enquiries:

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com