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Description of the proposed project
The Bank will provide
equity investment of USD 4.3 million representing 34% of the Company’s equity
as well as Senior Loan of USD 23.3 million structured as A/B Loan comprising
Bank ‘A’ loan of USD 8.3 million and Participants (commercial banks) ‘B’ loan
USD 15 million. The proposed project will finance the development,
construction and operation of two international standard warehouses in Moscow
region.
Screening categories and rationale for classification
A large
scale property development such as this project has specific environmental
impacts which, however, can be readily identified and prevented through
adequate measures and application of good international practice. For the
above reasons, the EBRD has classified the project B/1, requiring an
Environmental Analysis and Audit of the proposed site and associated
facilities.
Information reviewed during the environmental appraisal
Soil
and radiation test results on the adjunct area of the project site where the
Sponsor already developed warehouse buildings as well as the completed
Environmental Questionnaire have been reviewed by the Bank. An audit report
and other relevant documents will be provided for the Bank’s review shortly as
part of environmental due diligence.
Environmental impacts and mitigation measures
Early findings
of the environmental due diligence confirm that the project has been
structured in accordance with Russian environmental requirements and good
international practice.
A specific site audit is currently being conducted focusing on the following
issues:
(i) confirmation of compliance with environmental legal requirements;
(ii) soil and ground water contamination analysis.
An Environmental Action Plan (EAP) might be required if any significant
shortcomings are identified during the due diligence. The company will be
required to ensure that it complies with Russian and EU environmental, health
and safety standards and requirements. To achieve that, the company will
incorporate all necessary preventive and mitigation measures into the project
design as well as commit itself to good international practice.
Environmental opportunities
The project will allow for urban
regeneration through the utilisation of the brown-filed site. In addition, the
project will use energy efficient materials and technology in operation of the
warehouses.
Monitoring
The Bank will evaluate the project’s compliance with
the applicable environmental and social requirements during the lifetime of
the project by reviewing annual environmental reports (AER) prepared for the
project covering: (1) on-going performance of project-specific environmental,
health and safety programmes if applicable, and (ii) the status of
implementation of environmental mitigation measures.
Summary in Russian
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