An equity investment in Estonian kroons of up to the equivalent of DM 3 million.
The principal objectives of the project are to:
- improve the capitalisation of EMP;
- enable EMP to expand its business operations and to increase lending to private sector enterprises, primarily using its own resources;
- enhance EMP's corporate governance and stature, both domestically and overseas;
- balance the Tallinn-concentrated economic situation in Estonia;
- enhance competition in the Estonian banking market.
EMP is an important institution in the local market, especially in rural areas and outside Tallinn. EMP is commercially oriented, provides a full range of corporate and retail banking services and has a reputation for good client service. In order to expand, and to remain competitive, EMP plans to raise its capital base.
The transition impact of the project will be achieved by:
- investing in a bank which plays a substantial role in diversified regions outside Tallinn. The additional sources of finance would significantly support the improvement of the business environment in smaller cities and rural areas;
- fostering competition in the financial services market, especially by balancing the activities of Tallinn-based commercial banks.
AS Eesti Maapank (EMP) is a joint-stock company incorporated under the laws of Estonia. It is a majority privately owned and privately controlled commercial bank.
The project will consist of the share subscription of 2.4 million newly issued shares of EMP, representing approximately 19.4 per cent of EMP's share capital.
DM 3 million (ECU 1.6 million), all of which will be financed by the EBRD.
EMP will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks, which provide for the integration of environmental due diligence into EMP's credit appraisal processes and a requirement that borrowers comply, at a minimum, with national and local health, safety and environmental regulations and standards and public consultation requirements. EMP will submit annual environ-mental reports to the EBRD.
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Public Information Policy (PIP)
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Text of the PIP
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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.