RSF Mobiasbanca - GCC RF Working capital loan 1

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

This project was approved in the context of the Bank's response to the Covid-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to Covid-19, and this deviation, can be found on our website.

A working capital facility for Glass Container Company SA ("GCC", "Company" or "Borrower").

Project ID 52197

Status Complete

Location

Moldova

Business Sector

Food and Agribusiness

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Boris Crivoi
gcc@gcc.md
+ 373 22 89 58 00
+ 373 22 89 58 01
www.gcc.md
201 Uzinelor str., Chisinau city, Republic of Moldova, MD2064

Project ID 52197

Status Complete

Location

Moldova

Business Sector

Food and Agribusiness

Notice Type

Private

Environmental Category

Approval Date

01 Sep 2020

Disclosure date

02 Sep 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

RSF Mobiasbanca - GCC RF Working Capital Loan 1 (Romanian) (PDF, 0.58MB)

Project description

A working capital facility for Glass Container Company SA ("GCC", "Company" or "Borrower").

Project objectives

The financing will fill the gap arising from lower sales and negative impact of Covid-19. This will support the borrower's working capital needs - mainly to maintain stable production levels as economies of scale is of critical importance to glass producers.

Transition impact

ETI Score:60

Competitive: The Risk Sharing Framework, or RSF, facilitates access to finance for SMEs, supporting their growth and competitiveness

(ii) Resilient: Transition impact under the RSF is mainly expected to derive from skills transfer to Mobiasbanca, in the areas of financial analysis, risk assessment and project management. The RSF is rated at the framework level Portfolio Transition Impact (PTI) 60 i.e. the sub-projects are not given individual Expected Transition Impact (ETI) ratings.

EBRD Finance Summary

EUR 1,000,000.00

A senior secured loan with a maturity of two years.

Total project cost

EUR 2,000,000.00

Up to €1 million senior secured loan, equal to 50 per cent unfunded risk participation in an RSF sub-loan of up to €2 million, provided by the partner bank to GCC.

Additionality

Under RSF, additionality typically stems from a mix of the following: (i) The EBRD offers an innovative financing structure (e.g. mezzanine financing, risk sharing, etc.) on commercial terms not available from other banks: risk participation to help partner banks with capital and liquidity constraints; (ii) The EBRD offers a tenor, which is above the market average and is necessary to structure the project; (iii) The EBRD offers local currency financing on terms not readily available in the market.

Environmental & Social Summary

Categorised B (2019 ESP). Investment to provide working capital to a glass containers producer are site-specific and can be managed via implementation of the good environmental and social, or E&S, management practices. The borrower is an existing EBRD client with good track record. In-house Environmental and Social Due Diligence (ESDD) was undertaken in line with the EBRD Environment and Sustainability Department's ESDD response to Covid-19 and included the review of the client's annual E&S reporting, ESAP implementation status and Covid-related qestionnaire. ESDD demonstrated that the company is compliant with national E&S regulatory requirement, possesses adequate E&S management systems and has capacity to implement the project in line with the EBRD performance requirements. The client has been successfully implementing the ESAP agreed for the previous project. The company has implemented a Covid-19 response plan that incorporate workers and community health and safety measures. No retrenchment is being envisaged. No new E&S issues were identified. The Bank will monitor the company's environmental and social performance and implementation of the ESAP through annual E&S reports.

Technical Cooperation and Grant Financing

First loss cover - €0.30 million (or 15 per cent of EBRD exposure). Technical Cooperation (TC)/non-TC source: The Small Business Impact Fund (SBIF) for SME Support in Caucasus, Moldova and Belarus.

Company Contact Information

Boris Crivoi
gcc@gcc.md
+ 373 22 89 58 00
+ 373 22 89 58 01
www.gcc.md
201 Uzinelor str., Chisinau city, Republic of Moldova, MD2064

PSD last updated

02 Sep 2020

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 the 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 its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) 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 also requires its clients to disclose information, as appropriate, about the risks and impacts of 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 of the Bank's activities 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 EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either 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. OCCO will follow-up all matters reported. It will review all matters reported. 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, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. 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 (for example, 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 the 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 and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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RSF Mobiasbanca - GCC RF Working capital loan 1

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)