NPL Co-Investment Programme

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD is planning to invest up to EUR 75 million, under the NPL Resolution Framework II, into an NPL Co-Investment Programme for the purpose of acquiring portfolios of NPLs and other distressed assets across the EBRD regions alongside APS Holding (https://www.aps-holding.com/) and other potential 3rd party co-investors. EBRD's continued commitment to APS Holding supports a leading NPL manager, helping to expand its debt servicing capacity and facilitating faster recovery of distressed assets while maintaining responsible collection practices.

Project ID 56533

Status Approved

Location

Regional

Industry Sector

Financial Institutions

Notice Type

Private

Project timeline

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

Company Contact Information

Viktor Toth
viktor.toth@aps-holding.com
+420 225 377 408
www.aps-holding.com
46a Avenue J.F.Kennedy L-1855 Luxembourg

Project ID 56533

Status Approved

Location

Regional

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

17 Dec 2025

Disclosure date

01 May 2026

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.

Project Description

Project Objectives

The NPL Co-Investment Programme will support the resilience and competitiveness of the financial sector in the EBRD regions, maintaining and ensuring a well-functioning NPL and distressed asset market, contributing towards the sustainable resolution of NPLs and financial reintegration of businesses and individuals across the EBRD economies.

Transition Impact

ETI score: 65

This project is under the NPL Resolution Framework II. Transition Impact is expected to derive from:

Resilient: The project envisions the cultivation of sustainable NPL markets encouraging banks and other originating FIs to dispose of NPLs regularly thereby expanding access to new funding, supporting economic growth and financial stability in EBRD regions.

Competitive: The project envisions supplying sustained financing to a leading NPL buyer and manager in the region, thereby enhancing their ability to invest in NPL portfolios and ensure continuous liquidity flow in the primary and secondary NPL markets and, given sustained funding availability, encouraging them to more actively explore and pursue deals in previously untested geographies, enhancing competition.

Client Information

APS LAMBDA SARL

Co-Investor/Servicer (NPL): APS Holding (https://www.aps-holding.com/)

EBRD Finance Summary

EUR 75,000,000.00

Total Project Cost

EUR 250,000,000.00

Additionality

Project additionality stems from the financing structure of the facility which fills a market funding gap and EBRD's long-term relationship with APS Holding which provides additional support for them to prioritise innovation and expansion, as well as from the Client's commitment to further protect vulnerable debtors and increase financial literacy in its markets.

Green assessments

The project is determined aligned with the Paris Agreement based on the application of the EBRD's Paris alignment approach for indirectly financed investments. Considering that the risks of misalignment are low in the Company's business model, the application of pillars 1, 3 and 4 of the EBRD Paris alignment methodology does not apply. There is no GET associated with this project.

Company Contact Information

Viktor Toth
viktor.toth@aps-holding.com
+420 225 377 408
www.aps-holding.com
46a Avenue J.F.Kennedy L-1855 Luxembourg

Implementation Summary

PSD Last Updated

01 May 2026

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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NPL Co-Investment Programme

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Company Contact Information

Implementation Summary

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)

NPL Co-Investment Programme

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

Company Contact Information

Implementation Summary

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)