EBRD receives “Multilateral of the Year” award from Thomson Reuters PFI

By Svitlana  Pyrkalo
@pyrkalo

EBRD receives “Multilateral of the Year” award from Thomson Reuters PFI

EBRD team receiving “Multilateral of the Year” award from Thomson Reuters PFI

The EBRD has been named Multilateral of the Year at the annual Project Finance International awards held by PFI, the Thomson Reuters publication tracing project finance news around the world.

The award ceremony, recognising the highlights of 2015 in the world of project finance, was held in London on the evening of 3 February 2016. A project in Mongolia, Oyu Tolgoi copper mining development, was also recognised by the award.

In its announcement of the 2015 Global Awards, PFI paid special tribute to the EBRD’s investment in Turkey, Egypt, Central Asia and the Caucasus.

The Thomson Reuters PFI award is one of several accolades received by the EBRD in 2015 for achievements in various spheres, from publications such as Euromoney’s Trade Finance and the Private Equity Exchange and Awards, to awards given for work in specific countries (notably EMEA countries, Romania and Ukraine) and the International Association for Impact Assessment (IAIA) Corporate Initiative Award for the Bank’s environmental and social policy and sustainable development practices. The EBRD’s participation in the Oyu Tolgoi (Mongolia) and Shah Deniz offshore gas field (Azerbaijan) projects is also under consideration by two more prestigious trade awards, by Global Trade Review and IJGlobal respectively, which will be announced later in the year.

Ahead of the PFI award ceremony, EBRD President Sir Suma Chakrabarti said: “I am delighted that the EBRD has been chosen for this prestigious award, for the first time in the Bank's history. The award rightly recognises our flexible response within a difficult geopolitical and economic context and the quality and impact of our investments.”

The award was received on behalf of the EBRD by the Bank’s Managing Director for Energy and Natural Resources, Riccardo Puliti, who said: “The EBRD is a recognised leader in the field of project finance. In dozens of countries, EBRD teams have developed bankable project finance structures which attract public and private long term investors. EBRD-supported ground-breaking projects ranging from the first commercial solar plant in Kazakhstan to a large-scale hospital in Turkey – and many, many more – demonstrate the potential of those industries to other international investors.”

Another PFI accolade was received by a project where the EBRD acted as a joint lead arranger. In the Asia-Pacific category, Oyu Tolgoi – the world’s largest undeveloped copper deposit in the Gobi desert in Mongolia, close to the Chinese border – was recognised as the Mining Deal of the year. As part of the international financing package of US$ 4.4 billion, the EBRD arranged the largest financing package in its history: a US$ 1.221 billion A/B loan to Oyu Tolgoi LLC. US$ 400 million was provided by the EBRD and the rest syndicated to 15 commercial banks. Oyu Tolgoi LLC belongs to Turquoise Hill, a subsidiary of Rio Tinto, and Erdenes Oyu Tolgoi which is owned by the government of Mongolia. The rest of the package comes from lending by export credit agencies, development banks and a tranche from commercial banks covered by the World Bank Group’s Multilateral Investment Guarantee Agency.

The EBRD has arranged a syndicated loan of US$ 1.221 billion to Oyu Tolgoi LLC, a company established to develop the world’s largest undeveloped copper and gold deposit in the South Gobi region of Mongolia.

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Project Finance International (PFI), owned by Thomson Reuters, is a leading source of global intelligence on the sector and reports on the entire lifecycle of deals, from initial rumours to post-completion analysis.

The EBRD is an international financial institution focused on project investments. It offers a wide range of financial instruments and takes a flexible approach in structuring its financial products. The EBRD assigns a dedicated team of specialists with expertise in project finance, the region and sector, as well as law and the environment. Read more about EBRD financing.

Created in the aftermath of democratic changes in emerging Europe during 1991, the EBRD has invested over €107 billion in its region of operations which today spans 36 countries.