Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

23 Mar 2004



PSD disclosed:

23 Feb 2004

Project Description

The proposed project is a €100 million expansion of the regional Direct Lending Facility (the “DLF” or “Facility”) to provide smaller loans to primarily medium to large-sized local private companies in the Early Transition Countries (ETCs) (Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, Mongolia, Tajikistan and Uzbekistan), Turkmenistan and Belarus which meet established investment criteria. It was originally approved by the Board of Directors on 23 March 2004 for an amount of €20 million; an additional €20 million allocation was approved by the Board of Directors on 6 March 2006; another €30 million allocation was approved by the Board of Directors on 17 April 2007; and a further €50 million was approved on 9 September 2008.

Transition Impact

The Facility as well as the expansion will improve access to finance for local private companies in ETCs, Turkmenistan and Belarus. These companies constitute one of the most dynamic segments of the local economies. By supporting the best local private companies, which are committed to improving their corporate governance, business conduct and environmental standards, the Facility is expected to enhance competition in their respective markets and provide incentives to other companies in ETCs, Turkmenistan and Belarus to adopt similar good business practices.

The Client

Private medium-sized companies incorporated in ETCs, Turkmenistan and Belarus.

EBRD Finance

€100 million in addition to the previously allocated €120 million.

Project Cost

€100 million.

Environmental Impact

Individual projects will be screened on a case-by-case basis and environmental due diligence conducted accordingly. Individual projects will be required to comply, at a minimum, with national health, safety and environmental regulations and standards. The Bank will receive annual environmental report from the borrowers.

Technical Cooperation

A TC framework, the ETC Multi-Donor Fund, has been established to support sub-project due diligence with donor funding. In the case of Turkmenistan and Belarus, to the extent that suitable bilateral funding cannot be mobilized, the necessary funding will be sought from the Shareholders Special Fund.

Company Contact

Irina Kravchenko,
Head of Direct Lending and Co-financing with Local Banks,
1 Exchange Square, London, EC2A
Tel:+ 44 20 7338 6739
Fax: +44 20 7338 6239

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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