Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

11 Nov 2003



PSD disclosed:

12 Sep 2003

Project Description

The proposed project will enable the client to complete and viably operate an ex-brownfield site redevelopment of class A office development. Specifically, the Project will provide funds for reorganisation of the company's capital structure, acquisition finance, and refurbishment/tenant improvement and completion.

Transition Impact

The project is expected to achieve demonstration effects through long term maturity of the senior project financing. It is expected to foster linkages between local service providers and the oil and gas industry, implement western standards of corporate governance and reporting, and improve the availability of modern Class A office buildings to meet the demand for quality office space in the under-developed local market.

The Client

Muduroglu Limited, a building and civil engineering firm, involved in construction (schools, medical faculty, hospitals, hotels, apartment blocks), and civil engineering works (power station, drainage works, pipeline, roads, steel towers, slipways), currently focusing on Azerbaijan office market.

EBRD Finance

Up to US$ 10 million

Project Cost

Up to US$ 10 million

Environmental Impact

The Project was screened C/1 requiring an Environmental Audit. Key issues addressed as part of the Bank's environmental due diligence included the adequacy of the borrower's environmental procedures for the development and operation of the office space, potential risks associated with the previous use of the site, soil and groundwater contamination, potential impacts arising from construction (noise, dust, traffic disturbance, site waste management and worker health and safety), the environmental efficiency of the design of the buildings and the site, as well as environmental considerations during the operation of the buildings (fire and other safety systems, waste disposal arrangements, parking space and traffic issues).
The environmental due diligence confirmed that the project sites comply with, at minimum, national environmental, health and safety legal requirements and that there are unlikely to be any significant environmental issues associated with the project. The Sponsor will ensure that all construction work and operation is conducted in accordance with national and EU environmental, health and safety standards, and that the proposed operation complies with national and local public consultation requirements. The Sponsor will have to submit annual environmental reports to the Bank.

Technical Cooperation


Company Contact

c/o Mihael Jeklic, Property and Tourism team, EBRD

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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