GEFF - Slovak Republic


Slovak Republic

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

18 Jul 2018



PSD disclosed:

31 May 2018

Translated version of this PSD: Slovak

Project Description

The EBRD is considering establishing a Green Economy Financing Facility in the Slovak Republic ("GEFF - Slovak Republic" or the "Framework"). GEFF - Slovak Republic is envisaged to provide financing of up to €200 million to Participating Financial Institutions ("PFI's") for on-lending to municipalities, public or privately-owned companies delivering municipal services such as energy service companies ("ESCOs") and, after the first year of implementation, municipal institutions and residential sector borrowers (housing associations) as well (altogether "Sub-borrowers"), for investments in green technologies targeting the municipal infrastructure and built environment as well as waste management, air/water/soil pollution prevention and climate adaptation (flood prevention) measures.

The project will be supported by a grant of up to €30 million provided by the Slovak Republic Ministry of Environment via the Environmental Fund to finance investment incentive payments to Subborrowers and technical cooperation.

Project Objectives

The proposed Framework is expected to demonstrate positive benefits of energy and resource conservation and promote the expansion of green lending to municipalities, as well as market intermediaries such as service providers (ESCOs) in a sector and region characterised by relatively high energy and resource intensity. It will further demonstrate to partner banks the market potential for green lending and foster the mobilisation of private sector financing for the public sector.

Transition Impact

The main sources of transition impact will stem from the demonstration of positive benefits of energy and resource conservation. In line with the GEFF model, the proposed Framework will support the Green Transition Impact quality by contributing towards building a green economy and facilitating the expansion of municipal sustainable energy and resources lending in the Slovak Republic, resulting in positive demonstration effects.

Client Information

The clients will be privately owned banks based in the Slovak Republic.

EBRD Finance Summary

EUR 200,000,000.00

Up to €200 million (subject to available grant funding) will be provided to local banks for on-lending.

Total Project Cost

EUR 200,000,000.00

The total amount of financing made available under the GEFF - Slovak Republic framework will be up to €200 million.

Environmental and Social Summary

Category FI (2014 ESP). The project represents the establishment of a Green Economic Financing Facility in the Slovak Republic, whereby the Bank's funds are provided to Participating Financial Institutions (PFIs) for on-lending to municipalities and public or privately-owned companies, including energy service companies providing services to municipalities and municipal institutions, for investment in green technologies.

Each sub-project under the Framework shall be subject to categorisation and due diligence as required by the Bank's Environmental and Social Policy, which will be confirmed by a Project Consultant who will be hired by the EBRD to cover this issue. While many of the potential PFIs that will participate in GEFF - Slovak Republic gained an extensive and on-going experience of working under the Bank's applicable Performance Requirements through the implementation of previous sustainable energy financing facilities, the Bank will also be seeking for new PFI partners who will be required to apply PRs to their activities and sub-projects under the Framework. New PFIs under the Framework will be required to complete and return the E&S Due Diligence Questionnaire in order for ESD to assess compliance with the PRs. All PFIs will be required to comply with the PRs as well as the EBRD's E&S eligibility criteria for energy efficiency and renewable energy sub-projects.

Technical Cooperation

A dedicated technical cooperation programme will be procured and managed by the EBRD to provide assistance to Sub-borrowers and PFIs in developing Sub-projects, raising awareness of green investments amongst stakeholders and general marketing of the Framework. The technical cooperation will be implemented by the Facility Consultant, consisting of the Project Consultant (PC) and the Verification Consultant (VC) teams. The PC will provide project coordination, implementation support and monitoring and reporting to the EBRD. Moreover, by working with Sub-borrowers, PC will transfer skills, knowledge and tools to the municipal sector necessary for understanding the benefits and viability of green investments. The VC will be a separate independent consultancy firm and will be responsible for verifying successful implementation and completion of Sub-projects under the Framework and advise their eligibility for incentive payments.

Company Contact Information

Lukas Kuzmiak
+421 2 5910 1706
+421 2 5910 1700
Suche myto 1 811 03 Bratislava Slovak Republic

Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

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