FIF - Priorbank LCY loan II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

29 Oct 2019



PSD disclosed:

23 Dec 2019

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Senior secured loan in the amount of up to €25 million equivalent in local currency to Priorbank, a joint stock company incorporated in Belarus, for on-lending to local private micro, small and medium sized enterprises, including the first tranche of up to  €10 million equivalent committed from signing.

Project Objectives

The Project will help Priorbank to diversify its funding sources and expand lending operations in local currency with private micro, small and medium sized enterprises in Belarus, helping them mitigate currency exchange risks.

The Project will support strengthening and diversification of the private sector of the economy in Belarus through engagement with the largest private bank and foster a more stable financial environment by providing medium-/long-term financing in local currency.

Transition Impact

ETI score: 60

The Project will increase the availability of financing in local currency for private micro, small and medium sized enterprises and contribute to the competitiveness of Priorbank by facilitating the expansion of its MSME portfolio with a focus on new and regional clients. Local currency funding and requirements to comply with financial covenants will further strengthen the resilience of the institution.

Client Information


Priorbank is the fifth largest bank (out of 24) in Belarus and the largest private bank in the country with 6 per cent market share by total assets. It is majority-owned by Raiffeisen Bank International. Priorbank has been a client of EBRD since 1996 through multiple lending facilities as well as equity participation.

EBRD Finance Summary

EUR 25,000,000.00

Total Project Cost

EUR 25,000,000.00

Environmental and Social Summary

Categorised FI (2014 ESP). Priorbank is an existing client and its performance to date for existing exposures has been satisfactory. The bank will be required to comply with EBRD's PRs 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures for Micro, SME and Corporate lending which includes adherence to the EBRD's Environmental and Social Exclusion List and submission of annual E&S reports via the Sustainability Index to the Bank. Sub-borrowers financed through Priorbank's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements.

Technical Cooperation and Grant Financing


Company Contact Information

Denis Pekun
+375 17 289 92 13
31-A, V Khoruzhey St., 220002 Minsk, Republic of Belarus

PSD last updated

23 Dec 2019

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 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 following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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