Regional: Erste Inclusive Tourism Credit Facility



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

11 Dec 2019



PSD disclosed:

14 Jan 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Provision of a credit line of up to EUR 100 million under the Inclusive Tourism Framework for the Eastern Mediterranean (the "Framework" OpID 49430) to Erste & Steiermarkische Bank d.d. in Croatia ("ESB").

Project Objectives

The credit line will be used by ESB to finance investments for private tourism enterprises in Croatia and Montenegro. Sub-borrowers will be able to use the funds to finance hotels, marinas, camping, entertainment, tour operators and other tourism activities. The focus is on providing funds for upgrading, renovation and long-term growth of the sector in both countries, while improving access to training and employment opportunities and promoting backward linkages to local suppliers.

Transition Impact

ETI score: 70

The loan will support youth and gender inclusion by training and establishing new or substantially enhanced cooperation programmes with local universities or vocational schools, which will facilitate training opportunities in a relevant field. Additionally, the project will support integration of a significant number of local/regional suppliers into the tourism value chains through the dedicated technical cooperation and relevant policy dialogue activities.

Client Information


Erste & Steiermarkische Bank d.d.  originates from the former regional banks - Rijecka, Bjelovarska, Trgovacka and Cakovecka banka and has been operating under the current name since 1 August 2003. Today it is a modern bank, ranked third on the Croatian market by total assets, being a part of the international Erste Group, one of the leading financial service providers in CEE.  ESB's registered office is in Rijeka and its headquarters are in Zagreb.

EBRD Finance Summary

EUR 100,000,000.00

Total Project Cost

EUR 100,000,000.00

Environmental and Social Summary

Categorised FI: (ESP 2014). ESB is an existing client and is in compliance with EBRD's Performance Requirement (PRs) 2, 4 and 9.

A recent EBRD E&S monitoring visit to ESB confirmed that the bank's Environment and Social Management System (ESMS) has been formalised as required by Erste Group's Policy. An Environmental and Social Management Plan (ESMP) addressing improvements in regards to ESMS has been agreed with ESB. ESB will be required to continue to comply with the EBRD's Environmental and Social Risk Management Procedures for Corporate Loans, SME and Micro Loans and submit annual environmental and social reports on its compliance with the ESMP and the PRs.

Technical Cooperation and Grant Financing

Technical cooperation under the Inclusive Tourism Framework for the Eastern Mediterranean will contribute to the enhancement of industry practices on inclusion, including youth and gender, as well as backward linkages.

Company Contact Information

Sanja Gracin
+385 (0) 72 37 1700

PSD last updated

14 Jan 2020

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

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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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