Banca Intesa - GEFF II



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

02 Nov 2021



PSD disclosed:

21 Oct 2021

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

Provision of a senior unsecured loan of up to RSD 600 million to Banca Intesa Belgrade ("BIB") for on-lending to the residential sector in Serbia. The loan will enable BIB to provide financing to the residential sector and promote green economy investments in the country. The loan is envisaged under the Western Balkans Green Economy Financing Facility II ("WB GEFF II").

Project Objectives

The loan will support investments in high-performance green technologies, materials and solutions undertaken in privately-owned residential dwellings or buildings. 100 per cent of the use of the proceeds will be related to Green Economy Transition ("GET") investments.

Transition Impact

ETI score: 80

The project will contribute towards building a green economy by: 1) facilitating the expansion of lending for investments into high performance residential green economy technologies; and 2) building a more competitive financial sector by increasing the capacity of partner finance institutions for financing green economy projects.

Client Information


Banca Intesa Belgrade ("BIB") is the largest bank in Serbia leading in corporate and retail banking and a market share of 15.5% by total assets, 15.9% by net loans and 16.9% by deposits as of H1 2021. BIB has been one of the most profitable banks in Serbia for many years, thanks to economies of scale, good diversification and efficient operations. It has approximately 3,000 employees and a branch network of 154 offices across Serbia.

EBRD Finance Summary

RSD 600,000,000.00

Total Project Cost

RSD 600,000,000.00


EBRD offers an innovative green finance instrument that integrates various aspects such as climate and environmental, social and governance (ESG) standards into the financing structure. Furthermore, EBRD offers local currency financing on terms not readily available on the market.

Environmental and Social Summary

Categorised FI (ESP 2019). BIB is an existing client and the use of proceeds will be used to support investments in high-performance green technologies, materials and solutions undertaken in privately owned residential dwellings or buildings. The Partner Bank will be required to continue to comply with PRs 2, 4 & 9, implement the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the EBRD E&S Exclusion and Referral List introduced with ESP 2019 and submit an annual E&S reports to the Bank. Sub-borrowers financed through BIB's loans will be required to comply with national environmental, health, safety and labour (EHSL) requirements. Potential renewable energy investments under the GEFF framework will have to follow the E&S eligibility criteria for such investments (solar, wind, geothermal, bioenergy or hydro power, as the case may be). 

Technical Cooperation and Grant Financing

The project will be supported by a comprehensive technical and non-technical assistance to BIB and sub-borrowers. The objective of the TC is to transfer know-how and raise awareness about investment in modern energy efficiency technologies in the residential building sector to support a green economy transition in the WB. The TC is essential to supporting the preparation, implementation and monitoring of the facility. The TC fund for the proposed transaction is sourced from the SSF and the Government of Austria. GEFF-WB II will also be supported by non-TC funds provided by the EU through the Western Balkans Investment Framework ("WBIF") for investment incentives payments to sub-borrowers for the implementation of eligible sub-projects in line with the levels and eligibility criteria as set forth in the Policy Statement of the facility. 

Company Contact Information

Snezana Topalovic
381 11 201 1400
381 11 201 1260
Milentija Popovica 7b 11070 Novi Beograd

PSD last updated

21 Oct 2021

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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