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").
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.
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.
BANCA INTESA AD BEOGRAD
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
Total Project Cost
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
381 11 201 1400
381 11 201 1260
Milentija Popovica 7b 11070 Novi Beograd
PSD last updated
21 Oct 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Independent Project Accountability Mechanism (IPAM)
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