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Operation Evaluation summaries (by sector)

2013: An agribusiness company

This summary of a project evaluation concerns a loan to a producer of aluminium and steel can packaging to construct and equip a new production facility. The project was rated successful overall, with operational objectives fulfilled. Further work could have been done to address obstacles to aluminium can recycling and to improve project planning.

2011: FAO Framework Agreements

The cooperation between the Food and Agriculture Organisation of the United Nations (FAO), and the EBRD started soon after the creation of the Bank in 1991.This is an evaluation of the framework cooperation agreement to share costs of technical cooperation initiatives in joint FAO and EBRD countries of operations.

2010: Loans to an agricultural company

This study evaluates the success of the objectives and looks at the lessons learned from three loans to an agricultural company. The main objectives of the projects were to finance investment in energy efficiency improvements, purchase agricultural equipment and restructure the Group's balance sheet.

2010: Loan to agricultural product processing company

This study evaluates a senior secured loan to an agricultural product processing company to finance the “modernisation” programme of one of the company’s plants, and the purchase of another company.

2009: Food processing and production company

A loan operation which achieved both its objectives: the improvement of the company's financial performance and the development of its competitive position through product diversification.

2009: Agricultural multi-project facility

A review of a multi-project facility on the basis of one of its agricultural subprojects in Ukraine. The operation sought to introduce international standards and improve the quality and quantity of malt and barley production. It achieved very good ratings and had a positive impact on primary agriculture in the region.

2008: Loan to a beer brewery

This assesses an EBRD loan provided to a brewery company in support of restructuring and expansion. Overall, the project demonstrates a very successful engagement by the Bank as it fully achieved all its objectives of crucial environmental concerns that are yet to be fully analysed.

2006: Support to foreign-owned edible oil producer

Evaluation related to an investment in an edible oil manufacturer owned by an international strategic investor. This is one of a series of investments.

2006: Post privatisation financing to a food manufacturer

The Bank's objectives were to make the company's business viable and to help it regain its share of the market where this had previously been lost.

2005: Multi Project Facility for food company

Evaluation of a series of equity investments by the Bank in several countries of operations under a framework agreement.

2004 Agricultural commodity programme

Evaluation of project which was to provide financing to buyers of agricultural commodities in the absence of Warehouse Receipt (WHR) legislation in the country of operations. The overall rating is "Successful".

2008: Supporting emerging private companies

The project reviewed consisted of a number of equity funds that were to support emerging private companies in a rapidly changing economic environment. It assesses the extent to which the funds succeeded in creating an enabling environment for private equity.

2004: Equity investment in an investment fund

Evaluates an equity investment in an unincorporated investment fund for investing in small and medium-sized enterprises. 

2019: Lending for SMEs, Women in business, and Energy Efficiency in SMEs

This is an evaluation of a second EBRD project and pilot effort with an established state bank providing a loan package for on-lending to private sector SMEs, women in business and energy efficiency at SMEs. It followed the first project, a loan for on-lending to SMEs, which was successfully utilised in the preceding year.


2016: Crisis response to banks in south-eastern Europe

This evaluation reviews several EBRD operations to support bank stability in south-eastern Europe and to place capital in the real economy. It looks at the extent to which the operations contributed to systemic bank stability in south-eastern Europe, what signal the intervention sent to the marketplace and what would have happened without EBRD support.


2014: Operation Evaluation Mid-size Sustainable Energy Financing Facility (MIDSEFF)

This evaluation of the Mid-size Sustainable Energy Financing Facility (MidSEFF) in Turkey looks at key operation and transition impact related outputs and outcomes. It provides an overall rating, some key findings and several recommendations for future projects of this kind.

2013: EU EBRD Small Municipalities Finance Facility 2013

The EU/EBRD Small Municipalities Finance Facility (MFF) was a credit line framework implemented in cooperation with European Commission Phare funding. The overarching theme was strengthening the capacity of the financial sector. The MFF was designed to reach smaller municipalities through local banks; with financing for infrastructure investments and to upgrade the capacity of banks to serve this market with appropriately structured long term finance.


2013: The Slovak sustainable energy finance facility (SLOVSEFF)

This evaluation assesses the Slovak Sustainable Energy Financing Facility, one of the first in a series of sustainable energy financing facilities implemented by the Bank over recent years to encourage energy efficiency and renewable energy projects with private industrial companies and housing associations. The implementation of the facility in the Slovak Republic was found to be successful. The study makes several findings related to results measurements, the role of incentive payments, demonstration effects and the importance of streamlining procedures.

2013: Evaluation of the EBRD-Italy Western Balkans Local Enterprise Facility (LEF)

This study examines the extent to which LEF is fulfills its objectives and contributes to the Bank’s transition mandate. The framework was found to match the Bank’s regional approach and country strategy priorities. The majority of individual projects were found to have met expectations of transition impact. It was found that the LEF approach is an effective model to implement higher risk smaller projects, due to its intensive origination and monitoring processes. Several recommendations were made including: to target higher level transition impact, avoid overlap with partner institutions, and to articulate the objectives and approach to new countries into the framework.

2013: Mid-sized corporate support facility

This evaluation summary of a €250 million facility intended to provide streamlined approval processes for loans of up to €20 million to local banks affected by the financial crisis was found to be partly successful. Several findings were made leading to recommendations to consolidate similar facilities and to review smaller project approval procedures.

2012: Mongolia financial sector framework

This summary of the framework evaluation presents findings, lessons and recommendations for future implementation of the initiative. The framework involved loans, equity investments and TC support to three leading Mongolian commercial banks. A key recommendation was the need for improved transition impact benchmarks and other metrics for measuring progress at both framework and sector level.

2012: A financial institution in eastern Europe

This evaluation assesses a large state-owned bank in eastern Europe that received a subordinated loan and a syndicated loan as part of a crisis response package from the EBRD. The bank also received support from the government. The primary purpose of the EBRD facilities was not so much to boost the bank’s capital and liquidity as to demonstrate confidence in a systemically important bank and help the client to maintain contact with the international markets.

2012: Western Balkans MSME Framework (regional)

The EBRD Board approved the first Small and Medium-sized Enterprise Framework for the Western Balkans in September 2004 (FW1 – €50 million), followed by further approvals in May 2006 (FW2 – €75 million) and April 2008 (FW3 – €250 million). As a number of operations under FW1 have been evaluated previously by the Evaluation department and FW3 has not been disbursed at the rate anticipated because of the effect of the crisis on demand and institutional capacity, this Operation Evaluation focuses mainly on FW2, which for the most part targeted non-bank micro-finance institutions. In view of the importance attributed to technical assistance in the design of the framework, this evaluation considers the associated TC operations in some detail. It concludes by presenting the key issues and findings.

2011: An SME bank

This summary of the Operation Evaluation covers the key points from an evaluation of two major TC operations in favour of a small privately owned bank in which the EBRD has an equity stake. The TC covered implementation of an institution building plan and an SME credit line.

2011: Early Transition Countries Non-Bank Microfinance Institution (MFI) Framework

This review looks at the Early Transition Countries (ETC) Non-Bank Microfinance Institution (MFI) Framework. It examines the main objectives – namely to expand financial intermediation, improve operating efficiency and assist the “commercialisation” of non-bank MFIs – and how well these were met.

2011: Mortgage facility

The project concerns two facilities provided by the EBRD to a bank – a mortgage facility in 2005 and a subordinated loan in 2008. The mortgage facility was provided for long-term on-lending to residential mortgage borrowers and half the mortgage facility was syndicated to another development finance institution.

2010: The EU/EBRD SME Financing Facility

This evaluation assesses the EU/EBRD SME Financing Facility which was established to support micro small and medium sized enterprises impacted by the 1998 Russia crisis. The study is limited to the EBRD share within the facility.

2008: Privately owned commercial bank

This review looks at the EBRD's engagement with a leading privately owned commercial bank that resulted from the merger of two smaller institutions. The review highlights issues around mergers, the A/B loan structure and sound banking principles.

2008: Equity investment and institutional reform

This provides a summary of an equity investment and institutional reform programme that led to the privatisation of a state-controlled bank.

2008: Framework of credit lines to local banks

This focuses on a framework of credit lines that are disbursed to local commercial banks for on-lending to micro and small enterprises. Devised in a challenging environment, the facility nonetheless successfully supported the acquisition of skills among banks and improved corporate governance while providing for local entrepreneurs. Issues highlighted include the creation of a credit registry and the handling of IT support and software after graduation from technical assistance.

2007: Equity investment in a regional bank

Evaluation of the equity investment and other EBRD operations designed to restructure a regional bank, set sound governance standards and improve the bank's competitive position.

2007: Framework facility to seek commercial-based micro-lending

This is a summary of an evaluation of a pioneer project to focus on the microfinance sector, the economic potential of which, at that time, was still unknown in the country.

2006: An SME credit line to a development bank

The purpose of the facility was to enable the client to extend loans to privately owned small and medium-sized businesses, thereby contributing to private sector development and generating employment.

2005: Credit line for micro and small enterprises

Evaluation of a programme to provide finance to MSEs and to establish MSE lending on a commercially viable basis.

2004: Subordinated loan and bank-to-bank loan to Baltic bank

Evaluation of two projects which focus on supplying long term funds to be allocated in an economic environment where term financing was not available. The project shows support to selected banks which have capacity to develop into leading banks in terms of capital, asset quality and management.

2004: Pre-privatisation equity investment in a commercial bank

Evaluates the EBRD's equity investment in a bank to facilitate its structuring and sale of the remaining Government's stake to a strategic investor. The project represented significant progress in the privatisation of major institutions in the financial sector.

2003: Loans to banks in the accession countries for on-lending to small and medium enterprises

The programme included a technical cooperation component, funded by the European Commission, to supply consulting for institution building at the banks, with performance fees to reward good portfolio performance.

2003: SME line of credit to commercial banks

Evaluates a loan facility to private banks in an early transition country for on-lending to SMEs. Transition impact was rated as "Good", but overall the project was rated as "Partly Successful" due to the bankruptcy of two out of the five participating banks.

2003: Equity investment in a commercial bank

Evaluates the acquisition of a small minority stake in a commercial bank, which was intended to support the bank's final stage of privatisation. Investment performance of the operation has been good, but questions are raised about its additionality and transition impact.

2005: Investment in the pension and insurance sector

Evaluates the EBRD's minority equity investments in a financial services group active in the region. The Bank's objective was to contribute to comprehensive pension reform, provide an alternative to the state pension system, and support health reforms and private health insurance.

2004: Syndicated loan to a leasing company

Evaluation of a loan to an independent leasing firm to expand leasing operations, and support diversification of financial services, in one of the EBRD's countries of operations.

2017: An ICT company

This evaluation concerns the EBRD’s investments in a telecommunications company providing broadband telecommunication solutions in regional areas of the country of operation. It evaluates the relevance of the operations to the Bank’s mandate and strategies, the results they produced and the efficiency of implementation, and it provides an overall assessment of performance.


2013: An ICT company

This evaluation summary discusses an equity investment and a loan for an information and communication technology company. The EBRD considered the client to be a promising, high-calibre company with the potential to increase competition and consolidate the ICT market.

2011: Regional cable TV market

An equity co-investment with a leading regional private equity fund manager in a company set up to consolidate the local country’s regional cable TV market. Later the consolidating company merged with another operator, forming a parent company to become a single national operator.

2007: Framework for investing in various internet-related projects

Evaluates up to US$30m invested through equity, quasi-equity or convertible instruments in central and eastern Europe. The report looks at the rationale for ultimately unsuccessful overall performance outcome.

2007: Loan to a telecommunications company

Evaluates up to US$30m invested through equity, quasi-equity or convertible instruments in central and eastern Europe. The report looks at the rationale for ultimately unsuccessful overall performance outcome.

2005: A telecommunications company

The rationale was to facilitate expansion of the telecommunications network in the country, foster innovative and advanced servers, and promote competition and choice for consumers.

2005: Multimedia provider

Grown from a medium-sized enterprise to a market leader through mergers and acquisitions with an EBRD loan as part of investment by international financial institutions.

2005: Mobile telephone company

Evaluation of three Bank loans for the construction and subsequent expansion of the country's second national Global System for Mobile (GSM) communications network.

2004: Pre-privatisation equity investment and a loan to a telecommunications company

Evaluation of a project to enhance a telecommunication company's physical infrastructure, and strengthen their corporate governance and commercial independence.

2003: Cellular services company

Evaluation of a mobile telephone company that contained a senior loan, quasi-equity in the form of subordinated debt and a risk management facility. With particular emphasis on the future prospects, the project was rated successful overall.

2013: A chemical manufacturer

This summary of an Operation Evaluation looks at a loan to a chemical manufacturer to support the restart of operations and increase yearly production of iodine including the installation of a third production line and revamp a large number of additional wells.

2012: A wood product manufacturer

This project involved an equity and debt investment to construct and operate a greenfield wood processing plant. The evaluation highlights the barriers faced by the Bank when pursuing mid-sized projects including market crises and bureaucratic issues. It also discusses the importance of establishing relevant transition objectives based on developing a framework for markets.

2011: A car manufacturer

The EBRD provided a syndicated loan to a company in one of our countries of operations to build a car assembly plant benefiting from specific trade incentives. The evaluation presents three main findings: (i) risks from industrial policy schemes; (ii) supplier “localisation” challenges; and (iii) a need for clearer transition objectives when projects benefit from market-distorting policies. This evaluation assesses the project’s performance and makes recommendations based on the findings.

2008: Greenfield manufacturing project

This report looks at a greenfield manufacturing project in an environment that had not seen any significant foreign investment. In establishing a world-class manufacturing business with the help of an international sponsor, the project demonstrated the country's successful investment process and incentives regime. During the operation, the bank acted as a guarantor of stability in a politically unstable environment and helped coordinate all key stakeholders. The project also raised some crucial issues regarding local reporting

2008: manufacturing A/B structured bank loan to a joint venture company

The project comprised a brownfield construction and operation, involving both domestic and international sponsors which encountered a number of difficulties, including delays and unexpected cost overruns. The report brings forward important considerations for joint venture projects in the general industry sector and critically examines the project finance technique.

2008: Cement production facility

An investment in a cement production facility. The recently privatised plant successfully employed Bank financing to establish itself as the market leader. The review demonstrates a number of improvements that could have turned the investment into an outstanding example.

2008: Restructuring of a former state-owned manufacturing business

This assesses an equity investment that was intended to support the privatisation and restructuring of a former state-owned business. The project ran into difficulties and had to be placed under corporate recovery.

2008: Glass bottle production plants

This reviews an investment in two glass bottle production plants seeking to transform a once bankrupt venture and the construction of the largest bottle production facility in the region. Overall a successful operation, its risks are still deemed high.

2008: A glass manufacturing company

A two stage transaction to enable the company to build a highly competitive glass packaging facility and increase production.

2006: Investment into a local cosmetics company

Evaluation of an equity investment via a regional venture fund into a local cosmetics company in order to assist in a major restructuring process.

2006: Investment in a tyre manufacturing plant

Evaluation of an equity portage investment. The operation consisted of the acquisition of an old factory to renovate and to create a new tyre manufacturing plant.

2005: Food packaging Project

Evaluates a loan to a multinational company in the consumer packaging sector to finance the development and expansion of its food packaging business, together with the development of regional production facilities. The loan consists a 5 year, multi-currency revolving credit facility.

2005: Loan for upgrading a pharmaceutical company

Evaluation of an EBRD convertible loan into equity to support the upgrading of the pharmaceutical production facilities to good manufacturing practice standards. Major part of the project was implemented and new facilities have been built.

2004: Modernisation of a steel mill

Evaluation of a working capital revolving credit facility to support the company's growing business of cast round billets and special quality bars. Overall, the project was rated "Successful".

2016: Almaty transport integrated approach

This operation evaluation appraises the performance of financing to Almaty Electrotrans, a trolleybus project and a two phase bus sector reform project, which represent combined total EBRD financing of just over €107 million. It discovers whether the integrated approach combining investments, technical cooperation and policy dialogue produced stronger results. It also explores the extent to which private sector participation increased through the project.

2014: Water supply and waste water treatment

The project under evaluation was a loan and grant to a wholly municipal-owned water supply and wastewater treatment company in an EBRD country of operations to help finance investments to end the direct discharge of untreated water into a river flowing through a city.  The project’s initially approved scope was narrowed about a year later given crisis-related local and federal funding constraints to focus on the most immediate infrastructure needs: a tunnel collector and a wastewater treatment plant.


2013: Bucharest waste water treatment plant

This study evaluates a €10 million EBRD loan to the City of Bucharest to co-finance construction of the Bucharest Waste Water Treatment Plant. Findings related to the impact of EBRD involvement, compliance with EU environmental standards and use of public private partnerships.

2011: Water utility

This is a summary of an operation evaluation involving an equity investment to foster the private sector role in providing water and wastewater services in Russia and Ukraine. The Project evolved over three phases, resulting in a substantial change to the original investment concept. There were also several other areas of concern, including a potential conflict of interest in the Bank’s role in the project. This summary examines these concerns and presents lessons to be learned from the project.

2008: Municipal infrastructure rehabilitation

This examines a project that tackled urgent reconstruction needs in municipal water supply and wastewater treatment/sewage systems. The EBRD saw this project as not only restoring and improving vital infrastructure but also promoting national sector reform. Due to a change in government these objectives were only partly achieved, but the project as a whole provides an interesting case study for the future in similarly volatile political climates.

2007: Wastewater treatment plant

The evaluation of the completion of an existing unfinished and abandoned wastewater treatment plant that, upon completion, was expected to deliver significant environmental benefits reaching far beyond the facility's catchment area.

2007: Municipal solid waste

Evaluation of a sovereign-guaranteed loan for improvements to the municipal solid waste management system.

2007: Water supply and sewerage services project

A project aimed to upgrade water supply and wastewater utilities, both in physical facilities and institutional capacity. The rationale for the Bank's involvement consisted of a large potential for transition impact and enlarging the financing capacity for the borrower and the municipality.

2006: Municipal infrastructure upgrade

Evaluation of a loan aimed at supporting the expansion of the city's municipal infrastructure.

2006: Privatisation of municipal heating plants

Evaluation of a project intended to further private sector participation in the financing and operation of municipal district heating.

2005: District Heating & Energy Efficiency

Evaluation of a Multi Project Facility covering several countries of operations, in the district heating and energy efficiency sectors. The study focuses on a Bank investment as equity partner to the foreign sponsor in one particular country, where several cities are serviced.

2005: Full privatisation of municipal water and wastewater services

Evaluation of post-privatisation support to a major municipal water and wastewater company. The project was part of a sequence of projects that have seen this utility move from sovereign lending through to full privatisation, including international and local ownership.

2005: Supporting water and wastewater municipal services

Evaluation of environmental infrastructure support to a major municipal water and wastewater utility. The project was modified four times due to changing expectations and market conditions and some activities planned in this project have now been spun-off into follow-on projects.

2003: Partial privatisation of wastewater services under a public-private partnership scheme

Evaluation of environmental infrastructure support to a major municipal water and wastewater utility. The project was modified four times due to changing expectations and market conditions and some activities planned in this project have now been spun-off into follow-on projects.

2012: A mining company

This is a summary of an evaluation of an equity and loan investment in a coal deposit in Central Asia. It covers issues regarding project design, government cooperation and transport decisions.

2012: A natural resources project in central and eastern Europe

This evaluation examines a natural resources project in central and eastern Europe that involved a loan to one of the leading oil and gas companies in the region. The loan was to finance the completion of an underground strategic gas storage facility, and refinance shareholders’ loans for related expenditures. The project was prompted by new legislation that required the client to develop strategic natural gas reserves to ensure security of supply. The client selected Company A through an open tender to construct and operate the project. Although the physical delivery of the project was successful, completed in a very short time, on budget and to a high technical standard, this evaluation identified several issues with the project’s design and appraisal. It also made as set of recommendations for the future operations.

2012: Post privatisation support for a pulp and paper mill company in south-eastern Europe

This study evaluated a loan to a recently privatised integrated pulp and paper mill company in south-eastern Europe to support the reconstruction of facilities that had been severely damaged. While the Bank did not participate directly in the privatisation process, its financing of the post-privatisation investments contributed to the successful turnaround of a company with strong regional presence, resulting in a positive demonstration effect. The evaluation found that this project presented an opportunity to strengthen upstream linkages with wood suppliers. The Bank could have explored more assiduously whether its further engagement might be a vehicle for deepening country integration through deeper buyer-supplier relationship and promoting sustainable forestry management practices in the country and the region.

2008: Loan to construct sawmill facilities

This evaluation reviews a project in the forestry sector that involved a senior loan for the construction of sawmill facilities, which are the first phase of a much larger pulp mill operation. It has also facilitated the transition from a very traditional market to a diverse market economy through expansion and the introduction of higher corporate governance standards.

2007: A state owned mining company with a foreign investor

This mining company was successfully privatised. It achieved good production results and successfully introduced advanced international standards for mining.

2007: A joint venture to develop oilfield reserves

This is a summary of an evaluation of a project with financing structure to be a breakthrough for the financing markets with high demonstration effect potential for a non-Project Sharing Agreement (PSA) oil project.

2007: Investment in a pipeline company

Evaluation of an investment into the upgrading programme of a large pipeline company which focuses on modernisation to improve levels of safety, reliability and efficiency, and to remove bottlenecks for the transportation of oil products.

2004: Mining project

In 2004 EBRD approved a loan to a mining company. The facility is in a region with both operating and closed-down underground and open pit mines, with a legacy of environmental issues. This report looks at the success of the project, how it met its objectives (focusing particularly on environmental and social impact), and at the lessons learned.

2017: A Petroleum Distribution Company

This Operation Evaluation summary reviews multiple loans and equity investments over eight years to a petroleum distribution company and its parent to enable it to operate throughout the country of operation. Transition impact was expected through private ownership and increased competition, setting standards for business conduct; corporate governance; environment, health and safety practices; and energy efficiency.


2016: Four wind farm projects

This evaluation covers four wind energy projects under five EBRD operations –three in EU EBRD countries of operations and two in Central Asia. The principal reason for evaluating these projects as a group was to assess the presence of common design, execution and performance issues in projects of this type, with a view to extracting valuable insights for similar operations in the future.


2014: An electricity transmission company

This Operation Evaluation summary reviews a loan to a monopoly electricity transmission company, wholly owned by the state in a country of operations. The project was designed to reduce energy losses, increase transmission capacity, improve supply reliability, and support new electricity tariff methodology. It was the first of three Bank projects with the company, all intended to upgrade outdated electricity transmission infrastructure.


2013: A power sector project

EvD evaluated an operation with a state-owned electricity utility to finance the rehabilitation of thermal and hydro power plants and the electricity transmission network throughout the country. The loan was accompanied by an extensive technical assistance package designed to spearhead power sector reforms and financed from multiple sources including the EBRD. The project was found to be successful.

2012: An electrical distribution company

This summary of an Operation Evaluation looks at a project involving a loan to an electricity distribution company. Proceeds were to partly finance a multi-year infrastructure modernisation effort to cut losses and increase supply quality after years of underinvestment. The project was expected to contribute to the sector reforms by supporting implementation of a transparent tariff approach and introduction of third-party access to the grid.

2011: A wind farm

This is an evaluation of a loan to co-finance the development, construction, and operation of a greenfield 135 MW wind farm. The project's stated objectives were to help meet a project-specific funding gap in the midst of the global financial crisis, support private sector participation in the energy sector, and support renewable energy. The project was found to be successful.

2010: Power project (central Europe)

This operation evaluation assesses a power project in central Europe in which the EBRD provided a senior debt facility to a state-owned electricity company to construct a new power generation unit and refurbish and modernise existing units. The report evaluates the project against its objectives and presents findings and recommendations.

2008: Restructuring of the electricity sector

This report examines a project that formed part of the restructuring of a country's electricity sector. Aiming to facilitate market liberalisation, privatisation and competition, this restructuring was halted by a change in government. The report demonstrates how crucial objectives were successfully achieved and suggests a number of useful methods in dealing with government interventions, regulators and the privatisation process.

2007: Company in the energy sector

The report looks at a large former state monopoly within the energy sector. The major rationale for the Bank's participation was to introduce efficiency and positive environmental benefits into the company's non-core industry functions.

2006: Power transmission and rehabilitation project

Evaluation of corporate loan to a joint stock electricity grid operating company with the aim of reducing the company's technical transmission network losses.

2005: Restructuring loan to power sector

Evaluation of a loan to provide working capital to complete financial restructuring and improve efficiency of the transmission and despatch systems.

2005: Energy company environmental loan

Evaluation of a loan to an energy company aimed at upgrading the environmental performance of the company's operations.

2004: Restructuring loan to energy supply company

Evaluates a loan for the modernisation of a steam turbine generator set and an institutional development component for the restructuring of the company.

2004: Gas supply company

Evaluation of an initial loan for the construction of a compressor station and of a second loan for the construction of two gas pipeline sections.

2004: Power plant rehabilitation

Evaluation of a loan for financing the rehabilitation of two units at the power plant. The project was implemented by the Ministry and transformed into a state joint-stock company. Overall it was rated as partly successful.

2012: A wood product manufacturer

This project involved an equity and debt investment to construct and operate a greenfield wood processing plant. The evaluation highlights the barriers faced by the Bank when pursuing mid-sized projects including market crises and bureaucratic issues. It also discusses the importance of establishing relevant transition objectives based on developing a framework for markets.

2011: Two retail projects in Serbia and Bosnia & Herzegovina

A loan was provided to a food retail company in Serbia (“Project A”) and another loan provided to a food retail company in Bosnia and Herzegovina (BiH) ( “Project B”), approved one year apart. Both loans were to: (i) finance the regional expansion of grocery stores, supermarkets and hypermarkets in the Companies’ respective markets, and (ii) refinance their short-term debt. The Companies are wholly owned by one of the largest private companies in the Western Balkans region. The Parent is an experienced retail operator, with a dominant position and the Bank’s long-standing client. This Operation Evaluation looks at how well the loans have performed against expectations and makes recommendations based on these findings.

2011: Retail development

In 2007 the Board approved an investment for the development of a number of retail centres. The investment consisted initially of an equity subscription followed by a loan in 2008 to support the completion of one of the retail centres as part of the Bank’s crisis response package. The Project supported a real estate company that would construct and own retail centres in the regions, to be leased on long-term contracts.

2011: Retail network expansion

In 2008 the Board approved a loan to a company of an A-loan for the account of the Bank and a B-loan for the account of participants. The operation was to enable the expansion of its retail network further into the regions. The Company was the largest retailer in its market in the country, and the Sponsor was a large privately owned business, comprising the telecommunications, technology, insurance, real estate, retail and hospitality sectors.

2006: An SME credit line to a development bank

The purpose of the facility was to enable the client to extend loans to privately owned small and medium-sized businesses, thereby contributing to private sector development and generating employment.

2010: Retail property development in eastern Europe

The subject of this evaluation was a project involving a loan to a company to develop, construct, own and operate a retail and entertainment complex in eastern Europe. It was found that the project was successful as the site was constructed on time and within budget to a high standard. While the financial situation of the company was affected by the general economic downturn and political upheaval, resulting in reduced consumption levels and a breach of financial covenants, it has been overcome by renegotiating rents to maintain high occupancy and by gaining additional guarantees from the Sponsor.

2009: Expansion and modernisation of a chain of retail stores

An agribusiness operation that comprised two loans and an equity investment aimed at improving corporate governance and transparency. Despite being negatively affected by a shareholder conflict, the operation managed to put the company in a favourable position.

2008: Expansion of an outdoor advertising business

This is a summary of the evaluation of a loan and equity investment to finance the expansion of an outdoor advertising business. The rationale for this project was to support the consolidation and modernisation of the outdoor advertising sector in the country.

2008: Hypermarket chain

Assessment of a project that supported the launch of numerous stores of a hypermarket chain in two countries of operations. The operation sought to meet rising consumer demands and strengthen competition. The key issues concern the manner in which the Bank provided finance to this project, in particular, the administration of syndicated loans.

2008: Investment in real estate

An assessment of an investment in the real estate sector aiming to develop domestic and regional property markets. A number of key issues highlighted; conflicting objectives within project structures, the complementary use of technical cooperation operations and the periodic review of investment criteria.

2006: Residential housing loan

Expansion of client's residential mortgage lending operations by extending the maturity of part of the existing portfolio of mortgage loans and by granting new loans for acquiring or refurbishing residential property.

2006: Real estate project in a former Soviet Union Country

Evaluation of loans intended for two class A office developments.

2005: Loan for office building

Evaluation of an EBRD loan to finance the completion of a half-constructed office building. The building is now managed to a good standard meeting the tenants' satisfaction with a satisfactory occupancy rate.

2004: Refurbishment of derelict hotel

Loan for refurbishment of a hotel to mitigate the political risk in a country with a weak legal framework and limited access to medium-term credit. Overall the project was rated "Successful".

2014: A state owned railway

This EvD Operation Evaluation summary covers an EBRD loan and associated technical cooperation for a wholly state-owned railway. The loan supported procurement of freight cars for a wagon company, one of two freight subsidiaries. The procurement was completed successfully.

2008: Railway development

This provides a concise overview of an operation concerned with assisting the corporatisation of a state-administered railway system. It offers a critical review of objectives and their respective successes and failure.

2008: Loan to a municipal bus company

The operation was intended to modernise the fleet as well as the municipal transport sector in general. Due to political disturbances and ambitious project objectives, the operation failed. In addressing these issues there are some recommendations regarding working language and institutional scrutiny.

2007: Loan for more efficient railway track maintenance technology

This  is a summary of an evaluation of a loan to assist in introducing more efficient railway track maintenance technology with the aim of improving productivity, reducing track renewal costs, introducing state-of-the-art maintenance management practices and maximising the useful life of the track components.

2006: Municipality rehabilitates tram track system

Municipal authorities successfully improve transport services, rehabilitating the tram track system and begin to renew the bus fleet system.

2005: Railway Rehabilitation

A major Bank investment in strategic systems in two countries of operations which both enhances the physical and economic viability, and improves efficiency and commercialisation.

2005: Railways modernisation project

Evaluates the EBRD's investment and technical cooperation support. Without the necessary re-investment in assets and commensurate management capacity and ability, the equipment deteriorated quickly and, together with severe under-investment and backlog in infrastructure maintenance, limited the railway's ability to meet transport demand.

2005: Airline project

The Bank signed a subscription agreement with the airline to acquire interest in the form of convertible preference shares in the airline company that was majority-owned by the country's State Property Fund. The Bank was aiming at, in cooperation with its two strategic co-investors, to recapitalise the company, strengthen its balance sheet and to encourage its further privatisation.

2004: Air Cargo Terminal

Evaluation of a partly syndicated loan for a new air cargo terminal replacing an old, cramped, partly obsolete and badly equipped facility. The project had a conventional structure, the Bank provided senior debt and the foreign and local sponsors provided subordinated debt. The financing was highly leveraged.
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