A sovereign loan of up to EUR 30 million to the Republic of Moldova.
The proposed investment (the "Project") will finance energy efficiency measures, focusing on improvements to the building envelope, heating systems, ventilation and air-conditioning systems, lightings, and introduction of renewable energy sources.
The Project aims to improve energy efficiency at the building level prioritising public buildings, both municipal and state-owned, across the country, which will result in significant environmental benefits through energy savings and reduction of carbon emissions.
ETI score: 61
The Project will contribute to the "Green" quality by addressing the refurbishment and energy efficient improvements of public buildings. Implementation of high quality, new energy efficiency technologies in buildings is expected to have a strong demonstration effect, across both private and public organisations. It is estimated that energy savings in the range of 40 to 50 per cent could be achieved through the Project.
The Project will also contribute to the "Competitive" quality by involving private sector in designing and implementing energy saving projects. The Project will support the development of the market for building energy efficiency through developing building energy performance criteria and providing a transparent tendering process to attract private sector expertise.
Moldova sovereign. The Borrower is the Republic of Moldova. The Project will be implemented by the Ministry of Economy and Infrastructure (MoEI) of Moldova, which is the leading state authority in the field of energy efficiency. MoEI has assigned the Moldovan Energy Efficiency Agency (EEA) as the project promoter.
EEA is subordinated to MoEI and responsible for supporting national programmes to improve energy efficiency, allowing for necessary assistance to the development of plans for local energy efficiency, and monitoring of their completion.
EBRD Finance Summary
A sovereign loan of up to EUR 30 million to the Republic of Moldova.
Total Project Cost
The total cost of capital expenditure is EUR 72 million.The EBRD loan will be co-financed by a EUR 30 million loan from the European Investment Bank ("EIB") and an investment grant of about EUR 12 million from the EU's Neighbourhood Investment Platform ("NIP").
The additionality sources for the Project are:
- Financing structure;
- Policy, sector: Institutional or regulatory change;
- Standard-setting: helping projects and clients achieve higher standards;
- Knowledge, innovation and capacity building.
Environmental and Social Summary
Categorised B (2019 ESP) and Low-Medium risk. Key Environmental and Social (E&S) risks and impacts associated with energy efficiency measures in residential buildings include: worker and community health and safety during construction works (including potential presence of asbestos), life and fire safety issues, stakeholder engagement and access to public buildings during the works. E&S due diligence will be undertaken by an independent consultant and will include an assessment of the Clients' capacity (considering the multiplicity of buildings owners: state, municipalities), management systems and procedures, and a site visit to some buildings.
Technical Cooperation and Grant Financing
- Scoping study to prioritise regions hosting critical number of buildings, estimate investment needs, and a high-level technical and financial assessment.
- Feasibility study to conduct technical due diligence.
- Environmental and social due diligence.
- Project implementation support to develop an implementation strategy, selection criteria, procurement strategy and provide procurement support, as well as energy audits, and monitoring the implementation of energy efficiency measures.
Company Contact Information
Calin NEGURA, Head of Energy Policies Department, Ministry of Economy and Infrastructure
+373 22 250 686
Piata Marii Adunari Nationale 1, MD-2033, Chisinau, Republic of Moldova
PSD last updated
15 Sep 2020
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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 email@example.com. 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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.