A senior loan of up to EUR 5 million with a maturity of 4 years, of which 75% (EUR 3.75 million) will be provided by the EBRD and up to 25% (EUR 1.25 million) provided by Green Climate Fund (GCF).
The proposed operation complies with the GCF GEFF Regional Framework criteria. Proceeds of the loan will be on-lent in line with the Policy Statement for the facility to private sector sub-borrowers (individuals, small and medium-sized enterprises (SMEs) and corporates) for investments in climate change mitigation and adaptation technologies and services in a gender-responsive way. The lender will benefit from Technical Cooperation (TC) in form of trainings, capacity building and support for project implementation from the dedicated programme consultants.
The project supports the Green TI quality through the provision of funding and know-how to financial intermediaries financing private sector investments in high performing climate change mitigation and adaptation technologies and solutions. This will facilitate Moldova's transition to environmentally sustainable, low-carbon and climate-resilient economy.
CB "Moldova-Agroindbank" SA ("MAIB"), the largest systemic bank in Moldova with total assets of €1.4 bn, total equity of €244 mln, loan portfolio of €732 mln as of 31 August 2020, and market share of 28%. EBRD jointly with consortium of investors (Horizon and Invalda) have acquired 41.09% stake in MAIB on 2 October 2018. Other minority shareholders include management, staff and local companies
EBRD Finance Summary
Total Project Cost
Financing structure: EBRD offers financing that is not available in the market (e.g. a longer tenor than the market average) from commercial sources on reasonable terms and conditions, which are necessary to structure the project.
Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as upfront cost and relatively longer payback period of green technologies, climate and environmental, social and governance (ESG) standards and/or climate and ESG risks considerations into the financing structure. MAIB and its clients will benefit from technical cooperation and the Green Technology Selector to achieve higher standards.
Gender additionality: MAIB will make use of EBRD expertise to enhance women and men's equal opportunity to access finance provided under the GCF-GEFF Regional Framework for the adoption of green technologies and, ultimately, help women and men sub-borrowers build their resilience in the face of a changing climate
Environmental and Social Summary
Categorised FI (ESP 2019). MAIB is an existing client of the Bank. MAIB will need to ensure ongoing compliance with PRs 2, 4 and 9 and submit Annual Environmental and Social Reports to the Bank, including reporting on sub-projects and their climate change mitigation and climate change adaptation benefits. Beneficiaries financed through the GEFF in Moldova will be required to comply with national requirements for environment, health and safety and labour standards and the E&S eligibility criteria for renewable energy projects, as applicable, as per the Policy Statement.
Technical Cooperation and Grant Financing
The operation will benefit from technical cooperation support in the amount of up to EUR 0.7 million, financed by GCF and Turkey-EBRD Cooperation Fund Account. The objective of the technical cooperation is to assist financial intermediaries in Moldova, including MAIB, with gender-responsive capacity building, marketing, project assessment and general monitoring and reporting.
PSD last updated
03 Nov 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
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Access to Information Policy (AIP)
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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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requesters’ identities may be kept confidential, upon request.