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RSF - RBA Nadezhda



Project number:


Business sector:

Natural resources

Notice type:


Environmental category:


Approval date:

04 Aug 2020



PSD disclosed:

10 Aug 2020

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

The provision of an unfunded risk sharing guarantee for the Raiffeisen Bank Aval, which is organising working capital finacing of up to UAH 440 million (€ 15 million equivavlent) to Nadezhda Group, an independent Ukrainian wholesale and retail distributor of liquefied petroleum gas and petroleum products


Project Objectives

The Loan will allow Nadezhda Group to: 1) consolidate and optimise its debt portfolio, reduce the number of opened short-term credit lines with other commercial banks; 2) maintain current working capital debt financing level 

Transition Impact

ETI score: 60

  • Resilient: Transition impact under the RSF is mainly expected to derive from skills transfer to Raiffeisen Bank Aval,, in the areas of financial analysis, risk assessment and project management.
  • Competitive: RSF facilitates access to finance for SMEs, supporting their growth and competitiveness.

Client Information


Nadezhda Group ("Group", "Nadezhda") is an independent Ukrainian wholesale and retail distributor of liquefied petroleum gas (LPG) and petroleum products, represented by 19 Group companies, which operate primarily in central Ukraine and are consolidated under the Nadezhda Limited, a UK registered holding company. 

EBRD Finance Summary

UAH 264,000,000.00

EBRD is providing with the 60 per cent unfunded risk participation guarantee (equivalent of up to € 9 million)

Total Project Cost

UAH 440,000,000.00


Under Risk Shring Facility (RSF), additionality stems from the following:

  • The EBRD offers an innovative financing structure (e.g. mezzanine financing, risk sharing, etc.) on commercial terms not available from other banks: risk participation to help partner banks with capital and liquidity constraints.
  • The EBRD offers a tenor, which is above the market average and is necessary to structure the project.
  • The EBRD offers local currency financing on terms not readily available in the market.

Environmental and Social Summary

Category B (2019 ESP). The Partner Bank has provided a completed Environmental and Social Summary document indicating that appropriate due diligence was carried out and the borrower was able to demonstrate that an effective set of EHSS risk management policies and procedures is in place.  As the Project does not involve any capital works, the review of the information provided did not highlight the requirement for any Environmental and Social Action Plan to be put in place.

Technical Cooperation and Grant Financing


Company Contact Information

Valentyn Romanenko
130 Nezalezhnosti St., village of Mashivka, Poltava region, Ukraine 39400

PSD last updated

18 Aug 2020

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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