The provision of a senior secured loan of up to US$ 1.5 million (€1.3 million) to Individual Enterprise "Alem Gamisi". The operation will enable the Company to ensure the continuity of potato chips production during the COVID-19 crisis by mitigating the risk of possible disruption in supply of imported raw materials.
This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.
The Loan will support Alem Gamisi's liquidity and help it withstand the Covid19-caused crisis.
ETI score: 60
As per OpID 48533:
Primary Quality Well-governed: The original project with Alem Gamisi is expected to improve financial reporting IT system and introduce independent audit requirement.
Secondary Quality Green: Alem Gamisi committed to set up processing in a manner to ensure minimal waste and recycling of most waste elements, as well reduce electricity utilisation.
The goal of the proposed transaction is to preserve the gains achieved through previous engagements with the Borrower.
PTI Score: 60 (Framework Level)
ALEM GAMISI INDIVIDUAL ENTERPRISE
"Alem Gamisi" is an individual enterprise, incorporated in Turkmenistan. The company is the producer of potato chips.
EBRD Finance Summary
Total Project Cost
COVID-19 crisis response: the EBRD financing effectively bridges a liquidity gap due to adverse market conditions, caused by the pandemic.
Environmental and Social Summary
Categorised C (ESP 2019) and Low Risk. The production of potato chips is associated with a number of environmental and social issues which are well understood and can typically be managed through standard mitigation measures. The Borrower is an existing client of the Bank and has been subject to both environmental and social due diligence and monitoring on a number of occasions. For this proposed project, the Borrower has adequate capacity and systems in place to ensure compliance with national EHS requirements and the Bank's PRs. The Borrower will be required to continue to provide annual E&S reporting to the Bank.
Technical Cooperation and Grant Financing
The Project will have a Technical Cooperation (TC) component provided by the Shareholder Special Fund (out of the funding managed by the SME F&D).
Company Contact Information
Ashgabat-Mary highway, Gami village Ak Bugday district, Ahal region, Turkmenistan
PSD last updated
28 Sep 2020
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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).
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