The EBRD has subscribed the amount of EUR 15 million to the 7-year, EUR 250 million senior unsecured Eurobond (the "Bond") issued by Titan Global Finance Plc (the "Issuer" or "TGF"), the finance arm of Titan Group. Titan Cement Company SA ("TCC") incorporated in Greece and its parent company Titan Cement International SA ("TCI") incorporated in Belgium are the guarantors of the Notes ( the "Guarantors").
The Bank's proceeds will be used for the partial refinancing of the Titan Eurobond maturing in June 2021.
ETI score: 60
This is the first sub-project under the Greek Corporate Bonds Framework III and supports primarily the development of the local capital market under the "Resilient" quality. It also improves standards of transparency and disclosure under the "Well-governed" quality.
TITAN CEMENT COMPANY SA
Titan is a vertically integrated cement and building materials producer founded in 1902 in Athens, Greece. Titan has operations in 14 countries, production facilities in 10 countries and employs over 5,300 people worldwide.
EBRD Finance Summary
Total Project Cost
An ESAP has been agreed with Titan and includes measures strengthening of the Company's Environmental, Social and Governance (ESG) disclosure and reporting in line with best practice and EU guidelines as well as the implementation of the recommendations of the EU Sustainable Finance Strategy.
Environmental and Social Summary
Categorized B (ESP 2019), high to medium risk due to the sector and nature of operations. The Bank has a long track record of working with Titan and has provided financing in the past, including for a equity project in Albania as well as subscribing to two previous Eurobonds of the group in 2016 and 2017. The proceeds of this bond will be used to refinance the Company's existing bond. As part of the bond subscription in 2017 the Bank agreed with the Company, through a Framework Agreement, an Environmental and Social Action Plan (ESAP) to ensure compliance with the Bank's Environmental and Social Policy (ESP) and its Performance Requirements (PRs). The Company has been implementing the existing ESAP on schedule and reporting its progress back to the Bank. There is no GET component associated with this Project.
As part of the current Project, the Bank has undertaken additional in-house ESDD though virtual meetings and questionnaires as well as review of publicly available documents and annual reports. The in-house ESDD confirmed that that Company has the institutional capacity to implement the Bank's PRs and overall, its plants operate in compliance with regulatory requirements and EU environmental standards. The Company has a proactive corporate social responsibility strategy that aims at achieving environmental, health and safety and social performance compatible with best industry practices in line with the BAT across its operations. As part of reporting on the existing bond the Company has provided information on its non-financial operations and CSR reports. Based on the ESDD the existing ESAP has been updated to take account of the Bank's 2019 ESP and to allow the Project to comply with the Bank's PRs. This includes strengthening of the Company's Environmental, Social and Governance (ESG) disclosure and reporting in line with best practice and EU guidelines as well as the implementation of the recommendations of the EU Sustainable Finance Strategy. The Bank will continue to monitor the implementation the Project and ESAP.
Technical Cooperation and Grant Financing
Company Contact Information
+30 210 2591 483
PSD last updated
06 Aug 2020
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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)
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.
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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 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.