5NCL Eurobond



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

08 Jun 2016



PSD disclosed:

22 Jul 2016

Project Description

The EBRD has subscribed the amount of EUR 15 million to the EUR 300 million 5NCL Eurobond maturing in June-2021 issued by Titan Global Finance Plc, a finance arm of Titan Cement Company SA.

Project Objectives

The EBRD Bond proceeds will be used to improve the energy efficiency and environmental performance at a number of Titan's cement plants in Greece and Egypt.

Transition Impact

The expected transition impact of the project is closely related to the Bank's policy dialogue recommendations in Egypt aiming at lowering the carbon impact of the cement industry through the implementation of a number of energy efficiency improvements at the plant levels. The Bank's participation also supported the development of the debt capital markets for Greek corporates.

Client Information


Titan is an independent vertically integrated cement and building materials producer founded in 1902 and headquartered in Athens, Greece with cement production facilities in Greece, US, Egypt, Turkey, Albania, Bulgaria, FYROM, Kosovo and Serbia with more than 5,600 employees worldwide.

EBRD Finance Summary

EUR 15,000,000.00

Subscription to a Eurobond in the amount of EUR 15 million.

Total Project Cost

EUR 300,000,000.00

EUR 300 million

Environmental and Social Summary

Categorised B (2014 ESP).

The Bank's environmental and social due diligence (ESDD) was based on a review of publicly available information to attain an overview of the Company's sustainability strategy, policies and operations. The review showed that the Company has a proactive corporate sustainability strategy, encompassing social and environmental performance, employment, health and safety, biodiversity, socio-economic impacts and community relations and it has a strong commitment to implementing good international environmental and social industry practices throughout its operations. The strategy involves increasing the use of alternative fuels to a level that will lead to an overall reduction of the GHG emissions. As part of its commitment to reduce CO2 footprint of its operations, the Company has been consistently investing into introducing best available techniques, producing less carbon intensive cement grades and increasing the use of alternative fuels. In terms of its environmental performance, the Company has reported to be ahead of its corporate targets for water consumption and dust emissions. The Company is also a founding member of the "Cement Sustainability Initiative" (the "CSI") of the World Business Council for Sustainable Development, which is developing best practice guidelines for the cement industry.

The ESDD concluded that the Company has the institutional capacity to implement the Bank's PRs and that it has reported that, overall, its plants operate in compliance with regulatory requirements and EU environmental standards. However, due to the nature and rules of capital market transactions, the Bank has not been able to assess the E&S performance of the Company's individual cement production plants against EBRD Performance Requirements (the "PRs"), or agree an Environmental and Social Action Plan to determine the necessary measures to ensure all of these plants would meet the PRs, including EU Best Available Techniques standards under the Industrial Emission Directive, over a reasonable period of time. Therefore, derogation to the Bank's Environmental and Social Policy was sought from the EBRD Board of Directors.

Technical Cooperation


Company Contact Information

Nikolas Andreadis
+30 210 2591 483
+30 210 2591 186

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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