The EBRD is considering providing a EUR 24.0 million long term debt facility for the construction of a Western-standard shopping mall in the outskirts of Tirana, with a gross leasable area of 39,000 m2 (the “Project”). The Project is part of a general plan to develop a chain of shopping and entertainment centres across Albania, following the successful development of the QTU Tirana mall in 2005.
The Bank’s participation will support the expansion of the overall Albanian retail and shopping centre market, increase competitive pressure in the sector and contribute to re-equilibrate the current imbalance between supply and demand. It is also expected to contribute to a more active secondary real estate market in the country.
In addition, the Bank’s participation will support the introduction of new standards of quality in the sector and will set a benchmark for future developments.
The Bank’s participation will also support the creation of backward linkages to local sub-constructors and contribute to enhanced business standards, e.g. through the introduction of International Accounting Standards.
Tirana East Gate Sh.p.k. (the “Borrower”): a special purpose company incorporated under the laws of Albania and wholly owned by Mane TCI Sh.p.k., created for the sole purpose of holding the Project.
Mane TCI Sh.p.k. (the “Sponsor”): a leading Albanian real estate development and investment company, which is fully owned by Mr Samir Mane through his private holding company BALFIN Sh.p.k.
EUR 24.0 million long term debt facility comprised of EUR 17.0 million senior loan and EUR 7.0 million mezzanine loan.
Screened B/0 requiring an environmental analysis of the project and site. The project could involve some specific environmental issues such as past contamination, environmental sensibility of the site, resettlement, environmental impact of the development, health, safety and legal protection of construction workers which can be readily addressed by adequate mitigation measures. Environmental due diligence including a site assessment is currently underway. The sponsor has already provided necessary documentation to the municipal authority to obtain the construction permit. The project will be required to comply with national and EU environmental, health and safety standards and submit an Annual Environmental Report to the Bank. The Bank will monitor the project’s environmental performance during the life of the project through a review of the Annual Environmental Report as well as monitoring visit where necessary and adequate.
Screening category and justification
B/0. Environmental, health and safety and social (EHSS) issues associated with the site location and conditions, design, construction and operation of property development such as the Project can be readily identified and addressed by adequate EHSS risk management procedures. An environmental analysis of the site and project is required.
Due Diligence undertaken and outcomes
The environmental due diligence including the review of the completed Environmental Questionnaire, other relevant documentation as well as the Bank’s environmental professional's site visit (September 2008) confirms that the site is suitable for the project, and there are no significant environmental issues to prevent the project's further development. The project has been designed in accordance with national requirements as well as good international practice: the construction materials do not include any harmful materials; waste water and solid waste management will be carried out in accordance with the relevant law; the project design will incorporate disabled access provisions; the energy efficiency review confirms the project incorporates measures to achieve high energy efficiency. Environmental and Social Action Plan (ESAP) will address the issues such as contractor Environmental, Health, Safety and Labour (EHSL) management, protection of surface and underground water and EHSL management during the operation.
The project will be required to comply with national and EU environmental, health and safety standards and requirements, implement an ESAP and submit an Annual Environmental Report to the Bank. The Bank will monitor the project’s environmental performance during the life of the project through a review of the Annual Environmental Report as well as monitoring visit where necessary and adequate.
Mr. Mark Visman, Deputy CEO, Balfin Group, firstname.lastname@example.org
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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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