First Investment Bank

Location:

Bulgaria

Project number:

2790

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

22 Oct 1996

Status:

Completed

PSD disclosed:

18 Sep 1996

Project Description

US$ 4 million bank-to-bank loan in the form of a credit line for on-lending principally to private sector enterprises.

The principal objectives of the project are to:

  • provide FIB with additional medium-term funding for on-lending to the corporate sector;
  • enhance FIB's funding requirements in its continued transformation towards a full-service universal bank;
  • encourage international banks to open up their lending exposure limits to FIB and to Bulgarian banks in general;
  • improve FIB's asset and liability management and to enable the bank to undertake more medium-term lending without creating a maturity mismatch between assets and liabilities.

Transition Impact

The private sector is estimated to account for around 40 per cent of Bulgaria's gross national product. The project will help private enterprises gain the debt and equity resources that they require to modernise, expand and maximise their commercial potential.

The Client

First Investment Bank (FIB), founded in 1993, is 100 per cent privately owned. The client's objective is to become a full-service corporate bank catering for the emerging private sector in Bulgaria.

EBRD Finance

Bank-to-bank loan in the form of a credit line for a term of four years for on-lending principally to private sector companies.

Project Cost

US$ 4 million (ECU 3.2 million). All project costs financed by the EBRD.

Environmental Impact

C/0: The project does not require an environmental analysis or an environmental audit. Sub-projects will be financed in accordance with the EBRD's environmental procedures for transactions financed through local banks.

Technical Cooperation

None.

 

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

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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