Fransabank - bond subscription

Location:

Lebanon

Project number:

49568

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

14 Mar 2018

Status:

Signed

PSD disclosed:

26 Apr 2018

Translated version of this PSD: Arabic

Project Description

Subscription to a bond issued by Fransabank SAL to finance green projects.

Project Objectives

Increase financing of projects for commercial energy efficiency, renewable energy, and green buildings in Lebanon.

Transition Impact

Supporting sustainable lending for green projects and encouraging capital markets activity in Lebanon.

Client Information

FRANSABANK SAL

Fransabank SAL is the fourth-largest bank in Lebanon at December 2016 with assets of USD 20.9 billion.

EBRD Finance Summary

USD 15,000,000.00

EBRD subscribed to the bond in the amount of USD 15,000,000.

Total Project Cost

USD 60,000,000.00

IFC subscribed to the bond in the amount of USD 45,000,000.

Environmental and Social Summary

Categorised FI (ESP 2014). Fransabank is implementing the IFC's Performance Standards which are in line with EBRD's Performance Requirements (PRs). Fransabank has a dedicated environmental and social management system (ESMS) officer in place who has undergone the IFC's on-line STEP training as well as attending the IFC's Performance Standards workshop. E&S training is also undertaken within the branches. For this transaction Fransabank will update the bank's existing ESMS to include an external E&S complaints procedure and training staff on the revised ESMS. Any Renewable Energy (RE) and Energy Efficiency (EE) projects financed by the bank must also comply with the EBRD's E&S Eligibility criteria for RE and EE projects. Fransabank will be required to comply with EBRD's Performance Requirements 2, 4 and 9 and submit Annual Environmental and Social Reports to the EBRD on compliance with the PRs and on the upgrade and implementation of the ESMS.

Technical Cooperation

None.

Company Contact Information

Mr. Georges Andraos
Georges.andraos@fransabank.com
+961-1-340180
www.fransabank.com
Fransabank Center, Hamra Street, P.O. Box 11-0393, Beirut - Lebanon

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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