Fransabank - bond subscription

Location:

Lebanon

Project number:

49568

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board 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

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Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.