GEFF - Slovak Republic - Slovenska Sporitelna

Location:

Slovak Republic

Project number:

49881

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

18 Jul 2018

Status:

Board Approved

PSD disclosed:

31 May 2018

Translated version of this PSD: Slovak

Project Description

The EBRD is considering providing a EUR 50 million credit line to Slovenska Sporitelna a.s. (SLSP) under the EUR 200 million Green Economy Financing Facility in the Slovak Republic ("GEFF - Slovak Republic" or the "Framework"). Establishment of GEFF - Slovak Republic will be considered for approval by the EBRD Board of Directors on 4 July 2018.

Subject to approval by the EBRD Board of Directors this will be the first credit line (along with VUB) to be provided under the new GEFF - Slovak Republic framework.

Project Objectives

The proposed project will allow SLSP to expand its lending activities for green investments in municipal segment, sector characterised by relatively high energy and resource intensity, including market intermediaries such as service providers (ESCOs). The project will help further demonstrate the market potential for green lending and foster mobilisation of private sector financing for the public sector.

Transition Impact

The main sources of transition impact will stem from the demonstration of positive benefits of energy and resource conservation. In line with the GEFF model, the proposed project will support the Green Transition Impact quality by contributing towards building a green economy and facilitating the expansion of municipal sustainable energy and resources lending in the Slovak Republic, resulting in positive demonstration effects.

Client Information

SLOVENSKA SPORITELNA AS

Slovenska Sporitelna a.s.

SLSP is a commercial bank incorporated in Slovak Republic with total assets in excess of EUR 16 billion it is the largest bank on the Slovak market, accounting for ca 21% market share in terms of total assets. SLSP operates as a universal bank servicing more than 2.2 million clients through 271 branches. SLSP is fully owned by Erste Group Bank AG.

EBRD Finance Summary

EUR 50,000,000.00

Up to EUR 50 million senior credit facility

Total Project Cost

EUR 50,000,000.00

The total amount of financing made available under the GEFF - Slovak Republic framework to SLSP will be up to EUR 50 million.

Environmental and Social Summary

Category FI (2014 ESP): SLSP will be required to comply with the requirements of PR2, PR4 and PR9 and Sub-borrowers financed through the facility will be required to comply with national requirements for environment, health and safety and labour standards and the EBRD eligibility criteria for Energy Efficiency projects. This will be confirmed by the Project Consultant hired by the EBRD to cover this issue. SLSP will be required to continue to submit Annual Environmental and Social Reports to the EBRD.

Technical Cooperation

A dedicated technical cooperation programme will be procured and managed by the EBRD to provide assistance to SLSP and Sub-borrowers in developing Sub-projects, raising awareness of green investments amongst stakeholders and general marketing of the Framework. The technical cooperation will be implemented by the Facility Consultant, consisting of the Project Consultant (PC) and the Verification Consultant (VC) teams. The PC will provide project coordination, implementation support and monitoring and reporting to the EBRD. Moreover, by working with Sub-borrowers, PC will transfer skills, knowledge and tools to the municipal sector necessary for understanding the benefits and viability of green investments. The VC will be a separate independent consultancy firm and will be responsible for verifying successful implementation and completion of Sub-projects under the Framework and advise their eligibility for incentive payments.

Company Contact Information

Maros Opálek
opalek.maros@slsp.sk
+421 2 5826 8111
+421 2 5826 8670
www.slsp.sk
Tomásikova 48 832 37 Bratislava

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