INFRASTRUCTURE CO-FINANCING LOAN HEDGING FACILITY

Location:

Lithuania

Project number:

2115

Business sector:

Notice type:

Public

Environmental category:

C

Approval date:

16 Dec 1997

Status:

Cancelled

PSD disclosed:

28 Jan 1997

Project Description

A US$ 6.3 million cross-currency options and swaps line with a tenor of up to fifteen years to the Republic of Lithuania to hedge Yen/US$ exchange risk arising from co-financing by the Export-Import Bank of Japan (JEXIM) of three infrastructure projects funded by the EBRD: Via Baltica and Lithuania Road Project, the Lithuanian Transport Project and the Lithuanian Telecom Development Project.

Project objectives: The facility will allow the Republic of Lithuania to hedge short-term and long-term exposure to Yen/US$ rate fluctuations that may lead to a funding shortfall or increased funding cost in US$ terms for the client via one or a series of cross-currency options and swaps.

Transition Impact

The facility will encourage better assets/liabilities management on the part of the client and will contribute towards a successful implementation of the infrastructure projects financed by the EBRD.

The Client

Republic of Lithuania.

EBRD Finance

A hedging line to convert client's Yen exposure into a US$ exposure via one or a series of cross-currency options and swaps.

Project Cost

Total EBRD exposure will not exceed US$ 6.3 million (ECU 5.7 million equivalent).

Environmental Impact

C/0: The project does not require an environmental analysis or an environmental audit. Environmental issues associated with the three infrastructure projects in question have already been addressed through the EBRD's direct involvement in these projects as a lender.

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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