Translated version of this PSD: Macedonian
Following the decision of MIDF's (Municipal Infrastructure Development Fund) shareholders to wind down the Fund's operations, EBRD is considering assuming MIDF's funded risk participation ("Facility") with Komercijalna Banka ("KB") to provide up to EUR 5 million to fund municipal infrastructure projects in FYR Macedonia on a 50/50 basis with KB.
The Project will demonstrate the Bank's support for MIDF's existing investments as well as new municipal investments in FYR Macedonia. The Facility will enable the Bank to provide financing to small and medium sized municipalities that have significant investments needs, but limited access to financing and poor capacity for preparing good quality projects. Grant financed TC will be provided to facilitate project preparation as well as for subsequent project implementation with an aim to develop the commercial sustainability and institutional capabilities of the municipal borrowers.
The Bank's involvement in the Facility carries transition impact potential both in terms of the scope for partnering with KB to engage in municipal projects as well as the deploying of the TC funds for
crucial capacity building at small and medium sized municipalities in FYR Macedonia.
KOMERCIJALNA BANKA AD SKOPJE
Partner Bank: Komercijalna Banka.
EBRD Finance Summary
Debt investment through a funded risk participation with KB of up to EUR 5 million.
Total Project Cost
Funded risk participation for up to EUR 10 million, financed on 50/50 basis by KB and EBRD.
Environmental and Social Summary
(Categorised FI 2014 ESP) KB is an existing client and has been satisfactorily implementing the Bank's Environmental and Social ("E&S") requirements under existing exposures. For this operation
KB will be required to comply with EBRD's Performance Requirements 2, 4 and 9 as set out in the Bank's Environmental and Social Policy dated May 2014. KB will be required to adopt and implement the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Lending and submit Annual Environmental and Social Reports to the Bank. For any Category A project financed by KB, the bank will need to refer such projects to the EBRD's Environment and Sustainability Department and ensure these projects are in compliance with PRs 1-8 and 10.
The Bank is in discussions with the Austrian Government to provide Technical Cooperation support under the Facility, earmarked for capacity building at small and medium sized municipalities in FYR Macedonia.
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