US$ 3.4 million (EUR 3.1 million) follow-on loan to a subsidiary of North-Western Shipping Company (NWSC). Cumulative exposure to NWSC after disbursement will be US$ 21.9 million.
The original project was not completed due to time delays that resulted in the cancellation of the final tranche of the original loan. This loan provides funds for safety upgrading of vessels and other working capital purposes.
The loan will support the restructuring of NWSC, which will have a substantial impact on the transition process.
The loan is to a NWS Ten Balt Shipping Company, a special-purpose Cyprus-based subsidiary of NWSC. NWSC, together with North-Western Fleet (NWF), its ship-owning subsidiary, are acting as sponsors and guarantors. The ships will be managed by NWF in St. Petersburg.
US$ 3.4 million (EUR 3.1 million) senior loan. The original transaction was syndicated; the new loan will be solely for the account of the EBRD.
US$ 21.9 million (EUR 20.0 million)
The sponsor has confirmed, through inspection reports, that the vessels involved in this operation are in good condition and comply with the conditions of class, including both the MARPOL (Marine Pollution) and SOLAS (Safety of Life at Sea) conventions. The sponsor will be required to ensure that all ships continue to be operated and maintained in accordance with international requirements, and to report to the Bank annually on issues related to environment, health and safety.
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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.