The project consists of granting PBK a credit facility for medium and long-term on-lending to private sector clients. Part of this facility will be available to PBK to co-fund, together with interest-free Phare funds, sub-loans for energy efficiency investments.
Project objectives are to allow PBK to expand its lending operations, provide term financing dedicated to energy conservation projects and create general awareness for energy efficiency in the Slovak Republic. Proceeds of the facility will be used by PBK to finance: (i) commercial interest rate sub-loans for the general financing needs of its private sector clients; and (ii) below commercial interest rate sub-loans for energy efficiency projects.
The credit facility will provide PBK with long-term funding at competitive rates, otherwise not available to it in the local and foreign interbank markets. The facility will also transfer energy efficiency project finance know-how to PBK, reduce local energy requirements through the financing of energy conservation projects and will increase the local companies' competitiveness and productivity by implementing new cost-effective and energy efficiency technology.
Priemyselna Banka a.s. Kosice (PBK) was established in December 1991 by the Confederation of Industry of the Slovak Republic and started its operations in 1992. Its head office is located in Kosice, the second-largest industrial city in the country. Since its establishment, PBK has focused its activities on providing corporate banking services - in particular short and medium-term loans to its local clients.
The EBRD will make available the DM equivalent of ECU 15 million for the general purpose credit facility. Up to the equivalent of ECU 7.6 million will be available for coThe total amount of the facility is ECU 15 million.-financing energy efficiency investments, with interest-free Phare funds available for ECU 3.8 million.
The total amount of the facility is ECU 15 million.
The project has been classified C/0 (it does not require an environmental analysis or an environmental audit). By financing energy conservation projects, the project will significantly reduce energy demand and consequently environmental pollution related to energy generation. In addition, the project will contribute to replacing polluting industrial equipment with modern technology. PBK will develop and implement environmental procedures in accordance with the Bank's "Environmental Guidelines for Financial Intermediaries".
Technical cooperation funding was available for the preparation of the initial project pipeline of energy efficiency projects. The contracted consultants will also continue to advise PBK - on a part-time basis - on all technical aspects of the energy efficiency projects and their implementation for a period of 12 months.
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