The EBRD intends to re-finance the existing sovereign-guaranteed loan into a corporate loan without the sovereign guarantee. There will also be an additional investment programme for the Riga Water Company (RW) to extend the network in the city of Riga.
The project aims to improve the supply and installation of water meters, the rehabilitation of treatment plants, pumping stations, water wells and the networks. In addition, completion of the Daugagriva WWTP sludge deposit and extension of the sewerage network in the city of Riga are also objectives of the project.
This project will be the first re-financing of a sovereign-guaranteed loan to a corporate loan with limited undertakings from a city in Latvia. It demonstrates to other cities and banks that municipal services can be financed without recourse to sovereign or full municipal guarantees.
Riga Water Company.
A corporate loan of €39 million (including one-year's grace period) for re-financing of the existing sovereign-guaranteed loan into €24.8 million 15-year corporate loan and co-financing additional ISPA-related and other investments.
The project has mainly environmentally related objectives and will help the Riga Water Company to achieve compliance with EU directives. It will contribute to a reduction in the manganese content in the drinking water. The rehabilitation of the sewerage network will reduce sewage leakage.
- Independent review of technical feasibility studies already prepared by RW.
- Legal advice to the Bank for structuring a security package in accordance with Latvian law.
- Assistance to develop and implement an outsourcing strategy for activities such as maintenance, transportation, billing etc.
For business opportunities or procurement, contact the client company.
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The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (firstname.lastname@example.org) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.