Multi-project facility to provide debt and equity finance to various Samsung-sponsored projects in the EBRD's countries of operations. The objective of the project is to support direct investment by Samsung in the Bank's countries of operations. This will be the first multi-project facility with an Asian sponsor.
The project will help a major international industrial operator to bring in expertise, with direct investment into consumer-oriented industries in a number of the Bank's countries of operations in central and eastern Europe and Central Asia.
Samsung Electronics Co. Ltd (SEC) and Samsung Corporation (SC), both part of the Samsung group, one of the largest industrial groups in the world with a turnover of ECU 50 billion. SEC is a leading manufacturer of consumer and industrial electronics, while SC is the largest trading company in Korea.
Loan/equity multi-project facility of up to ECU 150 million (US$ 188 million).
Over ECU 450 million (US$ 562 million).
The project was classified C/0; it does not require an environmental assessment or an environmental audit. The EBRD reviewed Samsung's environmental appraisal and monitoring capabilities and how this would apply to the investments proposed under the multi-project facility (MPF). Samsung has adopted a group-wide environmental policy and formalised environmental procedures for the MPF, which are satisfactory to the Bank. These require that environmental issues will become part of the investment decision-making process. Environmental Action Plans, which will be developed as a result of the environmental due diligence and appraisal process and which will consider environmental compliance, liabilities, risks and opportunities, will become part of the business and investment plan for each project to be financed under the facility. Significant environmental and health and safety improvements are expected to be realised with the implementation of Samsung's MPF investment programme. The company has committed itself to applying EU standards to all investments under the MPF. An annual environmental report will be submitted to the EBRD on the investee companies encompassed by the facility.
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