A proposed framework facility of up to €150 million for VG subsidiaries in central and eastern Europe for the purpose of on-lending to provide finance to SMEs, mortgages, and small and medium-size municipalities. See table annexed for details of individual project commitments.
The framework would enable VG subsidiaries to make medium and long-term finance available to their clients in Hungary, Czech Republic, Slovak Republic, Slovenia, Croatia, Bosnia and Herzegovina and Romania.
Expected transition impact is two fold: (1) strengthening competition/increasing provision of financial services to SMEs and retail clients and (2) supporting the development of mortgage finance and finance to small-and medium-size-municipalities (which are relatively new even in more advanced countries of central Europe). As the project develops, it would provide a model to the financial sector in the region.
Österreichische Volksbanken-Aktiengesellschaft (Volksbank Group or VG) subsidiaries in Hungary, Czech Republic, Slovak Republic, Slovenia, Croatia, Bosnia and Herzegovina and Romania.
A proposed framework facility up to €150 million.
Up to €150 million.
VG subsidiaries would adopt and implement environmental procedures in line with EBRD's Environmental Procedures for Local Banks. Sub-loans would be required to comply, at a minimum, with national health, safety and environmental regulations and standards and adhere to EBRD's Environmental Exclusion List. The Bank will receive annual environmental reports from subsidiaries.
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Text of the PIP