Translated version of this PSD: Slovak
The EBRD provided in December 2014 €5 million credit line to VUB under the extension of Slovak Sustainable Energy Finance Facility. This project was later extended by €15 million; the extension was Board approved on 6 May 2015.
The EBRD is now considering extending the existing €20 million VUB credit line under SlovSEFF III by providing new funds for an amount of up to €10 million bringing the total VUB exposure under SlovSEFF III to €30 million.
This project will allow VUB to continue providing sub-loans to companies and residential sector borrowers (housing associations) for energy efficiency and renewable energy investments in the Slovak Republic and provide financing for sustainable energy projects with a focus on reducing greenhouse gas emissions and assist in mitigating high energy and carbon intensity in the region.
The project contributes to the objectives of SlovSEFF III, supporting the following TI qualities;
Green: The project will contribute towards building a green economy by facilitating the expansion of sustainable energy ("SE") (energy efficiency ("EE") and renewable energy ("RE")) lending in the Slovak Republic and positive demonstration effects of SE projects to the private sector companies and residential sector borrowers. The project will support faster market penetration of SE related technologies..
Competitive: The project will contribute towards building a more competitive financial sector through developing the internal capacity of VUB for financing SE projects. This will be achieved through a technical assistance programme aimed at providing implementation support to VUB and its customers, verification of the outcomes, and investment incentives to end borrowers.
Všeobecna uverova banka, a.s. (iVUB"), is the second largest universal bank in Slovakia with around 20% market share by total assets.
This €10 million facility will bring the total amount provided to VUB under SlovSEFF III to €30 million.
Environmental and social categorisation, impact, and mitigation
Categorised FI: VUB will be required to comply with the requirements of PR2 and PR9 and Sub-borrowers financed through the facility will be required to comply with national requirements for environment, health and safety and labour standards and the EBRD eligibility criteria for Energy Efficiency projects. This will be confirmed by the Project Consultant hired by the EBRD to cover this issue. VUB will be required to continue to submit Annual Environmental and Social Reports to the Bank.
Technical cooperation will be funded by Spain. Consultants have been contracted by EBRD to provide beneficiaries with project design and implementation support as well as to verify the completion of sub-projects against set criteria and advise their eligibility for incentive payments.
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