Project description
Provision of a senior unsecured loan of up to EUR 3.0 million to be provided in two equal tranches to UB under the GEFF III for the Western Balkans – REpower Residential Framework (“GEFF III ” where the “Frame“). The second tranche will not be committed.
the project’s objectives
The loan is intended to provide sub-loans to help finance investments in high energy performance technologies, materials and solutions undertaken in or in relation to private dwellings or residential buildings, the construction of high energy residential buildings. energy performance (HPRB) eligible for GET. and eligible energy efficiency and/or renewable energy projects in the public sector. 100% of the use of funds will be linked to eligible investments under the EBRD’s Green Economy Transition (“GET”) approach.
Impact of the transition
ETI score: 70
The project will contribute to the overall objectives of the Framework and support the Green IT quality with 100% the use of funds allocated to transition activities towards a green economy.
Customer information
UNION BANK SHA
Union Bank ShA (“UB”) is a mid-sized bank in Albania, which mainly focuses on lending to SMEs and individuals. As of the year 2022, UB was the 8th largest bank in the country (out of 11) in terms of assets and loan portfolio, with 4.9% and 6.0% market share, respectively.
EBRD Financial Summary
3,000,000.00 euros
Total project cost
3,000,000.00 euros
Additionality
Additionality is achieved by combining the necessary long-term financing with technical cooperation, targeted investment incentives and policy dialogue in a package that promotes investments in the residential green economy in Albania.
Technical cooperation and subsidies
The project will be supported by comprehensive technical assistance to UB and sub-borrowers to facilitate project preparation and successful implementation of the WB’s GEFF III programme.
The source of technical cooperation funds is the Japan-EBRD Cooperation Fund and other potential donors.
The non-TC source of funding is the EU, through the Common European Fund for the Western Balkans.
Company details
Fatjona Delaj
fatjona.delaj@unionbank.al
+355 4 238 9023
unionbank.al
Bulevardi Zogu i I, Sheshi Ferenc Nopçka, Sd. 5, H. 3, Njësia Bashkiake Nr. 9, Kodi Postar 1016, Tirana, Albania
PSD latest update
June 30, 2023
Understanding the transition
More information on the EBRD’s approach to measuring the impact of the transition is available. here.
Professional opportunities
For business opportunities or purchases, contact the client company.
For business opportunities with the EBRD (non-purchase related), contact:
Tel: +44 20 7338 7168
E-mail: projectenquiries@ebrd.com
For public sector projects, visit EBRD purchases:
Tel: +44 20 7338 6794
E-mail: Procurement@ebrd.com
General Information
Specific requests can be made using the EBRD Inquiry Form.
Environmental and Social Policy (PSE)
THE ESP and associated Performance Requirements (PRs) define how the EBRD implements its commitment to promoting “sustainable and environmentally sound development”. The ESP and PR include specific provisions to enable customers to comply with the applicable requirements of national laws on public information and consultation as well as to establish a complaints mechanism to receive and facilitate the resolution of concerns and complaints. stakeholder grievances, particularly regarding environmental and social performance of the client and the project. Proportionate to the nature and scale of the environmental and social risks and impacts of a project, the EBRD further requires its clients to disclose information, where appropriate, on the risks and impacts arising from projects or undertake meaningful consultations with stakeholders and review and respond to their feedback.
Further information on the EBRD’s practices in this regard is presented in the ESP.
Integrity and Compliance
The EBRD’s Office of the Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank’s activities, in line with international best practices. Integrity due diligence is conducted on all clients of the Bank to ensure that projects do not pose unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the approval stages of project appraisal is the most effective way to ensure the integrity of the Bank’s transactions. OCCO plays a key role in these protection efforts and also helps monitor integrity risks in projects post-investment.
OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-funded projects. Any person, both inside and outside the Bank, who suspects fraud or corruption should submit a written report to the Compliance Officer by email to the following address: conformity@ebrd.com. All reported issues will be handled by OCCO for follow-up. All reports, including anonymous reports, will be investigated. Reports may be written in any language of the Bank or the Bank’s countries of operations. The information provided must be made in good faith.
Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders to promote greater knowledge and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please see the Access to information policy to find out what information is available on the EBRD website.
Specific requests for information can be made using the EBRD Inquiry Form.
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s project-level grievance mechanism or through direct engagement with Bank management), Individuals and organizations can seek to address their concerns through the EBRD complaints mechanism. Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews issues relating to the Project that have caused (or are likely to cause) harm. The objective of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; determine whether the Bank has complied with its Environmental and social policy or Provisions specific to the project of its Access to information policy; and, where applicable, remedy any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to learn more about IPAM and its mandate; how Submit a request for evaluation; or contact IPAM by email ipam@ebrd.com for advice and more information about IPAM and how to submit an application.