The wind power plant, the first in Georgia and the first commercial wind farm in the Caucasus region, will have a total installed capacity of 20.7 MW and an expected electricity output of 85 GWh per year. Around one-third of this will be exported to neighbouring Turkey while the rest will help Georgia to meet its winter energy needs without additional carbon emissions. The project encourages the diversification of renewable resources in the country, which relies heavily on hydropower generation.

The Bank extended a US$ 10 million (€9.6 million equivalent) loan and arranged an additional US$ 12 million (€11.5 million equivalent) in syndicated lending from three commercial co-investors to the state-owned firm Qartli Wind Farm under a project finance structure. This will fund the construction and operation of the power plant. The EBRD also facilitated technical assistance funds to help the Georgian government design and implement an electricity trading platform.

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The EBRD provided €150 million as part of a €339 million syndicated loan, which supported the re-opening of the loan syndications market in Greece and is aimed at helping the country return to growth. In parallel, the Black Sea Trade and Development Bank provided a €50 million loan to OTE.

In 2015 the EBRD started investing in Greece on a temporary basis to support the country’s economic recovery.

Read more about this project.

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The financing will help the Bulgarian Deposit Insurance Fund, an independent public institution, optimise its funding structure and replenish its funding base following a major bank failure in 2014. The loan was conditional on the Fund implementing measures in line with new legislative frameworks for deposit insurance and bank recovery and resolution.

The project increases the financial independence and long-term sustainability of the Fund. By reinforcing the deposit insurance system, it also raises confidence in the Bulgarian banking sector and supports the efficient functioning of the country’s financial market.

Read more about this project.

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The financing will enable UAC to increase production capacity and introduce innovative technologies, such as the full recycling of metal chips. The company will also bring the latest know-how to Romania with its training programme for local staff, thereby contributing to the growth of a knowledge-based economy in the country. Read more about this project.

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Credit lines under the initiative were signed with CenterCredit, ForteBank, the microfinance organisation KMF and Shinhan Bank. The first Women in Business credit line in Kazakhstan was extended to CenterCredit in late 2015.

The programme combines support for partner financial institutions and businesswomen to unleash the economic potential of a section of the population that has traditionally been underserved by the financial sector. Although conditions are improving, women-led firms in Kazakhstan often face obstacles in obtaining credit and developing managerial skills.

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Turkey exhibits one of the lowest rates of female labour-force participation (32 per cent) in the EBRD region and the country’s power and energy sector in particular is dominated by men. As a condition of the financing, the companies will introduce corporate standards and practices that strengthen women’s access to employment and skills. In addition, they will undertake gender-sensitive employee surveys, review payroll data to ensure equal pay for work of equal value, and receive TC-funded advice to implement a comprehensive gender action plan.

Lastly, TREDAŞ and TREPAŞ will enhance their compliance procedures, including by strengthening anti-corruption policies and adopting enhanced codes of conduct. Read more about this project.

The post Gender equality and green growth in Turkey’s energy sector appeared first on EBRD Annual Report 2016.

The Fund achieved a first closure with commitments of US$ 85 million (equivalent to €80.5 million). The EBRD’s co-investors included the European Investment Bank, the Dutch development bank FMO, and CDC, the development finance institution of the UK, as well as Egyptian investors.

The post Championing small business in Egypt appeared first on EBRD Annual Report 2016.

The EBRD-managed Ignalina International Decommissioning Support Fund (IIDSF), funded mainly by the EU and other European donors, has assisted in this complex task since 2001. In addition to energy sector and preparatory projects required for the decommissioning process, the Fund finances key infrastructure for safely dealing with radioactive waste and spent nuclear fuel at the site.

An important prerequisite for the decommissioning of Ignalina’s two units is the ability to safely retrieve operational waste currently kept in inadequate storage. A €200 million state-of-the-art facility, funded by the IIDSF, provides for the retrieval, sorting, packaging and safe storage of 120,000 m3 of historic radioactive waste. Known simply as B2/3/4, the facility will also accommodate radioactive waste generated during the decommissioning process.

Intensive testing of B2/3/4 started in 2016 and the facility is expected to become fully operational by mid-2017. With B2/3/4 and a spent fuel storage facility in operation since 2016, the IIDSF has made a key contribution to efforts by the Lithuanian authorities to safely dismantle Ignalina.

The post Decommissioning Lithuania’s Soviet-era nuclear power plant appeared first on EBRD Annual Report 2016.

The new complex will regenerate the site of a disused quarry. It will provide the seafront city with 30,000 m2 of international-standard retail space, attracting quality tenants to the local market.

The EBRD is an equity partner in the project via a €10 million co-investment with the Enterprise Expansion Fund (ENEF). The Fund is advised by the Bank and focuses on SMEs with high growth potential in Croatia and the Western Balkans. Through their joint investment, the EBRD and ENEF are minority equity holders in the company that is the ultimate owner of the retail complex.

The post Major retail complex to enhance Croatian city’s economy appeared first on EBRD Annual Report 2016.

In 2016 the EBRD launched a pilot assessment of the national policy, legal, financial and institutional barriers to the achievement of NDC objectives in Jordan, Morocco and Tunisia. The study found that a lack of regulatory transparency and deficient monitoring and enforcement mechanisms are holding back the attainment of mitigation objectives (such as the development of renewable energy or energy efficiency projects) and adaptation objectives. The report also highlights good practices that can be exported to neighbouring countries.

The study made recommendations for each country on the legal and institutional steps that would support their NDC implementation. As well as guiding national authorities on the reforms they may wish to undertake, these recommendations help to inform investor decisions.

The EBRD is considering replicating the pilot assessment in other countries of operations. This would pave the way for much higher levels of climate investment by the Bank and its finance partners.

To learn more about legal reform in EBRD countries of operations, see the Bank’s publication Law in Transition.

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