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EBRD is considering a SME Energy Efficiency Facility to BRD SocGen

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2011-12-09 19:57

The EBRD is considering a SME Energy Efficiency Facility of up to EUR 20 million to BRD SocGen (BRD) to be on-lent by BRD to SMEs in Romania, said the EBRD in a press release.rnrnThe proceeds of the loan will be used by BRD to provide medium and long-term financing to private companies for projects aiming to save energy. In addition, the EBRD is also considering a Municipality Energy Efficiency Facility of EUR 10 million. Both projects will be implemented under distinct frameworks already made public.rnrnTransition ImpactrnrnThe SME Energy Efficiency Facility will contribute to the transition process by maintaining an essential flow of lending to private enterprises at a time when the availability of credit, particularly to SMEs, has been constrained. Transition impact potential also derives from the demonstration effect associated with the energy savings and will help improvement of costs of the private SME sector.rnrnThe ClientrnrnBRD SocGen, Romania (BRD). As of end-September 2011, BRD’s total assets amounted to EUR 10,579 million and total equity amounted to EUR 1,154 million (RAS). The audited IFRS 2010 net profit was at EUR 240 million. BRD is the second largest Romanian bank, with a 14.05% market share of total banking assets as of end-June 2011.rnrnEBRD FinancernrnSME Energy Efficiency Credit Line – up to EUR 20 million.rnrnProject CostrnrnUp to EUR 20 million.rnrnEnvironmental ImpactrnrnCategorised FIs. BRD will be required to comply with EBRD’s Environmental Performance Requirement (“PR”) 9 when making local loans, conduct their business in accordance with PR 2, adhere to the EBRD’s Environmental and Social Exclusion and Referral Lists, and submit Annual Environmental and Social Reports to the Bank. The subsidiary borrowers will be required to comply with applicable national environmental, health and safety and labour requirements.rnrnTechnical CooperationrnrnTechnical co-operation was granted under previous Energy Efficiency facilities and under Competitiveness Support Facility as financially supported by the EU. Further technical assistance financed by the EU will be granted under this new facility.rnrn

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