Complaint > Southeast Europe Equity Fund II

Monitoring: Compliance Review Monitoring Report I

...Financial Continuous Risk Intermediary projects. Improvement will be a mandatory element of an Environmental and Social Management System established for a Bank Project. 5 4.2 Monitoring Conclusion The PCM notes Bank Management’s efforts to date to commence the implementation of the commitments outlined in the MAP, and will continue engagement w...

Complaint > GEORGIA - Jvari-Khorga Interconnection

Eligibility: Eligibility Assessment Report

...financial difficulties faced by the Contractor. Reportedly, other employees as well as Georgian sub-contractors experienced late or missing salaries/payments. • The Contractor stated in a communication to EnergoTrans dated 22 May 2017 that the dispute between the Contractor and the Complainant in relation to the termination of the Complainant’s appointment (including the payment of the outstanding salary) is expect...

Complaint > Agroinvestbank Equity Investment

Eligibility: Eligibility Assessment Report

...financial difficulties as a result of growing non-performing loans and in response to that, the EBRD undertook efforts to provide crisis management support to Agroinvestbank. 19. The response explains that the EBRD’s direct involvement in Agroinvestbank diminished in mid-2012. From that time on the EBRD has been monitoring the activity of its Client based on limited financial reports and meetings with the management of Agroinvestbank. All the given circumstances presente...

Complaint > Agroinvestbank Equity Investment

Filing: Complaint

...Financial Intermediaries to join existing international initiatives that promote best practices in the financial sector including the Equator Principles and the Principles for Responsible Investment (“PRI”). The Equator Principles comprises an agreement to assess and manage environmental and social risks applying internationally accepted standards and international laws and regulations. Environmental and social risks include human rights issues. The PRI compromises 6 principles based on a notion...

Complaint > GEORGIA - Jvari-Khorga Interconnection

Compliance Report: Compliance Review Report

...financial information was then checked. An examination of JSL’s annual reports and corporate balance sheet showed the company to be in good financial shape, with the Client’s auditors’ only expressing concern regarding JSL Group’s purchase of a factory in the US, which left the company with significant but manageable debt having regard to its cash-flow position. JSL’s financial position was rechecked at the second stage of the tendering process. JSL is currently insolven...

Complaint > Boskov Most Hydro Power

Community Response: Complainant comments

...financial intermediary) showed that the project sponsor was not complying with the national legislation on construction waste disposal practices. Even though the project was located in the National Park of Mavrovo, where the control should be even stricter, the EBRD did not possess any information about this for at least several weeks. It is likely that similar situations will happen with Boskov Most construction too. We therefore suggest that the Bank does...

Complaint > Southeast Europe Equity Fund II

Filing: Complaint

...financial intermediary (FI). Working with FIs is a key way for the EBRD to promote sustainable financial markets and provide a vehicle to channel EBRD funding to the micro, small and medium-sized enterprise (SME) sector. They include, among others, private equity funds, banks, leasing companies, insurance companies and pension funds. [...] The PCM should review if the EBRD has identified and addressed the failure of the client to follow best labour practices and regulations in line with ESP2008 ...

Complaint > Southeast Europe Equity Fund II

Eligibility: Eligibility Assessment Report for CR

...financial intermediary (FI). Working with FIs is a key way for the EBRD to promote sustainable financial markets and provide a vehicle to channel EBRD funding to the micro, small and medium-sized enterprise (SME) sector. They include, among others, private equity funds, banks, leasing companies, insurance companies and pension funds. [...] The PCM should review if the EBRD has identified and addressed the failure of the client to follow best labor practices and regulations in line with ESP2008 a...

Complaint > GEORGIA - Jvari-Khorga Interconnection

Monitoring: Compliance Review Monitoring Report I

...financial resources required to implement the recommendations considered appropriate. The final Compliance Review Report was submitted for information to the EBRD’s Board of Directors, along with the Management Action Plan. The Board approved the Management Action Plan and the Compliance Review Report, Management Action Plan and Complainant’s comments were publicly released on 20 July 2018 in the PCM Register on the EBRD website. ...

Complaint > Altain Khuder debt & equity

Eligibility: Eligibility Assessment Report

...Financial Reporting Standards) financials in the iron ore sector in Mongolia; 5) Introduce the first internationally audited iron ore reserves in accordance with JORC (Joint Ore Reserves Committee) reserves standards; and 6) Introduce an advanced mine management software. The Project was expected to have a significant demonstration effect on other producers. Throughout the financing, the Bank intended to continue supporting Altain ...