32190 - Credins EE/RE

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Summary of Investment Information

Project Number

32190

Company Name

BANKA CREDINS SH.A.

Date SPI Disclosed

Apr 30, 2012

Country

Albania

Region

Europe

Projected Board Date

May 31, 2012

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Nov 3, 2017

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Jul 13, 2012
Signed : Mar 7, 2013
Invested : May 10, 2013

Sector

Commercial Banking - General

Additional Project Attributes

Blended Finance

Project Description

The IFC will provide a financial facility to Credins Bank (the “Bank”) to finance projects for investment in energy efficiency (EE) and renewable energy (RE) in Albania. IFC is considering supporting the project with financing from the Canada Climate Change Program, a donor-funded facility for climate change friendly projects. IFC also provides advisory services (AS) to the Bank in financing of housing EE renovations in Albania and will consider enhancing its existing AS support with this project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	11.32
Equity

Development Impact

The Project is expected to generate a range of environmental and economic benefits related to the development of sustainable energy finance and related investments. The development impact of the Project is expected to be significant in the following areas:
* improving the competitiveness of the Albanian economy by increasing the efficiency of energy use across sectors,
* facilitating the development of energy efficiency investments among residential and potentially SME clients and targeting to generate a minimum decrease in per unit energy consumption >15% (kWh/unit (m2, production).
* increasing lending for RE projects in Albania, with specific focus on small hydro power plants, provided that at least EUR 15 million would be financed, and app. app.15 MW newly installed
* improving the local and global environment through decreased emissions of greenhouse gas and other conventional pollutants while reducing the country''s dependence on energy exports.

IFC''s main role in this project is to build strong partnership with leading local bank. using combination of IS and AS in order to develop financing climate change positive investments in Albanian economy. IFC will provide essential advisory support to client to build EE/RE lending expertise and offer tools for RE project evaluation, monitoring and tracking energy savings and GHG emissions. By the dedicated term funding IFC will support growth of bank''s portfolio in energy efficient and renewable energy projects. IFC''s additionality in this project includes:
* Providing long term funding at commercial rates supplemented by donor funds in order to facilitate entry of the bank into sustainable energy finance business in Albania.
* Sharing global expertise in climate change investments which would further add upon Credins''s experience in this sector, with particular focus to Small Hydro Power Projects.
* Strengthening focus to EE/RE finance on Albanian market with strong demonstration effect on overall banking sector.

E&S Category Rationale / Risks and Mitigation

This project, which consists of an IFC investment in Credins Bank for on-lending renewable energy and energy efficiency projects, has been categorized as FI-2 according to IFC’s Environmental and Social Review Procedure. Credins Bank''s portfolio includes medium and high risk sectors such as construction, agriculture and food processing, fishing, industrial production, and oil, gas and mining (trade of oil).

During the appraisal, IFC analyzed Credins Bank’s portfolio, and reviewed its capacity to manage social and environmental risks and to undertake E&S due diligence in line with IFC’s policy requirements. IFC also appraised Credins Bank’s and labor policies against IFC''s Performance Standard 2 on Labor and Working Conditions. The key challenge in this investment will be for Credins Bank to manage the E&S risks associated with the activities of its borrowers in line with IFC’s policy requirements, and to screen borrowers against the activities on the exclusion list. Credins Bank will be required to develop and implement an Environmental and Social Management System (ESMS) that screens against the IFC Exclusion List, ensures compliance with national environmental and social laws, and meets the requirements of IFC''s Performance Standards for high risk projects.

Contacts

For Inquiries About the Project, Contact

Monika Milo, Deputy CEO
Credins Bank Sh.A.
Rruga Ismail Qemali, Mr.4, Tirane, Albania
+355-4-2234-096
mailto:mmilo@bankacredins.com, http://www.bankacredins.com

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date	Status	Comments	Completion Date
Establish SEMS		Completed	Completed
Develop guidelines		Completed	Completed
Staff Training		Completed	Completed
1. Prepare Staff Training Plan (COD) 2. Enhance HR Practices in line with IFC Performance Standard 2: Labor and Working Conditions (COD)		Completed	Completed

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