📋 Tender Overview
Slovenia
Project number:
55859
Business sector:
Financial institutions
Notice type:
Private
Environmental category:
BE
Approval date:
05 Nov 2024
Status:
Signed
English-language PSD published:
04 Dec 2024
Project Description
An investment of €10 million in the senior preferred bonds issued by Gorenjska banka d.d. ("GB") issued on 22 November 2024 and listed on the Ljubljana Stock Exchange. The project is under the Financial Intermediaries Framework ("FIF").
Project Objectives
The project (1) facilitates the expansion of the lending to MSMEs in the country and (2) supports the Bank's GET through promoting the financing of green technologies. GB will allocate 150% of EBRD's funds invested in the bond to finance MSME expansion and 100% of the funds to support GET-eligible projects.
Additionally, the project has a broader objective of strengthening the resilience of Slovenia's financial sector by (i) supporting capital market development through increased bond issuances by Slovene banks and (ii) enhancing the loss-absorbing capacity of a systemic institution to ensure a continuous flow of credit within the economy.
Transition Impact
ETI score: 60
Contribution to the FIF objectives, supporting the Competitive and Resilient transition qualities. FIF seeks to foster MSME competitiveness by increasing availability of financing for MSMEs and to encourage sustainable financing practices, supporting the resilience of the financial system.
Client Information
GORENJSKA BANKA DD
Gorenjska banka d.d. is the 6th largest bank in Slovenia as of mid-2024, holding approximately a 5% market share and total assets of EUR 2.7 billion. GB is majority-owned (91.7%) by Agri Europe Cyprus Limited.
EBRD Finance Summary
EUR 10,000,000.00
Total Project Cost
EUR 32,863,750.00
Additionality
The project demonstrates strong additionality via: (i) closing the funding gap and facilitating a successful book-building process for a bank with a limited market access; (ii) providing confidence to other investors, thereby strengthening investor trust and expanding market participation and (iii) leveraging on EBRD's expertise in energy and resource efficiency to support climate-resilient financing aligned with EBRD's GET standards.
Environmental and Social Summary
Categorised FI (2019 ESP). GB, a new client, and will be required to adhere to EBRD's Performance Requirements 2, 4, and 9 and to apply the EBRD's Procedures for Corporate, SME, and Micro lending to the investment activities associated with the EBRD's funds. GB must utilise and strictly apply the Environmental and Social (E&S) Exclusion List within the Environmental and Social Policy, adhere to the Referral List under PR9, and submit annual E&S reports to the Bank. Sub-borrowers financed through GB's loans must comply with national environmental, health, safety, and labour (EHSL) requirements. Renewable energy projects financed through the bond issuan
