Detalles del proyecto

Visión general

Título del Proyecto

VISP - UZ Liquidity Facility

Prior information notice
23 may 2020

Publicado

23 mayo 2020

Presupuesto

 


Tipo de aprovisionamiento

Servicios

Referencia

EBRDZ269733

Agencia de Financiación

EBRD - Banco Europeo para la Reconstrucción y el Desarrollo


Países

Ucrania

Location:
Ukraine

Project number:
52208

Business sector:
Transport

Notice type:
State

Approval date:
24 Jun 2020

Status:
Exploratory

PSD disclosed:
22 May 2020

Project Description

The provision of a senior loan up to € 150 million to provide emergency liquidity support to PJSC "Ukrainian Railways" (the "Company", "UZ"), an existing client of the Bank, in order to mitigate the effect of the COVID-19 crisis (the "Project" or the "Facility"). The Facility will be secured by a pledge over the Company's existing rolling stock. The Project is presented as part of the Vital Infrastructure Support Programme ("VISP") under the EBRD's Solidarity Package 2.0.

Project Objectives

The proceeds of the loan will finance emergency liquidity support to provide UZ with working capital needed for its operations.

Transition Impact
ETI: 65

Primary Quality - Resilient: The operation is part of the Bank's COVID-19 Solidarity Package and is presented under the VISP. The Bank's loan will be used to support the immediate working capital needs of the Company, ensuring the Company's logistical operations capacity is adequately preserved throughout and beyond the COVID-19 pandemic.

Secondary Quality - Competitive: The project will support wider rail sector governance reforms through the implementation of the Corporate Governance Action Plan (CGAP) for UZ's subsidiaries under the Regional Programme for Improving Corporate Governance in Selected the EBRD Investee Companies and Banks, development of a stand-alone anti-corruption action plan and its implementation, introduction of procurement certification.

Client Information

UKRAINIAN RAILWAYS PJSC

Ukrainian Railways PJSC is a vertically-integrated railway company fully owned by the Govrenment of Ukraine. The Company was established as a public joint stock company in October 2015, via reorganisation of the former State Administration for Railway Transport of Ukraine, as part of the ongoing railway sector reform.

EBRD Finance Summary
EUR 150,000,000.00

Total Project Cost
EUR 150,000,000.00

Additionality

Financing structure: Crisis response - the EBRD financing is provided under extraordinary circumstanses of the COVID-19 crisis and effectively bridges a liquidity gap due to adverse market conditions. Public sector - the EBRD investment is needed to close the funding gap complementing other sources, such as from IFIs, government, commercial banks.

Environmental and Social Summary

Categorised B (2019 ESP). The provision of short-term working capital is not associated with any new environmental or social risks or impacts. Due diligence for this transaction will comprise a review of the company's annual report, its corporate environmental protection plan and progress with implementation of the environmental and social action plan (ESAP) for the Bank's previous projects. This solidarity loan does not require additional monitoring or reporting. EBRD will continue to monitor UZ's environmental and social performance via reporting for the previous transactions.

Technical Cooperation and Grant Financing

TC 1 - Preparation of an Anti-Corruption Action Plan and support to the Company with its implementation.

TC 2 - CGAP for the Company's subsidiaries under the Regional Programme for Improving Corporate Governance in Selected EBRD Investee Companies and Banks.

Company Contact Information

Mr. Andriy Fedoseev, Acting Investment Policy Director
fedoseev@uz.gov.ua
+38044 4651401
www.uz.gov.ua
5 Tverska Yezhy Giedroytsya) St., Kyiv, 03150, Ukraine

PSD last updated

22 May 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Project Complaint Mechanism (PCM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g., through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s accountability mechanism.

The accountability mechanism independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit our webpage to find out how to submit a complaint through the confidential online form, by email, mail or telephone. We are available to discuss your concerns and answer any questions you may have about the submission or handling of complaints. Complainants’ identities may be kept confidential upon request.

Please note that after the appointment of the new mechanism Head in 2020, the revised Project Accountability Policy and Guidance will come into effect to guide case handling.

Hyperlinks to Related Project Dossiers:

https://www.ebrd.com/work-with-us/projects/psd/52208.html