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EBRD furthers green agenda in Slovakia, Serbia and Uzbekistan

Development lender the European Bank for Reconstruction and Development (EBRD) today announced it had invested €20 million in the first senior preferred green bond launched by Bratislava-based Slovenská sporiteľňa.

The green bond was priced and subscribed yesterday and will be traded on the Bratislava Stock Exchange. Slovenská sporiteľňa, Slovakia’s largest commercial bank, is part of the Austria-based Erste Group, another of whose members benefited from an EBRD credit line last week.

The London-based EBRD on Monday said the first insurance arrangement it had undertaken as part of a new agreement with trade credit insurer Euler Hermes would see the latter assume half the risk associated with a RSD1.2 billion (€10.2 million) credit line extended by the former to the Serbia-based Erste Bank, which also belongs to the Austrian group.

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That Serbian lending facility will enable Erste Bank to on-lend for residential energy efficiency measures. In a further lift for green finance, Euler Hermes – a subsidiary of Munich-based insurer Allianz – said it would invest the premiums received from the EBRD into green bonds under its recently started Green2Green single-risk insurance product.

The EBRD yesterday announced it would lend up to $25 million (€20.5 million) to Uzbek bank Uzpromstroybank, to be passed on to small and medium-sized businesses in the country to finance climate-related investment.

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Source: pv magazine