| Project Detail |
Location:
Regional
Project number:
53952
Business sector:
Manufacturing and Services
Notice type:
Private
Environmental category:
B
Approval date:
14 Dec 2022
Status:
Passed Final Review, Pending Approval
PSD disclosed:
02 Dec 2022
Provision of long term funding in the amount of EUR 42 million to Cersanit S.A. (the "Company") to complete multiple investments both in Ukraine and Poland as well as actively manage working capital needs (the "Project").
The Project is approved under € 2bn Resilience and Livelihoods Framework ("RLF") with ultimate aim of helping citizens, companies and countries affected by the war on Ukraine. Further details can be found here: https://www.ebrd.com/news/2022/ebrd-unveils-2-billion-resilience-package-in-response-to-the-war-on-ukraine-.html
This project was approved in the context of the Banks response to the Russian-led invasion of Ukrainian territory in February 2022. To avoid delays to the delivery of this project, the Banks President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of this deviation, and the Banks response to this situation, can be found on our website.
Project Objectives
The project represents EBRD support to a leading ceramic tile and sanitaryware manufacturer that is expected to play an instrumental role in the reconstruction of damaged infrastructure in Ukraine. In addition the project will address the adversities faced by the Company through expansion and reconstruction of assets ultimately aimed at compensating the impact of (i) the divestment of the Russian operations, (ii) the war on Ukraine and (iii) a fire at one of its key facilities in Poland that have affected the companys operations, liquidity and its human capital resilience. |
