<div><h2>Project Description</h2><p></p><p>An up to EUR 108.35 million senior secured loan to Olympic Commercial &amp; Tourist Enterprises SA ("Olympic", or the "Company") in Greece.  The loan consists of €40.6 million of EBRD financing, blended with €67.7 million of RRF loans channelled through the Greek Ministry of Finance to the EBRD/EU Special Fund. The project is the fifth sub-operation under the EBRD's Greek Recovery and Resilience Facility (RRF) Co-Financing Framework, implemented as part of the "Greece 2.0" National Recovery and Resilience Plan, funded by the European Union's (EU) NextGenerationEU programme.</p><p></p><h2>Project Objectives</h2><p></p><p>The loan will finance the purchase of new Electric Vehicles (EVs) to replace Internal Combustion Engine (ICE) vehicles in Olympic's leasing and rental portfolio (the "Project"). The total Project cost of EUR 135.43 million will be funded from the EUR 108.35 million proposed debt-financing package and EUR 27.09 million from Olympic's own funds. The Project addresses the strategic directions of the EBRD Country Strategy for Greece, which aims to "<em>support transition to a green, low-carbon economy</em>" and "<em>support the decarbonisation across sectors through direct engagement with private clients</em>" and is in line with Greece's Recovery and Resilience Plan by "<em>contributing to clean urban transport rolling stock</em>", promoting the decarbonisation of the Greek economy.</p><p></p><h2>Transition Impact</h2><p>ETI score: 62</p><p style="margin-top: -13px;"></p><p>The transaction contributes to the Green TI Quality as the targeted investments will support the growth of zero-emission vehicles in the Borrower's leasing and rental portfolio in Greece. </p><p>Furthermore, the Project supports the Inclusion Quality, via promotion of greater workforce diversity.</p><p></p><h2>Client Information</h2><p>OLYMPIC COMMERCIAL AND TOURISTENTERPRISES SINGLE MEMBER SA</p><p style="margin-top: -13px;"></p><p>Olympic is one of the leading car rental and leasing companies in Greece and the master franchisee of Avis Budget Group in the country, operating a fleet of ca. 60,000 vehicles.</p><p> </p><p></p><h2>EBRD Finance Summary</h2><p>										EUR 40,630,026.00									</p><h2>Total Project Cost</h2><p>										EUR 135,433,420.00									</p><h2>Additionality</h2><p></p><p>EBRD enables the Company's access to competitive RRF financing. Olympic benefits from this financing tool to enable an innovative technology (EVs) to become more widespread. Such funds would help the Company to accelerate the rollout of greener vehicles in a market with low electric vehicles penetration, also supporting the realization of the country's sustainable transportation goals. Additionally, the Project promotes women's economic inclusion and empowerment within the Company.  </p><p></p><h2>Environmental and Social Summary</h2><p></p><p>Category C (2019 Environmental and Social Policy). Environmental and Social Due Diligence (ESDD) concluded that the current Environmental &amp; Social (E&amp;S) management practices of the Company has sufficient capacity to manage the E&amp;S risks and will continue to follow the Environmental Policy and Code of Ethics of Avis Budget Group meaning that the project can be readily managed. Projects under EU's Resilience and Recovery Facility (RRF) are required to demonstrate that they Do No Significant Harm (DNSH), which requires application of the InvestEU Sustainability Proofing guidance for the climate and environmental dimensions of the Project. ESDD has confirmed that E&amp;S impacts are low risk and readily mitigated, and therefore no detailed sustainability proofing is required, and the Project meets the DNSH requirement for the RRF. The Project has also obtained RRF auditor approval from an independent party providing assurance services on DNSH. The findings of the ESDD also showed that the Company is certified for Environmental and Energy management in accordance with ISO14001 and ISO50001 and is pursuing further certification for Health &amp; Safety and Quality assurance. A comprehensive E&amp;S training programme is in place which includes regular Health and Safety training. All Company locations in Greece have undergone Health &amp; Safety risk assessments and have site-based safety technicians. An emergency preparedness and response plan is in place and the company carries out regular hands-on fire safety and first aid trainings. The Company has a water recycling system for car wash operations and a waste management plan for recycling of domestic waste and management of hazardous wastes.</p><p>The Bank will monitor Olympic's performance through submission of Annual Environmental and Social Reports (AESRs) to ensure the Project is in full compliance with EBRD Performance Requirements.</p><p></p><h2>Technical Cooperation and Grant Financing</h2><p></p><p>None</p><p></p><h2>Company Contact Information</h2><p>Yannis Redifis<br/>yannis.redifis@avis.gr<br/>(+30) 21 068 796 42<br/>https://www.avis.gr<br/>Vas. Georgiou 50A, Chalandri Attica, 15233, Greece<br/></p><h2>PSD last updated</h2><p>15 Apr 2024</p><div id="docsLinks" style="display:none"><h2>Related material</h2><ul class="relMat"></ul></div><script type="text/javascript">						var projFinderService = '/project-finder-json?1=1';						var projectId = "55009";					</script><h2>	Understanding Transition</h2><p>	Further information regarding the EBRD’s approach to measuring transition impact is available <a href="https://www.ebrd.com/what-we-do/economic-research-and-data/transition-impact.html">here</a>.</p><h2>	Business opportunities</h2><p>	For business opportunities or procurement, contact the client company.</p><p>	For business opportunities with EBRD (not related to procurement) contact:</p><p>	Tel: +44 20 7338 7168<br/>	Email: <a href="mailto:projectenquiries@ebrd.com">projectenquiries@ebrd.com</a></p><p>	For state-sector projects, visit <a href="https://www.ebrd.com/pages/workingwithus/procurement.shtml">EBRD Procurement</a>:<br/><br/>	Tel: +44 20 7338 6794<br/>	Email: <a href="mailto:procurement@ebrd.com">procurement@ebrd.com</a></p><h2>	General enquiries</h2><p>	Specific enquiries can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Environmental and Social Policy (ESP)</h2><p>	The <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a> 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.</p><p>	More information on the EBRD’s practices in this regard is set out in the <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a>.</p><h2>	Integrity and Compliance</h2><p>	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.</p><p>	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 <a href="mailto:compliance@ebrd.com">compliance@ebrd.com</a>. 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.</p><h2>	Access to Information Policy (AIP)</h2><p>	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 <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/public-information-policy.html">Access to Information Policy</a> page to find out what information is available from the EBRD website.</p><p>	Specific requests for information can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Independent Project Accountability Mechanism (IPAM)</h2><p>	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 Independent Project Accountability Mechanism (IPAM).</p><p>	IPAM 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 <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">Environmental and Social Policy</a> or Project-specific provisions of its <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/access-to-information-policy.html">Access to Information Policy</a>; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.</p><p>	Please visit the <a href="https://www.ebrd.com/project-finance/independent-project-accountability-mechanism.html">Independent Project Accountability Mechanism webpage</a> to find out more about IPAM and its mandate; how to <a href="https://www.ebrd.com/eform/IPAM/Request_form">submit a Request</a> for review; or contact IPAM  via email <a href="mailto:ipam@ebrd.com">ipam@ebrd.com</a> to get guidance and more information on IPAM and how to submit a request.</p><p>	 </p></div>

RRF - Olympic E-mobility

An up to EUR 108.35 million senior secured loan to Olympic Commercial Tourist Enterprises SA Olympic, or the Company in Greece.  The loan consists of EUR40.6 million of EBRD financing, blended with EUR67.7 million of RRF loans channelled through the Greek Ministry of Finance to the EBRDEU Special Fund. The project is the fifth sub-operation under the EBRD's Greek Recovery and Resilience Facility RRF Co-Financing Framework, implemented as part of the Greece 2.0 National Recovery and Resilience Plan, funded by the European Union's EU NextGenerationEU programme.The loan will finance the purchase of new Electric Vehicles EVs to replace Internal Combustion Engine ICE vehicles in Olympic's leasing and rental portfolio the Project. The total Project cost of EUR 135.43 million will be funded from the EUR 108.35 million proposed debt-financing package and EUR 27.09 million from Olympic's own funds. The Project addresses the strategic directions of the EBRD Country Strategy for Greece, which aims to support transition to a green, low-carbon economy and support the decarbonisation across sectors through direct engagement with private clients and is in line with Greece's Recovery and Resilience Plan by contributing to clean urban transport rolling stock, promoting the decarbonisation of the Greek economy.ETI score: 62The transaction contributes to the Green TI Quality as the targeted investments will support the growth of zero-emission vehicles in the Borrower's leasing and rental portfolio in Greece. Furthermore, the Project supports the Inclusion Quality, via promotion of greater workforce diversity.OLYMPIC COMMERCIAL AND TOURISTENTERPRISES SINGLE MEMBER SAOlympic is one of the leading car rental and leasing companies in Greece and the master franchisee of Avis Budget Group in the country, operating a fleet of ca. 60,000 vehicles. EUR 40,630,026.00EUR 135,433,420.00EBRD enables the Company's access to competitive RRF financing. Olympic benefits from this financing tool to enable an innovative technology EVs to become more widespread. Such funds would help the Company to accelerate the rollout of greener vehicles in a market with low electric vehicles penetration, also supporting the realization of the country's sustainable transportation goals. Additionally, the Project promotes women's economic inclusion and empowerment within the Company.  Category C 2019 Environmental and Social Policy. Environmental and Social Due Diligence ESDD concluded that the current Environmental Social ES management practices of the Company has sufficient capacity to manage the ES risks and will continue to follow the Environmental Policy and Code of Ethics of Avis Budget Group meaning that the project can be readily managed. Projects under EU's Resilience and Recovery Facility RRF are required to demonstrate that they Do No Significant Harm DNSH, which requires application of the InvestEU Sustainability Proofing guidance for the climate and environmental dimensions of the Project. ESDD has confirmed that ES impacts are low risk and readily mitigated, and therefore no detailed sustainability proofing is required, and the Project meets the DNSH requirement for the RRF. The Project has also obtained RRF auditor approval from an independent party providing assurance services on DNSH. The findings of the ESDD also showed that the Company is certified for Environmental and Energy management in accordance with ISO14001 and ISO50001 and is pursuing further certification for Health Safety and Quality assurance. A comprehensive ES training programme is in place which includes regular Health and Safety training. All Company locations in Greece have undergone Health Safety risk assessments and have site-based safety technicians. An emergency preparedness and response plan is in place and the company carries out regular hands-on fire safety and first aid trainings. The Company has a water recycling system for car wash operations and a waste management plan for recycling of domestic waste and management of hazardous wastes.The Bank will monitor Olympic's performance through submission of Annual Environmental and Social Reports AESRs to ensure the Project is in full compliance with EBRD Performance Requirements.NoneYannis Redifisyannis.redifisavis.gr+30 21 068 796 42https:www.avis.grVas. Georgiou 50A, Chalandri Attica, 15233, Greece15 Apr 2024Further information regarding the EBRD's approach to measuring transition impact is available here.For business opportunities or procurement, contact the client company.For business opportunities with EBRD not related to procurement contact:Tel: +44 20 7338 7168Email: projectenquiriesebrd.comFor state-sector projects, visit EBRD Procurement:Tel: +44 20 7338 6794Email: procurementebrd.comSpecific enquiries can be made using the EBRD Enquiries form.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.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 complianceebrd.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.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.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 Independent Project Accountability Mechanism IPAM.IPAM 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 the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipamebrd.com to get guidance and more information on IPAM and how to submit a request.

EU Calls: Credit © European Union, 1998-2024 under <a href="http://creativecommons.org/licenses/by/4.0/">CC BY 4.0 licence</a>