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[Information considered confidential has been removed from this document in accordance with the EBRD''s Access to Information Policy (AIP). Such removed information is considered confidential because it falls under one of the provisions of Section III, paragraph 2 of the AIP]
TABLE OF CONTENTS................................................................................................................. 2
ABBREVIATIONS / CURRENCY CONVERSIONS................................................................... 3
PRESIDENT''S RECOMMENDATION......................................................................................... 4
BOARD DECISION SHEET........................................................................................................... 5
ADDITIONAL SUMMARY TERMS FACTSHEET.................................................................... 6
1. STRATEGIC FIT AND KEY ISSUES...................................................................................... 9
1.1 STRATEGIC CONTEXT........................................................................................................ 9
1.2 TRANSITION IMPACT........................................................................................................ 12
1.3 ADDITIONALITY............................................................................................................... 14
1.4 SOUND BANKING - KEY RISKS.......................................................................................... 15
2. MEASURING / MONITORING SUCCESS............................................................................ 17
3. KEY PARTIES........................................................................................................................... 18
3.1 GUARANTOR / BORROWER.............................................................................................. 18
3.2 PROJECT ENTITY.............................................................................................................. 18
4. MARKET CONTEXT............................................................................................................... 18
5. FINANCIAL / ECONOMIC ANALYSIS................................................................................ 19
5.1 GUARANTOR / BORROWER.............................................................................................. 19
5.2 PROJECT ENTITY.............................................................................................................. 20
5.3 PROJECTED PROFITABILITY FOR THE BANK.................................................................. 20
6. OTHER KEY CONSIDERATIONS........................................................................................ 20
6.1 ENVIRONMENT................................................................................................................. 20
6.2 INTEGRITY........................................................................................................................ 20
6.3 OTHER ISSUES.................................................................................................................. 20
ANNEX 1 – PROJECT IMPLEMENTATION........................................................................... 23
This recommendation and the attached Report concerning a framework operation in favour of electricity distribution companies in Tajikistan (Tajikistan Energy Efficiency Framework, the "TEEF" or the "Framework") are submitted for consideration by the Board of Directors.
The TEEF will consist of sovereign or sovereign guaranteed loans for an aggregate amount of up to EUR 43 million in favour of electricity distribution companies in Tajikistan and is expected to be co-financed with international donors and other IFIs. Each sub-project will be supported by a comprehensive technical cooperation package to ensure appropriate preparation, implementation and institutional development assistance, to be financed by international donors (including EU IFCA and ADB) or the EBRD Shareholder Special Fund (the "SSF").
I am satisfied that the operation is consistent with the Strategy for Tajikistan for 2020-2025, the Energy Sector Strategy 2019-2023, the Green Economy Transition Approach, the Economic Inclusion Strategy, the Strategy for the Promotion of Gender Equality 2016-2020 and with the Agreement Establishing the Bank.
I recommend that the Board approve the proposed Framework substantially on the terms of the attached Report.
Framework coverage: the TEEF will facilitate modernisation of Tajikistan''s power sector with an overall target of improving access to an efficient and reliable electricity network.
Transition impact: Primary Quality - Resilient. The TEEF will target energy efficiency improvements in the power sector, with a particular focus on the development of advanced grid metering infrastructure and network upgrades in major cities. The Framework includes a policy dialogue initiative, building on existing engagements, to strengthen the regulatory environment for the Tajik energy sector including drafting of key regulations, institutional capacity building for the newly established regulatory unit and support in the operationalization of the recently adopted tariff methodology.
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