EcoDolie

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Translated version of this PSD: Russian The EBRD is considering up to USD 20 million equity investment in Arrones Ltd, a limited liability company registered in Cyprus. The Bank’s equity proceeds will be used to finance land acquisition, infrastructure and other start-up and construction costs of low-rise housing developments in Russian regional cities. The Project transition impact will derive from the following key areas: Arrones Ltd, a limited liability company registered in Cyprus. The Company is beneficiary controlled by Baring Vostok Fund IV Management Limited. Up to USD 20 million equity investment. Total project costs amount to USD 57 million. The monitoring visit and review of the updated documentation provided by the company indicated that the client has adequate environmental and social risk management capacities and ensures that necessary environmental service provisions such as water supply, waste water collection system and solid waste collection are developed in tune with the housing development. In the case of the Orenburg sub-project, social infrastructure such as kindergartens and schools will be constructed with co-operation of the local and regional governments. The Corporate Environmental & Social Action Plan (ESAP) and sub-project level ESAPs for the Orenburg and Obninsk sub-projects have been implemented in a satisfactory manner. However, construction worker health and safety issues offer scope for improvements. The Bank provides additional guidance to strengthen the company’s contractor management in order to ensure construction health and safety. Environmental and Social Analysis Reports on Samara, Yekaterinburg and Sholokhovo village, Moscow region provided by the company did not indicate significant environmental and social issues. The company is required to continue to implement the sub-projects in compliance with EBRD Performance Requirements and submit an annual environmental and social report to the Bank. The Bank continues to monitor the sub-projects as they progress. Due to strong prospects of sustainable energy opportunities, the Project has been provided with technical assistance under the Energy Performance Assessment and Corporate Policy Support Framework – funded by EBRD’s Special Shareholder Fund. Pavel Golovach, CFO Tel: 7 (495) 380 3478 ext.243 E-mail: pgolovach@ecodolie.ru