Policy on corporate loans based on PCM CRR on the EPS Restructuring project
Advocacy letter | 6 May 2019
The PCM has finalised the Compliance Review Report (CRR) of the EPS Restructuring project and has closed the case without further monitoring. We welcome the recommendation that clarification of the policy framework and strategic guidance are urgently required as the EBRD is about to finalise the review of its Environmental and Social Policy (ESP). However we strongly disagree with the CRR conclusions that the EBRD is compliant with the current Environmental and Social Policy provisions on corporate-level financing. We are also concerned, that the current PCM Rules of Procedure do not allow for the PCM to monitor the implementation of the CRR recommendation in cases where no non-compliance is found.