Greece Financing – Greek Homes http://greekhomes.info/ Tue, 19 Oct 2021 08:40:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://greekhomes.info/wp-content/uploads/2021/04/default.png Greece Financing – Greek Homes http://greekhomes.info/ 32 32 Bechtel secures EUR 430 million loan backed by UKEF for highway project in Serbia http://greekhomes.info/bechtel-secures-eur-430-million-loan-backed-by-ukef-for-highway-project-in-serbia/ http://greekhomes.info/bechtel-secures-eur-430-million-loan-backed-by-ukef-for-highway-project-in-serbia/#respond Tue, 19 Oct 2021 08:03:00 +0000 http://greekhomes.info/bechtel-secures-eur-430-million-loan-backed-by-ukef-for-highway-project-in-serbia/ BELGRADE (Serbia), Oct. 19 (SeeNews) – US civil engineering firm Bechtel has announced that it has signed an agreement with UK Export Finance (UKEF) to secure a guaranteed loan of 430 million euros ($ 501 million) for the construction of the Morava Corridor, a 112 km highway in central Serbia, he said. The UKEF-backed purchase […]]]>

BELGRADE (Serbia), Oct. 19 (SeeNews) – US civil engineering firm Bechtel has announced that it has signed an agreement with UK Export Finance (UKEF) to secure a guaranteed loan of 430 million euros ($ 501 million) for the construction of the Morava Corridor, a 112 km highway in central Serbia, he said.

The UKEF-backed purchase credit facility will help Bechtel in its joint venture with Turkey’s Enka to create € 150 million in value for the UK economy, by boosting investment in local communities and supporting jobs, Bechtel said in a statement Monday.

“We are proud to partner with the Government of Serbia and UKEF in this transformational project and look forward to bringing energy and creativity to deliver this world-class highway in this strategically important part of the world. ‘Europe. We thank the government of Serbia for its engaging action throughout the funding process, ”said Keith Hennessey, President of Bechtel Enterprises, the development and project finance arm of Bechtel.

Serbia signed a € 745 million contract for the construction of the Morava Corridor Motorway with the Bechtel-Enka consortium in December 2019.

The four-lane road will have 88 bridges, 29 level crossings and 11 toll booths. The 112 km motorway will have three sections: Pojate-Krusevac, Krusevac-Adrani and Adrani-Mrcajevci. The Morava Corridor motorway will be linked to European transport corridors X and XI which connect Austria and Greece via Slovenia, Croatia and Macedonia; and to Italy and Romania via Montenegro.

($ = 0.85824 euros)


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Unprofitable Cypriot banks must increase performing loans and reduce sales of NPL http://greekhomes.info/unprofitable-cypriot-banks-must-increase-performing-loans-and-reduce-sales-of-npl/ http://greekhomes.info/unprofitable-cypriot-banks-must-increase-performing-loans-and-reduce-sales-of-npl/#respond Sun, 17 Oct 2021 10:52:21 +0000 http://greekhomes.info/unprofitable-cypriot-banks-must-increase-performing-loans-and-reduce-sales-of-npl/ By Les Manison Comparative data for the second quarter of 2021 released by the ECB as part of its Single Supervisory Mechanism reveals that the three largest Cypriot banks performed poorly compared to most of their euro area counterparts. Only Greek banks performed worse, while banks in other eurozone countries were much more profitable. More […]]]>

By Les Manison

Comparative data for the second quarter of 2021 released by the ECB as part of its Single Supervisory Mechanism reveals that the three largest Cypriot banks performed poorly compared to most of their euro area counterparts. Only Greek banks performed worse, while banks in other eurozone countries were much more profitable.

More specifically, these Cypriot banks recorded an average return of 1.25% on their equity in the second quarter of 2021, while this return for the banks of other members of the euro area ranged from -34.8% in Greece to 3.47% in Malta and 11.5% in Spain. . Return on assets showed a similar picture, with the figure for Cypriot banks being 0.09%, while those returns ranged from -2.74% for Greek banks to 0.22% for German banks and up. at 1.30% for Slovenian banks.

The low profitability of Cypriot banks is explained by the low level of their net interest income compared to their assets. Indeed, the net interest income of Cypriot banks in the second quarter of 2021 amounted to less than 0.1% of their total assets, against an average ratio of 0.7% for other banks in the euro area. Moreover, it is the composition of the asset portfolio of Cypriot banks which is almost entirely responsible for the relatively low levels of net interest income. While other euro area banks held on average over 56% of their assets in the form of interest-bearing loans and advances, Cyprus held only 42%. And according to the Central Bank of Cyprus, 17.6% of total loans from Cypriot banks at the end of June 2021 were classified as non-performing, meaning they do not earn interest, while in other countries of the euro area, with the exception of Greece, NPLs according to ECB data, major banks accounted for less than 5 percent of their total loans.

In addition, Cypriot banks have a much higher proportion of their assets in the form of cash and balances with central banks – 35.8% which “earn” negative interest – than other euro area countries which have a corresponding ratio on average 16.0%; indeed, it is a major factor depressing the net interest income of Cypriot banks.

In addition, the profitability of Cypriot banks suffers from the fact that a high proportion of its loans are impaired, which means that they have to incur significantly higher provisioning expenses than in most other countries where NPLs are much lower. as shown above. Indeed, in June 2021, the provisions of all Cypriot banks against non-performing loans had accumulated to more than 2.3 billion euros, or nearly 47% of these bad loans.

Why do stakeholders tolerate low bank profitability?

For many years, Cypriot banks have recorded low profits and losses resulting in non-payment of dividends to shareholders since 2004. And with banks’ stock prices on a persistent downward trend over the past 10 years , longer-term shareholders had virtually no opportunity for capital gains. So why do stakeholders such as major shareholders and even banking supervisors tolerate continued low bank profitability? What do they gain from a situation where banking activity is focused on debt collection, debt swaps and debt sales rather than engaging in performing loans? It appears that in recent years Cypriot banks have significantly reduced the amount of NPLs on their balance sheets by essentially selling collateral (mostly physical assets) with these loans, often at a price below market value, to acquiring companies and hedge funds. , some of whom are major shareholders of the banks themselves. These companies and funds are in turn able to sell the distressed assets at a healthy profit.

In this regard, it should be noted that government policies continue to be biased in favor of rising prices in a supercharged real estate market. The tax incentives, including a reduction in the VAT rate from 19% to 5% on real estate purchases, and the attempt to keep the ‘golden passport’ regime alive are all aimed at increasing the demand for Cypriot goods, part of which is considerable ends in collateralization of bank loans.

Thus, it appears that the lucrative activity of substantially reducing bank balance sheets through the sale of NPL is quite profitable for the major shareholders. But, with the sale of these distressed debts and the related asset transfers, there is no real wealth creation and very little funding for productive activity in the real economy. Indeed, there is wealth extraction by the systematic transfer of assets from the largest number to the small number who benefit from this process. In addition, households and non-financial corporations remain heavily indebted with debt-to-GDP ratios of around 85% and 160%, respectively, at the end of March 2021.

What can be done?

Banking activity in Cyprus needs to be reoriented towards making profits from performing loans that contribute to real economic growth rather than worrying about transactions involving the sale of distressed assets and the unproductive transfer of wealth. Banks can start making adequate profits again by increasing the proportion of interest-bearing loans on their balance sheets and drastically reducing the amount of liquidity and central bank balances bearing negative interest. But, unfortunately, many bank customers remain heavily in debt. As a result, banks have limited room to use their abundant liquidity to increase lending to creditworthy entities in order to increase their net interest income.

In addition, the government’s proposed scheme to guarantee repayment of bank loans if implemented would only add debt to an already over-indebted private sector, forcing the government to repay a new wave of debts. unproductive. Undeniably, with the cover of government guarantees, banks would not hesitate to grant loans to poorly creditworthy clients, which would inevitably result in higher taxes for Cypriot citizens, but above all would increase the total debt (private and public) and would further worsen the conditions for sustainable economic development. .

Therefore, before significant progress can be made in improving the quality of bank asset portfolios, banks should help clean up the balance sheets of non-financial corporations and households. Banks must write off unpayable debts of private sector entities and legally force and induce strategic defaulters and the delinquent rich to repay their loans. But with these actions, banks and the economy would suffer initially, as banks would suffer losses for debt write-offs as bad loans are not covered by allowances, while many entities resuming loan repayments. are expected to increase their savings and reduce their spending leading to further equity depletion and what is known as a balance sheet recession.

However, to subsequently benefit from the consolidation of balance sheets, the government should cooperate with the private sector to organize productive investments linked to a large extent to the implementation of the recovery and resilience plan. This would give banks the ability to lend to creditworthy clients to finance economically viable projects that could significantly increase their interest income. In addition, with the phasing out of non-performing loans, provisioning expenses for bad loans would be reduced and help increase bank profits.

It can be concluded that current and proposed government and banking policies will most likely continue to undermine bank profitability and increase the current excessive indebtedness of the economy. Accordingly, it is recommended that the above policy adjustments, while initially costly for banks and the economy, place banks in a position where they can make a significant contribution to financing sustained economic growth and in doing so, increase their own profitability and long-term viability.

Leslie G Manison is an economist and financial analyst specializing in macroeconomic policy analysis, bank sustainability assessments and international financial relations. He is a former Senior Economist at the International Monetary Fund, a former Adviser to the Ministry of Finance of Cyprus and a former Senior Adviser to the Central Bank of Cyprus.


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Funding for fight threatens plan to inject billions of dollars into affordable housing http://greekhomes.info/funding-for-fight-threatens-plan-to-inject-billions-of-dollars-into-affordable-housing/ http://greekhomes.info/funding-for-fight-threatens-plan-to-inject-billions-of-dollars-into-affordable-housing/#respond Sat, 16 Oct 2021 04:15:00 +0000 http://greekhomes.info/funding-for-fight-threatens-plan-to-inject-billions-of-dollars-into-affordable-housing/ A few years ago, she was told that a voucher was about to be available, but that failed, and she has spent much of the past 13 years jumping from apartment to apartment. Last spring, Ms Sylve moved in with her daughter across the bay from San Francisco because the neighborhood around her apartment had […]]]>

A few years ago, she was told that a voucher was about to be available, but that failed, and she has spent much of the past 13 years jumping from apartment to apartment. Last spring, Ms Sylve moved in with her daughter across the bay from San Francisco because the neighborhood around her apartment had become too dangerous.

“They give you hope, and that’s the hardest part,” Ms. Sylve said. “But you keep on hoping year after year after year.”

A survey of 44 major housing authorities across the country conducted by the Center on Budget and Policy Priorities, a left-wing Washington think tank, painted a grim picture of the voucher program. In total, 737,000 people were on waiting lists and 32 of the authorities refuse to take on new requests, with a few exceptions for particularly vulnerable populations.

The situation on the West Coast was particularly dire, with eight times as many people on waiting lists as receiving help in San Diego, where the list topped 108,000. Long waiting lists are also on the rise. a must see in Washington, Philadelphia, Houston, Honolulu, Little Rock, Ark. and New York, which closed its list years ago.

Will Fischer, director of housing policy for the center, said stepping up the voucher program was the single most important move the federal government can make to address the homelessness crisis.

“Look, public housing money is urgently needed – but it would be for existing units, for families who already have a place to live,” he said. “And most of the other funding in the proposal actually serves people a little higher up the income ladder.”

Rep. Ritchie Torres, a Democrat from the Bronx whose district is among the poorest in the country, said housing always seemed to be the third, fourth or fifth priority for many Liberal lawmakers.


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What would make the COP26 climate conference a success? http://greekhomes.info/what-would-make-the-cop26-climate-conference-a-success/ http://greekhomes.info/what-would-make-the-cop26-climate-conference-a-success/#respond Fri, 15 Oct 2021 14:17:28 +0000 http://greekhomes.info/what-would-make-the-cop26-climate-conference-a-success/ “A turning point for humanity.” This is what the next COP26 climate summit will be, at least according to British Prime Minister Boris Johnson, who made the statement in a recent address to the United Nations General Assembly. As the UK prepares to host this year’s conference in Glasgow, Scotland, Johnson called on world leaders […]]]>

“A turning point for humanity.”

This is what the next COP26 climate summit will be, at least according to British Prime Minister Boris Johnson, who made the statement in a recent address to the United Nations General Assembly.

As the UK prepares to host this year’s conference in Glasgow, Scotland, Johnson called on world leaders to “recognize the scale of the challenge we face” on climate issues.

Last summer, much of the northern hemisphere was hit by a succession of record-breaking natural disasters, ranging from strong heat waves in North America to deadly flooding in parts of Western Europe, India and China, through uncontrollable forest fires in the Mediterranean.

The latest report from the UN’s Intergovernmental Panel on Climate Change (IPCC) warned that the Earth is warming faster than previously thought, calling it a ‘code red for humanity’ .

So what exactly are world leaders hoping for at COP26? Here’s what you need to know.

What is COP26?

Every year since 1995, the UN has brought together almost every country in the world to fight climate change at what is called the Conference of the Parties (COP).

Put simply, this is the biggest and most important climate conference on the planet, and COP26 has been hailed as “the world’s best last chance” to avoid the worst effects of the climate crisis. .

British Prime Minister Boris Johnson called COP26 in Glasgow, Scotland, “a turning point for humanity”. (Eduardo Munoz / Reuters)

Last year marked the 26th year of the COP, but the global pandemic has delayed the gathering, so it is taking place this year from November 1-12. It will bring together more than 20,000 participants in Glasgow, including heads of state, negotiators, climate experts, business leaders and citizens.

COP26 is seen as an important follow-up to COP21, held in Paris in December 2015, which gave birth to the Paris Agreement.

Why is the Paris Agreement important?

In 2015, for the first time, countries agreed to work together to limit global warming to well below 2 degrees Celsius, with a target of 1.5 C.

  • Do you have questions about COP26 or climate science, politics or policy? Email us: ask@cbc.ca. Your contribution helps inform our coverage.

Under the Paris Agreement, each country has committed to developing a plan to reduce its carbon emissions, known as Nationally Determined Contributions (NDCs). Countries also agreed to update their NDCs every five years to reflect the most ambitious and achievable goal at that time.

COP26 is the first time since Paris that countries will have to present their updated NDCs. Canada’s updated NDC reduces emissions by 40 to 45 percent from 2005 levels by 2030, an improvement over the original commitment to reduce emissions by 30 percent by 2030.

WATCH | Greta Thunberg and other climate activists express concern about the speed of action:

Inaction and inequalities are at the heart of concerns ahead of the COP26 climate summit

As world leaders prepare for next month’s COP26 climate summit in Glasgow, Greta Thunberg slams governments for failing to deliver on promises while others highlight concerns over inequalities facing worst-affected countries by climate change. 2:06

Another important pledge made in Paris was to reaffirm a prior commitment by developed countries to contribute to a climate fund of US $ 100 billion per year to help developing countries by 2020, and to extend that commitment for another five years. until 2025.

What does COP26 hope for?

COP26 has four main objectives:

  • Guarantee global net-zero emissions commitments by 2050 and keep 1.5 degrees within reach, including taking measures such as phasing out coal, switching to electric vehicles and stopping deforestation.
  • Adapt to protect communities and natural habitats.
  • Mobilize finance to deliver on the pledge to pool at least $ 100 billion in climate finance per year by 2020.
  • Work together to achieve these goals.

“Accountability is really a watchword for this COP. One of the key issues is to ensure that there is accountability in the system,” said Jennifer Allan, senior lecturer in international relations at the ‘Cardiff University and contributor to the Earth Negotiations Bulletin, the de facto history of global environmental negotiations.

“It’s really about getting that report so everyone knows what everyone else is doing on a regular basis, rather than worrying about it a few years down the road.”

This is why COP26 takes place over two weeks. It takes time for an army of negotiators to get to the heart of the matter of timetables, emission reduction commitments and a reporting system where progress can be measured and countries can be held accountable.

Allan says these negotiations are crucial for the success of COP26.

“Yes, these technical rules are boring. But it builds the confidence that all countries are doing similar things, they are all moving at the same pace.”

How far is the world from achieving its climate goals?

Still quite far. Critics have warned that current updated national commitments to reduce carbon emissions will far miss climate targets.

“At the moment we are only 15% closer than two years ago to being on track for 1.5 degrees if no further NDC review is done before the Glasgow summit,” he said. said Anna Åberg, research analyst at Chatham House in London.

Firefighters and volunteers try to put out a forest fire that burns in the village of Markati, near Athens, in August 2021. The forest fires in Greece this summer were among the worst the country has ever seen. (Alkis Konstantinidis / Reuters)

Meanwhile, pledges to reach $ 100 billion in funding have also failed.

Jonathan Wilkinson, Minister of the Environment for Canada, is part of an effort to push countries to meet their commitments and meet the target of US $ 100 billion in climate finance until 2025.

“This $ 100 billion figure is mostly symbolic. It falls short of the needs of developing countries, but it is really important that it gets delivered,” Berg said. “It was the central element of the market underlying the Paris Agreement. Not delivering would be a massive breach of trust.”

What are the most important announcements leading up to the conference?

Before the conference, several major players made significant climate commitments.

Chinese President Xi Jinping made an unexpected announcement at the United Nations General Assembly in September that China would end funding for foreign coal-fired power plants. Xi did not provide any details, but the announcement follows similar initiatives from South Korea and Japan earlier this year.

Chinese President Xi Jinping is seen on a video screen as he addresses the United Nations General Assembly in September. In his speech, Xi vowed that China would stop funding foreign coal-fired power plants. (Mary Altaffer – Pool / Getty Images)

US President Joe Biden also raised the bar at the recent UNGA by doubling US climate aid. He said he would work with Congress to double funds by 2024 to $ 11.4 billion a year to help developing countries deal with climate change.

These positive steps from the two biggest carbon emitters in the world injected a note of optimism ahead of the Glasgow summit.

Earlier this month, a group of major cement producers pledged to reduce their greenhouse gas emissions by up to 25% this decade and reach net zero by 2050. The industry is responsible about 7% of global carbon emissions, more than anyone else. countries other than China and the United States

What does a successful COP26 look like?

The question is whether COP26 will have a positive outcome or will it simply be the culmination of “30 years of blah blah blah” in the words of climate activist Greta Thunberg?

Åberg says one of the key things to watch out for are “statements made by policymakers at the high-level plenary”, where ministers and other prominent figures demonstrate their climate ambition.

Experts are particularly interested in what governments plan to do to close the gap between current commitments and the emission reductions needed to stay on track and keep global warming at 1.5 ° C.

“Will they revise their NDCs sooner than the Paris timetable foresees? Will they make concrete commitments on phasing out fossil fuels and protecting nature?” said Åberg.

Anna Åberg, senior climate researcher at Chatham House in London, said COP26 is about implementing the goals set in Paris in 2015. (Jean-François Bisson / CBC News)

In short, a successful COP26 is about keeping the promises made in the Paris Agreement. It is about taking more ambitious steps to meet climate goals as soon as possible. And it’s about having concrete action plans – not just words – to get us there.

Without it, the implications are particularly dire for those parts of the world that bear the brunt of climate change, says Nnimmo Bassey, Nigerian architect, climate activist and one of Time Magazine’s environmental heroes in 2009.

“Africa as a continent is warming to a level above the world average – about 50% more,” Bassey said. “We have survived being in the pot, on the fire so long. Now Africa is on the chopping block.”

Allan points out that to date, major issuers like China, India and Australia still have not submitted updated NDCs prior to the summit. Current commitments represent a 12% reduction in global emissions, but it still puts the world on track for 2.4 ° C warming by 2100.

“It will be really difficult to call a victory for this COP unless we see a big increase in this ambition,” she said.

Åberg said she “was hesitant to use this pass-fail language, because I think it’s pretty clear at this point that Glasgow will not achieve everything we want to achieve”.

But she recognizes “we can still go a long way. The goal of this COP26 is implementation. We are not there yet, but we are on the right track. I think the worst thing we can do is to give up “.


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COVID-19 Key EU Developments Policy and Regulatory Update No 62 – Coronavirus (COVID-19) http://greekhomes.info/covid-19-key-eu-developments-policy-and-regulatory-update-no-62-coronavirus-covid-19/ http://greekhomes.info/covid-19-key-eu-developments-policy-and-regulatory-update-no-62-coronavirus-covid-19/#respond Thu, 14 Oct 2021 09:07:37 +0000 http://greekhomes.info/covid-19-key-eu-developments-policy-and-regulatory-update-no-62-coronavirus-covid-19/ As of 4 October 2021, 3 other Member States have received pre-financing from the Commission (Austria (450 million euros), Croatia (818 million euros) and Czechia (915 million euros)) under the mechanism for recovery and resilience (FRR) to stimulate their economies and recover from the fallout from COVID-19. This follows previous disbursements to 13 Member States: […]]]>

As of 4 October 2021, 3 other Member States have received pre-financing from the Commission (Austria (450 million euros), Croatia (818 million euros) and Czechia (915 million euros)) under the mechanism for recovery and resilience (FRR) to stimulate their economies and recover from the fallout from COVID-19.

This follows previous disbursements to 13 Member States: Belgium (€ 770 million); Cyprus (€ 157 million); Denmark (201 million euros); France (5.1 billion euros); Germany (2.25 billion euros); Greece (4 billion euros); Italy (24.9 billion euros); Latvia (237 million euros); Lithuania (289 million euros); Luxembourg (12.1 million euros); Portugal (2.2 billion euros); Slovenia (231 million euros); and Spain (9 billion euros)). These amounts are equivalent to about 13% of the financial allocations of the respective countries.

The Commission will then authorize additional disbursements on the basis of the satisfactory achievement of the milestones and objectives, as defined in each of the Council’s implementing decisions, concerning the investments and reforms covered in the recovery and recovery plan. resilience of each Member State. The total amounts foreseen for these 16 initial Member States receiving pre-financing are EUR 3.5 billion (Austria); 5.9 billion euros (Belgium); 6.3 billion euros (Croatia); 1.2 billion euros (Cyprus); 7 billion euros (Czech Republic); 1.5 billion euros (Denmark); 39.4 billion euros (France); 25.6 billion euros (Germany); 30.5 billion euros (Greece); 191.5 billion euros (Italy); 1.8 billion euros (Latvia); 2.2 billion euros (Lithuania); € 93.4 million (Luxembourg); 16.6 billion euros (Portugal); 1.8 billion euros (Slovenia); and € 69.5 billion (Spain).

The disbursements follow the adoption of the Council’s implementing decisions, authorizing up to 13% of pre-financing, for the approval of the national recovery and resilience plans for the aforementioned Member States, which received the first green lights. for the use of EU recovery and resilience. funds in July 2021 (see here), Slovakia still awaiting the disbursement of its pre-financing.

Following a positive assessment on September 6, 2021, Council approval is awaited for the Member State’s plan for Ireland (€ 989 million), as previously approved by the Commission. In addition, the plans for Finland (2.1 billion euros), Malta (316.4 million euros) and Romania (29.2 billion euros) will be subject to an evaluation by the Advice following recent Commission approvals.

As a reminder, the plans of the Member States set out the reforms and public investment projects whose implementation is planned with the support of the RRF, the key component of NextGenerationEU, the EU’s plan to emerge from the COVID crisis. -19. The FRR will provide up to € 672.5 billion to finance reforms and investments (i.e. grants totaling € 312.5 billion and € 360 billion of loans).

The plans of 4 Member States remain pending Commission approval (see here), with the following total amounts requested under the RRF: Estonia (EUR 982.5 million); Hungary (7.2 billion euros); Poland (23.9 billion euros); and Sweden (3.2 billion euros).

Assessment of plans by the Commission. When assessing Member States ‘plans against the criteria set out in the RRF Regulation, in particular, the RRF guidelines make it clear that investment projects included in Member States’ recovery plans must comply with the rules in force. state aid.

The Commission has published practical guidance for swift processing of projects under state aid rules, as well as a number of sectoral templates to help Member States design and prepare the aid elements. State of their Stimulus Plans (Jones Day Commentary, “EU Member State COVID -19 Stimulus Plans Must Comply With State Aid Rules”, March 2021, see here).

The Commission’s assessment of Member States’ plans will also determine, in particular, whether the plans devote at least 37% of spending to investments and reforms that pursue climate objectives and 20% to the digital transition.

Plans of Member States pending submission. The Commission will continue to work closely with the two remaining Member States (namely Bulgaria and the Netherlands) to put in place strong national stimulus packages. While member states have been asked to notify their plans before April 30, 2021, they can do so until mid-2022.


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Information on the earthquake: moderate mag. Earthquake 3.8 – Heraklion Regional Unit, Crete, Greece, Monday, October 11, 2021 at 3:47 p.m. (GMT +3) http://greekhomes.info/information-on-the-earthquake-moderate-mag-earthquake-3-8-heraklion-regional-unit-crete-greece-monday-october-11-2021-at-347-p-m-gmt-3/ http://greekhomes.info/information-on-the-earthquake-moderate-mag-earthquake-3-8-heraklion-regional-unit-crete-greece-monday-october-11-2021-at-347-p-m-gmt-3/#respond Mon, 11 Oct 2021 19:45:00 +0000 http://greekhomes.info/information-on-the-earthquake-moderate-mag-earthquake-3-8-heraklion-regional-unit-crete-greece-monday-october-11-2021-at-347-p-m-gmt-3/ To contribute:Leave a comment if you find a particular report interesting or if you want to enrich it. Flag as inappropriate. Mark as useful or interesting. Submit your own user report! Gazi, Heraklion, Crete (24.6 km NNW of epicenter) [Map] / Slight shaking (MMI IV) / horizontal oscillation (lateral) / 5-10 s (reported via our […]]]>

To contribute:
Leave a comment if you find a particular report interesting or if you want to enrich it.
Flag as inappropriate.
Mark as useful or interesting.
Submit your own user report!

Gazi, Heraklion, Crete (24.6 km NNW of epicenter) [Map] / Slight shaking (MMI IV) / horizontal oscillation (lateral) / 5-10 s (reported via our app)

Kato Asitai, Heraklion, Crete (16.6 km northwest from epicenter) [Map] / Slight shaking (MMI IV) / horizontal oscillation (sideways) / 2-5 s : Sitting on my bed

Heraklion, Crete (25.1 km N of epicenter) [Map] / Slight shaking (MMI IV) : Heavy and short

Heraklion (27.1 km N of epicenter) [Map] / Slight shaking (MMI IV) / horizontal oscillation (sideways) / 10-15 s

Magarikari, Greece / Very weak shaking (MMI II) / very short : I heard it, but I didn’t feel it.

Ammoudara (27.9 km NNW of epicenter) [Map] / Weak shaking (MMI III) / horizontal oscillation (lateral) / 5-10 s

Limenas Chersonisou / Slight shaking (MMI IV) / horizontal oscillation (sideways) / 1-2 s

Panormos / not felt (reported via our app)

Her / Very weak tremors (MMI II) / rattling, vibrations / 1-2 s

Heraklion / Slight shaking (MMI IV) / horizontal oscillation (lateral) / 5-10 s

Heraklion / Slight shaking (MMI IV) / clicking, vibration / 2-5 s

Megaron Hotel / Weak shaking (MMI III) / horizontal oscillation (sideways) / 2-5 s

Analipsi (30.5 km NNE of epicenter) [Map] / Very weak shaking (MMI II) / horizontal (lateral) oscillation / very short

Ano Moulia, standing in the kitchen / Slight shaking (MMI IV) / vibration and rolling / 2-5 s (reported via our app)

HERAKLION (33.2 km NNW of epicenter) [Map] / Slight shaking (MMI IV) / horizontal oscillation (sideways) / 1-2 s (reported via our app)

Profitis Ilias / Weak shaking (MMI III) / rattling, vibrations / 1-2 s : We heard two loud bangs and the glass clicked in the windows

Amoudara / Weak shaking (MMI III) / horizontal oscillation (lateral) / 5-10 s (reported via our app)

Heraklion / Very weak shaking (MMI II) / horizontal (lateral) sway / 2-5 s

Heraklion / Slight shaking (MMI IV) / horizontal oscillation (sideways) / 5-10 s

Zaros / Weak shaking (MMI III) / rattling, vibrations / 2-5 s (reported via our app)

heraklion kavrochori (25.4 km NNW of epicenter) [Map] / Very weak agitation (MMI II) / 2-5 s : a roar

Heraklion / Slight shaking (MMI IV) / 2-5 s : A short but we could feel alright


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First “Ultra Car” entirely made in Greece ready for launch http://greekhomes.info/first-ultra-car-entirely-made-in-greece-ready-for-launch/ http://greekhomes.info/first-ultra-car-entirely-made-in-greece-ready-for-launch/#respond Sun, 10 Oct 2021 16:36:58 +0000 http://greekhomes.info/first-ultra-car-entirely-made-in-greece-ready-for-launch/ Rear night view of the “Chaos” supercar. Photo courtesy of Spyros Panopoulos. The first “ultra Car”, called “Chaos” and made entirely in Greece, is ready for launch in November, car designer and engineer Spyros Panopoulos announced last week. Panopoulos not only aspires to launch the first 100% Greek supercar, but also to present to the […]]]>

Greece ultra chaos car
Rear night view of the “Chaos” supercar. Photo courtesy of Spyros Panopoulos.

The first “ultra Car”, called “Chaos” and made entirely in Greece, is ready for launch in November, car designer and engineer Spyros Panopoulos announced last week.

Panopoulos not only aspires to launch the first 100% Greek supercar, but also to present to the world a whole new category of high performance vehicles: the “ultra car”.

Grecian Delight supports Greece

Panopoulos told CarScoops his company had just opened the books for what he described as “the first ultra car on the planet” having already secured its first order with the first delivery slated for early 2022.

He also explained that the Chaos will be street legal, priced at around 5.5 million euros ($ 6.4 million) for the base 2,000 hp variant, up to 12.4 million. euros ($ 14.4 million) for the complete 3000 hp model.

After studying computer programming and applied solution development, and gaining tuning and racing experience from an early age, Panopoulos now runs an Athens-based company that specializes in the design and production of performance parts. high specification with advanced internal combustion. engine technology.

Ultra car uses state-of-the-art technology

The technologies, designs and innovations he developed are widely used by frontline car manufacturers as well as the military. This success prompted him to make the decision to put his accumulated know-how and experience at the service of an original automobile manufacturing project, closely linked to his love for his country and its people.

Greece ultra chaos car
Spyros Panopoulos is working on the creation of the first Greek supercar. Photo courtesy of Spyros Panopoulos.

“As we have made many performance car parts for a variety of production cars, such as Lamborghini and McLarens, we came up with the idea of ​​creating our own designed and produced car that will have all of these parts, and will be a vehicle. completed by us in its entirety ”, said Panopoulos Greek journalist recently.

“There have been many failures behind our successes as we strive to find what works best. Because we manufacture all of our auto parts ourselves, how we manufacture them is of the utmost importance to the bottom line. It takes so long to achieve the end result each time, because all of our efforts, all these years, were purely our own, based on our own research and with our own machines, to get this far.

Greece ultra chaos car
Renowned automotive engineer Spyros Panopoulos will present the first Greek supercar to the international market in 2021. Photo courtesy of Spyros Panopoulos.

The first original model that Panopoulos plans to bring to life is named after the ancient Greek word chaos, which means a pre-cosmogonic abyss. With its unprecedented 3,000 horsepower and other revolutionary specifications and features, it will be a game-changer on the international automotive scene – something beyond even a hypercar.

“’Chaos’ is not a racing car; it is a city car, an everyday car, only with more sophisticated performance. We want it to be suitable for daily commuting and for all categories of drivers because it will be easy to configure for use between 500 and 3000 horsepower, ”he explained.

The famous automotive engineer Spyros Panopoulos will present the first Greek supercar to the international market in 2021.

Panopoulos had hoped to launch Chaos at the prestigious Geneva International Motor Show in 2021. However, the show was canceled due to the pandemic.

“We want it to be fully ready when presented, without any failure, and we are confident that it can be achieved. We also hope to test it before going to the Show, and we hope that we will get there in time, ”he said. Greek journalist in 2020.

So far, the whole project has been self-funded by Panopoulos, but he reveals that he is negotiating for a bank loan to help him put in place the colossal infrastructure necessary for a production unit. Although he has received funding offers from abroad, he continues to declare his commitment to keep the project fully deployed in Greece.

“My love for Greece plays a very important role in this project. As a country it has very smart and capable people, and if the system allows them to surface, I think we (the Greeks) will be pioneers in everything we do, like so many times before. There is always a Greek behind disruptive technologies, innovation or special applications, ”he noted.

Greece ultra chaos car
Top view of the hood of the Chaos supercar. Photo courtesy of Spyros Panopoulos.

Motive for automotive graduates to stay in Greece

The company currently employs 22 people, nine of whom work tirelessly on Chaos. But Panopoulos’ ambition is to create between two and three hundred vacant positions at the start of production, which will allow it to offer work to other major Greek automotive experts who are currently working abroad.

“Through my job, I try to employ as many Greek expats as possible. Many of those who work in the industry for well-known companies have sent me their CVs, and I know many of them very well. As our business grows, more and more of them will come home.

“I also want to give new automotive graduates a reason to stay in Greece. The majority of these young people want to go abroad after graduation, particularly to the UK, where they undergo specialized training and are usually hired by foreign brands. Why not do it in their country of origin? he asks.

“We are looking to acquire a production unit and rebuild it from scratch, so that we can manufacture more types of cars. By 2021, we also aim to create other city cars, small electric cars that will be easily accessible to everyone. “

Greece ultra chaos car
Close-up view of the rear of the Chaos supercar. Photo courtesy of Spyros Panopoulos.

For now, he’s eagerly awaiting when Chaos will be available for overseas testing, and his first reviews will be published in overseas media.

“From that point on, when they talk about supercars or hypercars, they will refer to Greece, because I think it will be the best car there is in this category,” Panopoulos said confidently.

Speculating on the future of cars, the designer believes that gasoline-powered vehicles will not disappear, but rather will be, in part, replaced by electromobility “until people realize that the latter is more polluting, in its manufacture, than a new technology internal combustion engine.

“At some point, cars will be hybrids with direct injection internal combustion engines, near zero emissions and zero carbon emissions, associated with electromobility,” Panopoulos concluded.

Related: The Greek designer of the iconic British mini-car


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Eurobank Ergasias Services and SA: Growth Awards 2021 http://greekhomes.info/eurobank-ergasias-services-and-sa-growth-awards-2021/ http://greekhomes.info/eurobank-ergasias-services-and-sa-growth-awards-2021/#respond Fri, 08 Oct 2021 12:22:15 +0000 http://greekhomes.info/eurobank-ergasias-services-and-sa-growth-awards-2021/ Eurobank and Grant Thornton awarded today on Growth Award 2021 To six (6) Greek companies that have stood out for their strong financial performance, best practices, adaptability and contribution to the formation of a resilient and flexible business landscape in Greece, which is crucial for the new bull cycle of the economy. Growth Awards 2021 […]]]>

Eurobank and Grant Thornton awarded today on Growth Award 2021 To six (6) Greek companies that have stood out for their strong financial performance, best practices, adaptability and contribution to the formation of a resilient and flexible business landscape in Greece, which is crucial for the new bull cycle of the economy. Growth Awards 2021 aimed to highlight business excellence that goes “from the ability to distinguish to the power to distinguish oneself“.

The six companies were selected by the 20-member Growth Awards 2021 committee jointly chaired by the Chairman of the Board of Directors of Eurobank, Mr. George Zanias and the CEO of Grant Thornton, Mr. Vassilios Kazas, with the participation of leading entrepreneurs and academics. MG Zanias, in his brief address, underlined the great strides made by Greek entrepreneurship and the value of the Growth Awards, while underlining the impartiality of the procedure and the notable contribution of the awards committee.

This year, the opening of the Growth Awards ceremony, which took place in the Peristyle of Zappeion Megaron and was broadcast online, was announced by the CEO of Eurobank, Mr. Fokion Karavias, in the presence of Minister of Development and Investment, Mr. Spyridon – Adonis Georgiadis, who delivered a brief welcoming speech. The event brought together representatives of the country’s academic, research and business community, who honored the “Growth Awards”, an institution that brings together for the 5th consecutive year of business excellence in the foreground. The keynote speaker for the event was Howard Yu, LEGO professor of management and innovation at IMD Business School, who spoke about the post-pandemic in the business world and the characteristics that will define a successful business in the future.

In his welcome speech Mr. Spyridon – Adonis Georgiadis, Minister of Development and Investment, mentioned among other things: “The Growth Awards 2021 comes in a period of very good news for the Greek economy: high growth rate, investments and exports at record levels, bids in the latest privatization tenders that have shattered expectations, big business transactions. Continuous improvement of the business climate in line with the financial “firepower” of the Recovery Fund and Greece’s Partnership Agreement (called “ESPA”) opens windows of opportunity for Greek companies to strengthen and compete with self-confidence in international markets. “.

Chairman and CEO of Eurobank, MF Karavias, noted: “Our Bank is committed to maintaining the course it has set itself for years, by financing major investment projects and the commercial initiatives of our clients, so that they can have a head start in the exploitation of opportunities arising from the bullish economic cycle. As a growth-oriented bank, we encourage and fund the mergers, acquisitions and partnerships initiatives necessary for the growth of the average Greek business. We provide financing and advice to small and medium-sized businesses, facilitating their green transition, their digital transformation and the strengthening of their corporate governance, because ESG criteria are now taken into account in the credit assessment of loans to all. businesses. Today, our main concern is to support and accelerate the growth of the country and the economy, hand in hand with the big Greek companies.. “.

In his statement, the CEO of Grant Thornton, Mr. Vassilios Kazas, said the following: “Today, we are once again rewarding entrepreneurship that builds a better future. Modern anthropocentric entrepreneurship, proceeding through innovations with a vision and purpose, resisting and evolving through ever changing needs, while investing in the national economy. For the fifth year in a row, at Grant Thornton and Eurobank, we see how entities embrace our institution, which supports and rewards companies that combine high financial performance with a successful business history, while helping to reshape the entrepreneurial landscape and culture. work in our country. The modern entrepreneurship we are rewarding today transforms the obstacles caused by the pandemic crisis into opportunities, laying the foundations for sustainable business and social development. It is a shared obligation for all of us – in the business and non-business world – to face tomorrow and to evolve through the challenges that it induces. Therefore, we continue to strongly support the protagonists of entrepreneurship as well as any effort that generates value and urges a new dynamic to stimulate our economy.. “.

The main speaker, Howard Yu, LEGO professor of management and innovation at IMD Business School, mentioned: “Future preparation leads to resilience. What makes some companies more resilient than others is their ability to understand their fundamental knowledge. They jumped from the old to the new ahead of time. These organizations don’t just experiment, they actually extend that capability ahead of time. And therefore, in times of crisis, they’re not just more resilient, they’re ready for growth. This is only possible when you filter out the noise and gain clarity. You can then find out what is impacting your organization and make decisions based on reality.“.

As part of the event, Grant Thornton’s team, led by Mr. Manolis Michalios, partner, responsible for certification, presented the analysis results for Greek companies today. Commenting on the research results, Mr. Mr. Michalio stated the following: “As we gradually get closer to the next day, it becomes all the more clear that Greek companies are looking to the future with more optimism, as evidenced by both the study’s anticipation indices and the estimates of the companies. companies on the schedule, within which their operations will return to pre-pandemic levels. To get back on track in the coming months, companies will need to adopt a robust and flexible operating model that will respond effectively to any changes the future potentially brings. It is, after all, thanks to resilience and adaptability that companies have managed to respond to the special conditions generated in the previous months and to support the course of the Greek economy. These characteristics should be the deciding factor that will allow Greek entrepreneurship to move forward in the future – safely and with optimism. These are the attributes that we recognize and will continue to recognize through the Growth Awards.“.

The six (6) companies awarded this year by category are:

  • Dynamic growth | PAPOUTSANIS SA
  • Research & Innovation | FLEXOPACK SA
  • Extraversion | THRACE GROUP
  • Digital evolution | SKROUTZ SA
  • Environmental, Social & Governance | VITEX SA Commercial excellence | Constantakopoulos family (COSTAMARE Inc., TEMES SA, FALIRO HOUSE, “Captain Vassilis and Carmen Constantakopoulos” Foundation)

Growth price“are the first Development & Competitiveness Trophies give importance to companies whose achievements inspire the creation of a modern, dynamic and competitive Greece. In addition, the “Growth Awards” recognize the dynamics of Greek companies that stand out in crucial sectors, according to the global business trends of each year.

The evaluation process for the selection of winners involves the use of special analyzes for the financial fundamentals of around 8,000 companies based on Grant Thornton’s “Financial Growth / Health Matrix”, but also on real business stories.

*** Watch the awards ceremony live via dedicated social networks on Facebook or YouTube ***

Eurobank CEO Mr. Fokion Karavias. From left to right, Mr. Fokion Karavias, CEO of Eurobank, Mr. Howard Yu, keynote speaker of the event and LEGO professor of management and innovation at IMD Business School, Mr. George Zanias, Chairman of the Board Directors of Eurobank, Mr. Adonis Georgiadis, Minister of Development and Investments, and Mr. Vassilis Kazas, Managing Partner of Grant Thornton Greece. The winners of the Growth Awards 2021.


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Earthquake Information: low mag. 2.6 earthquake http://greekhomes.info/earthquake-information-low-mag-2-6-earthquake/ http://greekhomes.info/earthquake-information-low-mag-2-6-earthquake/#respond Wed, 06 Oct 2021 13:38:00 +0000 http://greekhomes.info/earthquake-information-low-mag-2-6-earthquake/ Low magnitude earthquake 2.6 to 13 km deep 6 October 13:31 UTC: First to report: NOA after 5 minutes.6 October 13:40: Magnitude recalculated from 4.2 to 2.6. Depth of hypocenter recalculated from 10.0 to 12.9 km (6.2 to 8 mi). Epicenter location corrected 254 km (158 mi) towards the SSE. Update Wed 6 October 2021, […]]]>

Low magnitude earthquake 2.6 to 13 km deep

6 October 13:31 UTC: First to report: NOA after 5 minutes.
6 October 13:40: Magnitude recalculated from 4.2 to 2.6. Depth of hypocenter recalculated from 10.0 to 12.9 km (6.2 to 8 mi). Epicenter location corrected 254 km (158 mi) towards the SSE.

Update Wed 6 October 2021, 13:36

A moderate quake of magnitude 4.2 has just been reported 90 km southeast of Athens, Greece

Earthquake 4.2 October 6 4:25 p.m. (GMT +3)

Earthquake 4.2 October 6 4:25 p.m. (GMT +3)

A shallow 4.2 magnitude earthquake was reported in the afternoon near Athens, Nomarchía Athínas, Attica, Greece.
According to the Athens National Observatory (NOA), the earthquake struck on Wednesday October 6, 2021 at 4:25 p.m. local time at a shallow depth of 10 km. Shallow earthquakes are felt more strongly than deep ones because they are closer to the surface. The exact magnitude, epicenter and depth of the quake could be revised in the coming hours or minutes, as seismologists review the data and refine their calculations, or when other agencies release their report.
Based on preliminary seismic data, the quake should not have caused significant damage, but was likely felt by many as a slight vibration in the epicenter area.
Weak tremors could have been felt at Sykamia (pop. 26) located 20 km from the epicenter.
Other towns close to the epicenter where the earthquake could have been felt as very weak tremors include Glyfada (pop. 87,300) located 78 km from the epicenter, Ilioupoli (pop. 78,200) at 83 km, Agios Dimitrios (pop. 71,300) 85 km, Kallithea (100,600 inhabitants) 88 km, Athens (664,000 inhabitants) 90 km, Piraeus (163,700 inhabitants) 91 km, Nikaia (89,400 inhabitants) 93 km , Peristeri (140,000 inhabitants) 95 km and Acharnes (99,300 inhabitants) 99 km.

If you were or still are in this area during the earthquake help others with your comments and report it here.

Download the Volcanoes and Earthquakes app and get one of the fastest seismic alerts online:
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Earthquake data

I felt this tremor

I didn’t feel it

Date and hour : October 6, 2021 13:25:57 UTC –
Local time at epicenter: Wednesday October 6, 2021 4:25 p.m. (GMT +3)
Magnitude: 2.6
Depth: 12.9 km

Latitude / longitude of epicenter: 35.1604 ° N / 25.2242 ° E↗ (Regional Unit of Heraklion, Crete, Greece)
Antipode: 35.16 ° S / 154.776 ° W↗
Nearest volcano: Santorini (139 km / 86 mi)

Nearby towns and villages:
4 km (3 mi) to WNW of Arkalochori (pop: 3,540) -> Observe the earthquakes nearby!
10 km (6 mi) to SSE of Ano Archanes (pop: 3910) -> See nearby earthquakes!
18 km (11 mi) NNE of Pýrgos (pop: 1,130) -> See nearby earthquakes!
19 km (12 mi) SSO of Gournes (pop: 1,630) -> See earthquakes nearby!
20 km (12 mi) to SSE of Heraklion (pop: 137,200) -> Observe the earthquakes nearby!
20 km (13 mi) east of Agia Varvara (Crete) (pop: 2 170) -> See earthquakes nearby!
21 km (13 mi) to SSE of Néa Alikarnassos (Nea Alikarnassos) (pop: 12,900) -> See nearby earthquakes!
23 km (14 mi) southeast of Gazi (pop: 12,600) -> See nearby earthquakes!
24 km (15 mi) southwest of Limenas Hersonissou (pop: 2,970) -> See nearby earthquakes!
341 km (212 mi) to SSE of Athens (Attica) (pop: 664,000) -> See nearby earthquakes!
22 km (13 mi) to SSE of Island of crete (pop: 623,100) -> Observe the earthquakes nearby!

Weather at the epicenter at the time of the earthquake:
Clear sky 20.5 ° C (69 F), humidity: 60%, wind: 8 m / s (16 kts) from NNE

Main data source: NOA (National Observatory of Athens)

Estimated energy released: 5×108 joules (139 kilowatt-hours, equivalent to 0.12 tonnes of TNT) More info

If you felt this earthquake (or were near the epicenter), please share your experience and submit a short “I felt it” report! Other users would love to hear about it!
If you did NOT feel the earthquake although you are in the area, please report it! Your contribution is valuable to earthquake science, seismic risk analysis and mitigation efforts. You can use your device’s location or the map to show where you were during the earthquake. Thank you!

Data for the same earthquake reported by different agencies

Info: The more agencies report the same earthquake and publish similar data, the more confidence you can have in the data. It normally takes up to a few hours for the seismic parameters to be calculated with near optimum accuracy.

Mag. Depth Site Source
2.6 13 km Greece: 12 km southwest of Kithnos NDA

Previous earthquakes in the same region

Click here to search our database for previous earthquakes in the same area since 1900!


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pursuit of responsible investment practices beyond ESG: Ecuadorian principles guide international investment and financing projects | Sullivan and Worcester http://greekhomes.info/pursuit-of-responsible-investment-practices-beyond-esg-ecuadorian-principles-guide-international-investment-and-financing-projects-sullivan-and-worcester/ http://greekhomes.info/pursuit-of-responsible-investment-practices-beyond-esg-ecuadorian-principles-guide-international-investment-and-financing-projects-sullivan-and-worcester/#respond Wed, 06 Oct 2021 00:05:51 +0000 http://greekhomes.info/pursuit-of-responsible-investment-practices-beyond-esg-ecuadorian-principles-guide-international-investment-and-financing-projects-sullivan-and-worcester/ Recently, we discussed the restart of the Prosper Africa Initiative by the Biden administration, which aims to increase trade between American companies and African countries and encourage investment across the African continent. We have also identified several factors such as infrastructure and financing risk for US companies interested in opportunities in Africa to consider. Given […]]]>

Recently, we discussed the restart of the Prosper Africa Initiative by the Biden administration, which aims to increase trade between American companies and African countries and encourage investment across the African continent. We have also identified several factors such as infrastructure and financing risk for US companies interested in opportunities in Africa to consider. Given the worldwide emphasis on sustainable project development, which encompasses environmental, social and governance (ESG) criteria, US companies considering investing in Africa should also familiarize themselves with the Principles of Ecuador (PE), an environmental and social risk assessment and management tool. in projects.[1]

Across the world, more than 100 financial institutions and export credit agencies in 37 countries have voluntarily adopted the MOUs. These institutions, including JPMorgan Chase & Co, Standard Chartered PLC, UK Export Finance, TD Bank Financial Group, Wells Fargo Bank, NA and the Ex-Im Bank of the United States,[2] apply the MOUs to facilitate the consideration of environmental and social risks and the impacts of the project, and the pursuit of sustainable environmental and social performance in order to obtain better financial, environmental and social results, in particular involving infrastructure projects and industrial. Access to finance often depends on the satisfaction of PEs[3]. Like the ESG movement, which was largely launched by the United Nations through its support for the Principles for Responsible Investment, MEPs are also aligned with the goals of the United Nations, such as its Sustainable Development Goals. .[4]

MOUs apply globally and to all sectors of industry, including financial products such as project finance advisory services and project finance that meet certain thresholds. For project finance advisory services and project finance, MOUs apply when the total capital cost of the project is $ 10,000,000 or more. EPs have 10 guiding principles of which this article focuses on the following four: Principle 1: Review and categorization; Principle 2: Environmental and social assessment; Principle 3: Applicable environmental and social standards; and Principle 8: Alliances.[5] Based on principle 1, review and categorization, the project should be placed in a category – designated as A, B or C. Category A refers to projects presenting “significant negative environmental and social risks and / or impacts that are diverse, irreversible or unprecedented; Category B refers to projects with “limited potential negative environmental and social risks and / or impacts that are few in number, generally site specific, largely reversible and easily addressed by mitigation measures”; and Category C refers to projects with “minimal or no negative environmental and social risks and / or impacts”.[6]

Principle 3, Applicable Environmental and Social Standards, addresses the importance of identifying and engaging with relevant host country laws, regulations and permits that relate to environmental and social issues.[7] Principle 3 has two components for projects: those located in designated countries and those located in non-designated countries. Projects located in designated countries apply the relevant laws, regulations and permits of the host country to the project. In non-designated countries, environmental and social assessment (Principle 2) assesses a project’s compliance with the International Finance Corporation (“IFC”) performance standards for environmental and social sustainability,[8] and the World Bank Group Environmental, Health and Safety (EHS) Guidelines.[9] The EHS guidelines serve as a technical reference for IFC’s performance standards, containing examples of international good industrial practice (GIIP), which provide levels of performance and measures normally considered acceptable for projects in non-designated countries. The list of 34 designated countries[10] includes a number of countries in Europe[11] in addition to Australia, Canada, Chile, Israel, Japan, New Zealand, the Republic of Korea and the United States. Countries are classified as designated if they are deemed to have “strong environmental and social governance, legislative systems and institutional capacity designed to protect their people and the environment”. Additionally, while projects in non-designated countries must adhere to IFC and World Bank guidelines, Principle 8 of the MOUs (Covenants) further states that the client “shall undertake … to comply with all relevant host country laws, regulations, environmental and social regulations. and permitted in all material respects. Finally, whether the project is located in a designated or non-designated country, the standards identified and referenced in the EPs represent the minimum standards adopted and do not exclude any additional standards that may be imposed by other stakeholders in the project.

As a hypothetical example, the following provides an overview of what a business seeking MOU compliance can expect to encounter. Suppose a company, EnergyCo, wants to use a technology that extracts minerals from mining waste in an African country. In order to implement the technology, a number of costly elements must be considered financially, such as engineering, procurement and construction (EPC) costs and obtaining permits. EnergyCo may use technology for this process, but may not have the financial resources or investors to provide capital for all phases of the project. Thus, credit guarantees and / or financing from an export credit agency may be the available route to continue the project. If the financial institution has adopted the EPs, the EPs would apply if the project meets the different thresholds. If the EPs apply, this project would probably be classified in category A or B as it involves the treatment and transport of hazardous substances, which can lead to a greater emission of air pollutants and the discharge of water effluents. worn. In addition, the nature of the project raises a host of other environmental and social issues. If the project were classified in Category A or Category B, the MOUs would require the completion of an environmental and social assessment (principle 2) to better identify the potential risks and impacts of the project.

In addition, as mentioned above, under Principle 3, additional considerations may be imposed depending on whether the project is located in a designated or non-designated country. Because no African country is on the list of designated countries[12], the International Finance Corporation (“IFC”) performance standards on environmental and social sustainability and the World Bank Group guidelines on environment, health and safety would be consulted – in this case, the guidelines EHS for mining.[13] Potential environmental issues associated with mining activities that EnergyCo may encounter include water use and quality, waste containment, handling of hazardous materials and impacts on land use, biodiversity, quality air, noise and vibrations, landscapes and energy consumption. EnergyCo may also consider implementing guidelines for occupational health and safety in the workplace as well as community health and safety, such as safe transportation routes and protocols requiring proper handling of materials. waste.

In addition to IFC and World Bank guidance, in accordance with Principle 8 of the MOUs, EnergyCo must commit to comply with all relevant host country environmental and social laws, regulations and permits “in all material respects”. This commitment would include obtaining all necessary permits for mining (processing, recovery, recycling, storage, etc.), as well as compliance with applicable air quality emissions and any discharge limitations. aqueous effluents.

While meeting the multiple requirements presented in EPs may seem intimidating to companies wishing to seize opportunities in other parts of the world, the reality is that EPs are only one aspect of a growing sustainability movement that obliges companies to engage in infrastructure projects to behave as responsible stewards of the environment, to positively address the social impacts of their activities and to meet the expectations presented in new models of corporate governance. Companies that develop the tools to meet ESG standards, along with the experience and knowledge required to navigate PEs, will improve their ability to successfully participate in programs such as Prosper Africa.

[1] https://equator-principles.com/about/

[2] https://equator-principles.com/members-reporting/

[3] See for example “Sustainability In Export Finance – Leverage of export financing to support the achievement of the SDGs” ICC White Paper September 2021

[4] https://equator-principles.com/wp-content/uploads/2020/05/The-Equator-Principles-July-2020-v2.pdf. These goals aim to avoid or minimize negative impacts on ecosystems, communities and the climate while protecting human rights in accordance with the United Nations Guiding Principles on Business and Human Rights.

[5] The 10 principles are: (1) Review and categorization; (2) Environmental and social assessment; (3) Applicable environmental and social standards; (4) Environmental and Social Management System and Equator Principles Action Plan; (5) Stakeholder engagement; (6) Complaints mechanism; (7) Independent review; (8) Alliances; (9) Independent monitoring and reporting; and (10) Reporting and transparency. This article focuses on Principles (1), (2), (3) and (8) as these principles describe the preliminary considerations and objectives of EPs while the other principles come into play at more advanced stages of a process. project.

[6] MOUs are intended to provide a minimum standard of due diligence and oversight to support responsible risk decision making. Based on the project categorization and other project details, additional assessment and due diligence processes will be identified as additional assessment steps.

[7] https://equator-principles.com/wp-content/uploads/2020/05/The-Equator-Principles-July-2020-v2.pdf

[8] https://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/Sustainability-At-IFC/Policies-Standards/Performance-Standards

[9] https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/policies-standards/ehs-guidelines

[10] https://equator-principles.com/designated-countries/

[11] Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

[12] https://equator-principles.com/designated-countries/

[13] https://www.ifc.org/wps/wcm/connect/1f4dc28048855af4879cd76a6515bb18/Final%2B-%2BMining.pdf?MOD=AJPERES&id=1323153264157


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