Each project will receive an Investment Incentive (grant) of up to 15% upon successful implementation and verification project:

    • The calculation of the amount of Investment Incentives payable to the project and/or borrower will be conducted by the Verification Consultant (“VC”) and presented in the Verification Report.
    • The Investment Incentive payment is calculated as an equal to 15% of the lower of:
    • the eligible disbursed amount of the Loan, or
    • the eligible Investment Cost of the Project, excluding any amount of VAT payable in connection with the investment.

No Investment Incentive will be paid if any of the following occur:

    • a is Loan financed, in whole or in part, from repayments received from a Loan
    • a Loans is disbursed before the date of the Loan Agreement between EBRD and the Partner Bank
    • Loans for which the Loan agreement is executed after 1st May 2022
    • the implementation and completion of the relevant Project is not verified by the Verification Consultant on or before 1st September 2023
    • the Loan has been used for a Project that has benefitted, or is expected to benefit, from another grant
    • the Loan is repaid prior to Verification of the Project
    • the Investment Incentive has not been paid by EBRD to the Partner Bank on or before 1st October 2023