| ACTIVITY SCOPE | COLLABORATION TYPE | AID TYPE | FINANCE TYPE | FLOW TYPE | TIED STATUS | HIERARCHY |
|---|---|---|---|---|---|---|
| Multi-national 3 | Multilateral outflows 4 |
Project-type interventions C01
|
Untied | 1 |
| PARTICIPATING ORG | REFERENCE | ROLE | TYPE |
|---|---|---|---|
European Bank for Reconstruction and Development
|
REF XI-IATI-EBRD
|
Funding | Multilateral |
HD INSURANCE LTD
|
Implementing | Private Sector |
| NAME | DESCRIPTION | POSITION | CLASS | REACH | EXACTNESS |
|---|---|---|---|---|---|
|
NICOSIA
ID 146268 (Geonames)
|
35.17531 33.3642 | Administrative Region | Approximate | ||
|
ATHENS
ID 264371 (Geonames)
|
37.98376 23.72784 | Administrative Region | Approximate |
| DATE | DESCRIPTION | PROVIDER | RECEIVER | VALUE |
|---|---|---|---|---|
| 2020-12-31 |
FLOW Other flows
50
FINANCE Investment-related loan to developing countries Withdrawn
411
|
HD INSURANCE LTD |
10,000,000 EUR |
| NARRATIVE | TYPE | DESCRIPTION |
|---|---|---|
A junior subordinated mandatory convertible debt investment of up to €10 million to HD Insurance Limited ("Hellas Direct" or the "Company"), a general insurer incorporated in Cyprus and operating in Greece and Cyprus. This transaction supports a fast growing, tech-driven insurance company operating in Greece, where the insurance penetration ratio is one of the lowest in Europe, to scale up the Company's operations and allow it to continue offering innovative insurance products and digitalising the insurance value chain. The Bank's investment will provide the Company with adequate solvency headroom to reach the necessary scale in line with its business plan. Therefore, the funds will be used as regulatory capital, as well as for working capital and general corporate purposes. For more details, please refer to the project summary document at https://www.ebrd.com/view/psd/52394
|
Performance | The condition attached requires certain outputs or outcomes to be achieved by the recipient |