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Information on the environmental and social impact assessment of export

Information on the environmental and social impact assessment of export

The evaluation of the impacts of export on the environment and human rights in the country of destination in EXIMBANKA SR is based on the updated OECD Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence approved by the OECD Council in 2016 and the internal Directive of the Bank Board of EXIMBANKA SR. EXIMBANKA SR screens all export cases supported by means of respective banking, guarantees and insurance services, in respect of their environmental and social impacts in the destination country. Consequent evaluation process applies to export support transactions with repayment term of two or more years, with export value exceeding 10 million SDR (Special Drawing Rights) and to projects located in or nearby sensitive areas or projects categorized in sensitive sectors.

The evaluation process begins with the submission of the questionnaire inseparably annexed to the export credit insurance or export credit application. The questionnaire must be completed by exporter or applicant even if the insurance is requested by commercial banks. EXIMBANKA SR performs project screening in order to identify the potential positive and negative environmental and social impacts relating to the application. Screening results to the classification of respective transaction to one of the three categories (A, B or C) depending on severity of its potential adverse impact in the destination country:

Category A project: potential significant adverse environmental and social impacts, which are diverse, irreversible or unprecedented and include projects in sensitive sectors or located in or near sensitive areas. These impacts may affect an area broader than the sites or facilities subject to physical works.

Category B project: potential environmental or social impacts are less adverse than those of Category A projects. Typically, these impacts are few in number, site-specific, few if any are irreversible, and mitigation measures are more readily available.

Category C project: minimal or no potentially adverse environmental or social impacts.

When appropriate, EXIMBANKA SR can prior to, or after, the final commitment for official support involve conditions to fulfill measures to prevent, minimize, mitigate or remedy potential adverse environmental and social impacts, covenants, and monitoring requirements.

In the case of non-compliance with the conditions of official support, EXIMBANKA SR has right to take appropriate actions in order to restore compliance with recommendations, in accordance with the terms of the contract for official support.

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