(a) A Sub-loan may not be made for the purpose of financing the following:

(i) production and/or trade of arms or military equipment; in the area of defence activities, the use, development, or production of products and technologies that are prohibited by applicable international law;

(ii) financial activities such as purchasing or trading in financial instruments. In particular, interventions targeting buy-out intended for asset stripping or replacement capital intended for asset stripping shall be excluded;

(iii) production or export of tobacco or hard liquor; tobacco-related products and activities (production, distribution, processing and trade);

(iv) sale of tobacco or hard liquor (other than where the sale of tobacco or hard liquor is ancillary to the entity's primary business activity);

(v) casinos or other gambling facilities, gambling (production-, construction-, distribution-, processing-, trade- or software-related activities);

(vi) physical assets or Associated Facilities involving fossil fuel extraction, production, processing (including refining), transport (transmission and distribution), storage, or utilisation to generate electricity or heat;

(vii) speculative investments in property or currencies or any other speculative investment activities;

(viii) investments in securities of any kind, including investments in share capital of other companies;

(ix) any activities appearing on the EBRD Environmental and Social Exclusion List as outlined in Appendix 1 of the EBRD Environment and Social Policy;

(x) without the prior written consent of EBRD, any activities appearing on the EBRD’s Category A list of projects as outlined in Appendix 2 of the EBRD's Environment and Social Policy such subprojects will be required to meet PRs 1 to 8 and 10;

(xi) production of single-use plastic products for consumer applications (not for medical purposes);

(xii) activities excluded from financing pursuant to the relevant provisions of the Horizon Europe Regulation: research on human cloning for reproductive purposes; activities intended to modify the genetic heritage of human beings which could make such changes heritable; and activities to create human embryos solely for the purpose of research or for the purpose of stem cell procurement, including by means of somatic cell nuclear transfer;

(xiii) sex trade and related infrastructure, services and media;

(xiv) activities involving live animals for experimental and scientific purposes insofar as compliance with the European Convention for the Protection of Vertebrate Animals used for Experimental and other Scientific Purposes cannot be guaranteed;

(xv) the decommissioning, operation, adaptation or construction of nuclear power stations;

(xvi) investments in facilities for the disposal of waste in landfill. This exclusion does not apply to investments in: (a) on-site landfill facilities that are an ancillary element of an industrial or mining investment project and where it has been demonstrated that landfilling is the only viable option to treat the industrial or mining waste produced by the activity concerned itself; (b) existing landfill facilities to ensure the utilisation of landfill gas and to promote landfill mining and the reprocessing of mining waste;

(xvii) investments in mechanical biological treatment (MBT) plants. This exclusion does not apply to investments to retrofit existing MBT plants for waste-to-energy purposes or recycling operations of separated waste such as composting and anaerobic digestion;

(xviii) investments in incinerators for the treatment of waste. This exclusion does not apply to investments in: (a) plants exclusively dedicated to treating non-recyclable hazardous waste; (b) existing plants, where the investment is for the purpose of increasing energy efficiency, capturing exhaust gases for storage or use or recovering materials from incineration ashes, provided such investments do not result in an increase of the plants’ waste processing capacity;

(xix) detrimental biomass projects, in particular:

• domestic heating based on wood logs;
• biomass projects in areas with exceedances or at risk of exceedances of air pollution when promoting renewable energies;
• the use of biomass for energy (i.e. bioenergy, be it based on solid biomass for heat and electricity production or based on liquid biofuel for transport) based on biomass waste and residues that was be extracted in a non-sustainable manner with negative impact on the environment, in particular soil organic carbon;
• investments in bioenergy not accompanied by measures reducing emissions of air pollutants when the biomass is burnt, especially of particulate matter and do undermine compliance with air quality standards (set by Directive 2008/50/EU);

(b) In addition, a Sub-loan may not be made for the purpose of financing or in relation to:

(i). investments in new production facilities ('greenfield investments'), except for those eligible according to the EBRD Technical Guide for GET and annexes;

(ii) working capital requirements, except for those eligible according to the EBRD Technical Guide for GET and annexes;

(iii) purchase of land; or

(iv) investments in real estate solely with the aim of making short or medium term profit on sales; and refinancing (or other type of replacement/consolidation) of any existing term loan or credit;

(v) defence: investments in defence technologies and products identified in the annual work programme for the European Defence Fund;

(vi) space: investments in atomic clocks, strategic launchers and space products defined in a list decided by the European Commission on an annual basis and communicated to the Steering Board; and/or

(vi) cybersecurity: investments focusing solely on developing and deploying cybersecurity tools and solutions, including when these are part of deploying or upgrading digital networks and data infrastructure

(c) In addition, a Sub-loan may not be used not to pre-finance a grant from a European Union funded programme and a grant from a European Union funded programme cannot be used to partially or fully reimburse a Sub-loan under the Facility.

GET Eligible Certification Schemes (all certifications include criteria to prevent deforestation):

1. Aluminium Stewardship Initiative
2. Aquaculture Stewardship Council (Salmon)
3. Better Cotton Initiative
4. Bonsucro
5. Copper Mark
6. Donau Soja
7. EU Ecolabel - Textiles
8. EU Organic Farming (Excluding livestock activities)
9. FSC CoC
10. FSC Forest Management
11. Fairtrade International Agriculture Standard
12. Fairtrade International Textile Standard
13. GLOBAL.G.A.P Biodiversity Add-on
14. GLOBAL.G.A.P SPRING
15. GLOBAL GAP IFA for FV + GRASP
(Excluding livestock activities)
16. Global Organic Textile Standard
(Excluding leather and leather products)
17. ISCC EU (Including ISCC EU - Voluntary Add-Ons and ISCC PLUS)
(Excluding livestock activities)
18. LEAF Marque (Excluding livestock activities)
19. Marine Stewardship Council
20. PEFC
21. Rainforest Alliance SAS 2025
22. Roundtable on Sustainable Biomaterials
23. Roundtable on Sustainable Palm Oil
24. Roundtable on Responsible Soy Association
25. Textile Exchange RWS