GREI Bond  Project Globalworth Real Estate Investments Limited (GREIL, or together with its subsidiaries, the Group) is an integrated commercial property developer and manager in Romania and Poland. The Group focuses on Class A office space, premium logistics/light-industrial properties in the CEE region, either standing or through low-risk developments.        The office sector has been going through challenging times since the onset of the Coronavirus (COVID-19) pandemic. The uncertainty caused by the COVID-19 pandemic has had an impact on demand for office space in the second half of 2020, which has persisted in 2021. Market conditions are expected to remain uncertain in 2022 as several companies keep reassessing their occupational plans (extensions, expansions, relocations, release of spaces etc.), both due to the lasting effects of the pandemic as well as due to the recent outbreak of the war in Ukraine.      The proposed investment is part of IFCs COVID-19 response Real Sector Crisis Envelope and is aimed to support GREIL mitigate the impact of the COVID-19 pandemic on its operations in Romania (the Second Project).   This is IFCs second financing to the Group. In March 2018, IFC has subscribed a 50 million (approximately US$55 million) in a 550 million (approximately US$600 million) 7-year, senior, unsecured, Eurobond issued by GREIL.                                              This is IFCs second financing to the Group. In March 2018, IFC has subscribed 50 million in a 7-year senior unsecured Eurobond issue launched by GREIL under its 1.5 billion Euro Medium Term Notes program.  The notes issued under the program are listed on the Irish Stock Exchange and the Bucharest Stock Exchange (the First Project).     UPDATE RELATED TO ADDITIONAL INVESTMENT UNDER COVID-19 RESPONSE FACILITY:     E&S Performance  The companys E&S performance continues to be satisfactory and aligned with good practices, which is materially compliant with applicable at-approval requirements under the active investment. The Project does not result in any new material E&S risks. GREILs management of existing E&S risks and impacts continues as described in the Environmental and Social Review Summary disclosed on April 2, 2018.  Scope of IFCs Appraisal  IFCs E&S due diligence for this follow-on investment, comprised meetings with the GREILs senior management and HR teams via video conferencing to understand the impact of COVID-19 pandemic on the companys operations - particularly on its workforce and have updates on the companys business operations, strategy, E&S performance.  Also, IFC relied on the findings of recently virtual supervision visit completed in February 2022, which included meetings with the clients teams responsible for human resources, environmental, health and safety (EHS) and overall management, review of EHS documentation, as well as virtual walk-through of the Globalworth Square office building in Bucharest, Romania.   Response to COVID-19 Pandemic  To manage COVID-19 pandemic impacts on its business operations, GREIL developed an appropriate mitigation strategy, a series of procedures and COVID-19 infection prevention and response plan, as well as assigned a dedicated COVID-19 management team to ensure business continuity and implementation of preventive measures at their operational buildings and development sites. GREIL had implemented COVID-19 response measures in line with the national legislation and good practices, made adequate arrangements to support and retain its direct and third-party employees, and provided help to fight the spread of the coronavirus in the community.  Mitigation Measures / ESAP      No further corrective measures in the form of the Environmental and Social Action Plan (ESAP) has been developed for the Project. Refer to the completed E &S Action Plan in the ESRS of the previous project on the SPI (publishing) site:  https://disclosures.ifc.org/project-detail/ESRS/41142/grei-bond The Second Project will maintain access to high-quality commercial property in Romania, support the construction of projects under development, and contribute to future expansion as the sector recovers. Additionally, the Second Project helps the sector withstand shocks by supporting a systemically important player sustain its operations and continue with its expansion plan.