Eurocash S.A.



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

06 May 2020



PSD disclosed:

06 May 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Provision of a senior loan of up to EUR 50m (in PLN equivalent) to Eurocash S.A. (the "company", "borrower") - a leading wholesale distributor of FMCG products in Poland. The EBRD financing will support the company's acquisition of online food retailer as well as the company's working capital needs (the "project").

Project Objectives

The operation will enable the company to strengthen its operations, as the Bank's loan will support the acquisition of the Polish online food retailer as well as increased working capital needs of the company.

Transition Impact

ETI score: 65

Transition impact of the transaction will be mainly derived from two transition qualities:

(i)             Inclusive, as the Project supports youth inclusion through the expansion of vocational education and training offers and improved qualification standards;

(ii)            Competitive, as the Project will support the corporate restructuring of the acquired subsidiary, resulting in quantifiable synergies and improvements in profitability margins.

Client Information


Eurocash S.A. is a leading wholesaler in Poland, majority-owned (ca. 44%) by Luis Manuel Conceicao do Amaral, with the remaining shares being free float on the Warsaw Stock Exchange. The company is also present in the retail segment and pursues a strategy of strengthening its positions there via an organic store network expansion as well as acquisitions.

EBRD Finance Summary

EUR 50,000,000.00

Total Project Cost

EUR 50,000,000.00


The Bank is providing financing of a longer tenor, which is needed to support the project as well as provide resilience to the company's balance sheet. Furthermore, the Bank is able to provide non-financial support, including the Bank's engagement in policy dialogue with the Ministry of Education to support the company's effort to improve the national vocational training curricula in the retail sector in line with EU standards.

Environmental and Social Summary

Categorised B (ESP 2014). The wholesale distribution of FMCG is associated with a range of environmental and social issues which are typically well understood and readily managed through industry standard environmental and social management systems, policies and procedures. Eurocash has a comprehensive suite of such systems, policies and procedures which allow the Company to manage these issues. The company has a written Environmental Policy covering a range of issues including energy management, waste management and other resource efficiency initiatives. Health and safety is adequately staffed and managed with the Borrower recognising this as a key issue for the company. Systems are in place at the corporate and facility level and accident / incident statistics are tracked and reported. A comprehensive suite of HR policies are in place covering the range of issues relevant to PR2 and the Company has a written Code of Ethics. Supply chain issues are managed through an auditing and certification process with the main focus on food safety, although the Company is developing selected sustainability initiatives such as signing up to Marine Stewardship Council Supply Chain certification. Finally, the Company has a range of Corporate Social Responsibility initiatives in place and has mapped key stakeholders, putting in place relevant communication means for each. Given this range of systems, policies and procedures no ESAP is required for this Project. is an on-line business with one large warehouse for receipt and distribution of goods. The key E&S issues are therefore principally focussed on labour management (PR2) and health and safety (PR4). Eurocash will be required to extend is current management systems, covering these issues in particular, to ensure compliance with national law and the Bank's PRs. Generally, the Company will be required to comply with the Bank's Performance Requirements and provide annual reporting on environmental and social issues.

Technical Cooperation and Grant Financing

A TC of up to EUR 30,000, funded by SSF under the Inclusion Technical Assistance Framework, will be provided to support the Company's engagement with the Ministry of Education to enhance vocational qualification standards, and to support the Company's response to the COVID-crisis, with a focus on workforce planning and recruitment in a gender sensitive and sustainable manner.

Company Contact Information

Adam Marczak
ul. Kopanina 59, 60-105 Poznań, NIP: 7791906082

PSD last updated

07 May 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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