DFF - Altex Romania



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

15 Sep 2020



PSD disclosed:

01 Oct 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

A senior loan in the amount of EUR 12 million, 8 years tenor, 1 year grace period, fully amortizing loan, to finance up to 70.5% of the cost of a logistic centre to be located near Bucharest. The loan will finance and/or refinance the construction of a greenfield logistic centre with a total foot print area of approximately 37,144 sqm, located in Dragomiresti Vale.

Project Objectives

The implementation of the project will lead to significant operational efficiencies (replacing part of the existing rented warehouses) and will support expansion of the business, especially on the online segment. The borrower will cover minimum of 29.5% of the investment project budget from its own funds.

Transition Impact

ETI score: 68

Transition impact is expected to derive from:

The project addresses the following qualities:

1. Inclusive (Primary) to support improved trainings and skills transfer for young people in Romania;

2. Well Governed (Secondary), through a comprehensive Corporate Governance Action Plan to be implemented.

Client Information


The Borrower, Altex Romania SRL ("Altex"), is the leading electro-IT retailer in Romania, a market leader since 2003 with a market share of circa 30%. Altex is 100%-owned (directly and indirectly) by Romanian businessman Dan Ostahie.

EBRD Finance Summary

EUR 12,000,000.00

Total Project Cost

EUR 17,000,000.00


The Bank is additional because of its: conditionalities contributing to standards setting: the Bank is helping the client to achieve higher standards in terms of corporate governance (through the implementation of Corporate Governance Action Plan designed by the Bank) and in terms of employees skills (through the e-learning platform).

Attributes: EBRD offers a tenor (8 years) above the market average, which is necessary to structure the project.

Environmental and Social Summary

Categorised B (2014 ESP) Environmental and social issues associated with the construction and operation of a new logistics centre located in an existing commercial zone will be site specific and be avoided or mitigated through good design and management practices. A targeted Environmental and Social Action Plan has been developed to ensure the project complies with the EBRD's Environmental and Social Performance Requirements (PRs).       

Environmental and social due diligence was carried out by the Environmental and Social Department and based on the review of completed questionnaires and the design and build contract.  The questionnaires covered the company's corporate environmental and social arrangements including road and traffic safety and specific questions related to the proposed construction of the logistic centre. The environmental and social due diligence confirmed the company's operations are in compliance with Romanian environmental and social requirements.

Technical Cooperation and Grant Financing


Company Contact Information

Mihaela Mitescu
0040 21 206 2000
Global City Business Park Sos. Bucuresti Nord, nr. 10, Corp O1, Voluntari, Jud. Ilfov

Implementation summary

PSD last updated

01 Oct 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
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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