DFF - Tremend



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Approval date:

02 Oct 2020



PSD disclosed:

19 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

EUR 3.5 million working capital facility (multicurrency in EUR and RON) to Tremend Software Consulting SRL. 

Project Objectives

The facility will address temporary working capital needs related to longer receivable cycles due to Covid-19 related volatility; and support the company's rapidly growing business.

Transition Impact

ETI score: 60

The transition impact stems from the following two transition qualities:

Competitive: By extending the necessary level of working capital for a high-growth company, the EBRD will enable the borrower to focus on acquiring new clients and developing new custom products.

Well-governed: The company will implement IFRS accounting standards to improve financial reporting.

Client Information


Founded in 2005, Tremend specializes in three key areas: agile digital transformation, advanced engineering and emerging technologies. The company has implemented over 700 major projects for telecom operators, the banking sector, retailers, the media or the auto industry, its products serving over 60 million users. Tremend is present in 19 countries and 4 continents. The main office is located in the Romanian capital Bucharest; the company also runs an office in Brasov, in central Romania.

EBRD Finance Summary

EUR 3,500,000.00

Total Project Cost

EUR 3,500,000.00


The EBRD's additionality stems from providing funding under a tailor-made structure (i.e. committed rather than uncommitted working capital facility, with a tenor above the market average), as well as supporting Tremend in setting higher standards by improving financial reporting and increasing transparency.

Environmental and Social Summary

Categorised C (2019 ESP) The Environmental and Social Due Diligence (ESDD) has been carried out internally based on review of the completed ESDD Questionnaire. The ESDD showed that the company is in compliance with national environmental & social law and that it's environmental and social impacts are limited. The ESDD also confirmed that the company's human resources & occupational, health and safety policies are in line with the EBRD's Performance Requirement 2 and PR4. For the project, the company is required to comply with the Bank's PRs as well as submit an annual environment and social report.

Technical Cooperation and Grant Financing

Technical and Commercial Due Diligence of the borrower: EUR 20,000; English and Romanian Legal Counsel on Legal Agreements: EUR 23,000. The Technical and Commercial Due Diligence assignment is 100 per cent funded by the EBRD; the English and Romanian Legal Counsel on Legal Agreements is 70 per cent funded by the EBRD and 30 per cent funded by the borrower. Tremend is an EBRD Blue Ribbon client.

Company Contact Information

Ioan Cocan
83 Cluj St., Block 8-B, Ent. 1, 7th floor, Ap. 32, Rm. 3, District 1, Bucharest 011492, Romania

PSD last updated

23 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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