DFF - Sarantis II



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

11 Aug 2020



PSD disclosed:

12 Apr 2021

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 €20m senior unsecured loan (out of which €10m committed) to Sarantis under DFF non-SMEs (the "Loan").

Project Objectives

The proceeds of the EBRD Loan will be dedicated to (i) finance expenditures related to acquisitions of new brand by Sarantis and (ii) support R&D expenditures of the Group for improvement of existing products and design of new ones(the "Project").



Transition Impact

ETI score: 60

The Project will support:

  • Primarily the development of new products through increased R&D spending under the "Competitive" quality and
  • Expansion in new countries that currently have no sales under the "Integrated" quality.

Client Information


Sarantis S.A. ("Sarantis", the "Company" or the "Group"), domiciled in Greece, is active in the production and distribution of Mass Market Cosmetics, Household and other Health & Care products in Greece and primarily in Europe either through its wholly owned subsidiaries or through exports. The Company distributes its products across Europe through its subsidiaries in Romania, Bosnia & Herzegovina, Serbia, Bulgaria, Czech Republic, Poland, Slovakia, Russia, Hungary, Portugal, North Macedonia and Ukraine. Since 2002, the Company has a joint venture with Estee Lauder Group of Companies for the exclusive distribution of Estee Lauder Group brands in Greece, Romania, Bulgaria, Cyprus and Moldavia.

EBRD Finance Summary

EUR 20,000,000.00

Total Project Cost

EUR 20,000,000.00



EBRD offers financing with a longer tenor than the one available for Greek corporates, to secure a sufficient long financing time-frame which is in-line with the Company's international expansion plan.


Environmental and Social Summary

Categorised B (ESP 2019) medium to low risk due to sector and nature of operations and use of both chemicals and plastic packaging. The Bank financed the Company in 2018 and to-date the Company has been implementing the existing ESAP and providing satisfactory annual reporting.


Environmental and Social (E&S) due diligence have been undertaken in-house by ESD staff and included a review of existing documents and confirmation of compliance with the existing ESAP and EU requirements.  A site visit will be undertaken in the future as part of monitoring. The Bank has financed Sarantis in Greece and its acquisition of Ergopack in Ukraine and the ESDD carried out at that time (2018) confirmed that the Company has the institutional capacity to fully implement the Bank's PRs.


The current ESDD confirmed that the Company is compliant with National and EU legislation and continues to maintain its institutional capacity to implement the Bank's Performance Requirements (PRs). The Company has a dedicated EHS manager and has been providing non-financial disclosure and reporting in form of CSR reports. The production plants are not located in sensitive areas, such as N2000 areas.  The ESDD confirmed also that the Company has been addressing health and Safety issue and labour management in line with the Bank's PRs and no retrenchment has taken place or is planned in the near future.


Based on the ESDD, the existing ESAP has been updated and is being agreed with the Company. This includes the need for continued implementation of the SEP; compliance with EU environmental standards; and long term energy efficiency and circular economy requirements.  The Company will continue to further develop its ESG reporting in line with best practices. 


The Bank will monitor the implementation of the Project through review of annual reports provided by the Company.

Technical Cooperation and Grant Financing


Company Contact Information

IR Manager of Sarantis Group, Eleni Pappa
epappa@sarantisgroup.com/ group-info@sarantisgroup.com
+30 210 6173000
+30 210 6197081
26, Amaroussiou - Halandriou Street, Athens, Greece

PSD last updated

12 Apr 2021

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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