Baltics CP: Maxima Extension



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

15 Mar 2022



PSD disclosed:

29 Mar 2022

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

The Bank has invested EUR 5.0m in the commercial paper ("CP") issuance by the leading Baltic retailer Maxima Grupe UAB (the "Company" or "Issuer"). The size of the issuance is EUR 35m and the CP has a maturity of 12 months.

Project Objectives

The CP will be used to refinance the existing CP and the proceeds will finance the Issuer's ongoing working capital needs.

Transition Impact

ETI score: 63

ETI score: 63

The proposed project is a sub-project under the EBRD Baltics CP Framework. The transition impact objectives of the Framework are aimed at supporting the development of the local capital market under the "Resilient" quality, and improving standards of transparency and disclosure under the "Well-governed" quality.

Client Information


Maxima Grupe UAB ("Maxima", "Company" or the "Issuer") is one of the largest retail chains in the Baltic countries and the owner of the Maxima retail chain in the Lithuania, Latvia and Estonia, the Stokrotka chain in Poland, the T-Market chain in Bulgaria and e-grocer Barbora.

EBRD Finance Summary

EUR 4,947,350.00

Total Project Cost

EUR 35,000,000.00


The EBRD's participation provided support for the issuance, comfort and institutional credibility to other investors in the CP. A second successful issuance by the Issuer will provide further visibility expected to encourage other local companies to explore CP market for their funding needs, thus, enabling wider use of this novel instrument in the Baltic region. 

Environmental and Social Summary

Categorised B (ESP 2019). Environmental and social due diligence for this project was based on information provided in the context of the first project with the Company and annual reporting provided subsequently. The Company has a number of policies and procedures in place for the management of environmental, social, quality and supply chain issues including international management standards such as ISO14001 and ISO50001. National law and EU requirements are being met across all operations. The Social Accountability (SA8000) and Corporate Responsibility (AA1000) standards are currently being implemented.  The Company operates a bespoke system for management of health and safety and reporting provided to date demonstrates that the Company has a clear understanding of key health and safety issues and monitors incidents and accidents in detail. At the time of approval of the first project with the Company, an environmental and social action plan was agreed covering two points - membership of the UN Global Compact and development of a GRI compliant sustainability report. The Company has completed its application for membership of the Global Compact as agreed and released its first stand-alone Corporate Social Responsibility Report covering the year 2020.  The Company will be required to continue to comply with the Bank's PR's, and provide annual E&S reporting to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Laimonas Bazys
+370 669 00118
Savanoriu ave. 5, LT-03116, Vilnius, Lithuania

PSD last updated

29 Mar 2022

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.

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Tel: +44 20 7338 7168

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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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