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.
The CP will be used to refinance the existing CP and the proceeds will finance the Issuer's ongoing working capital needs.
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.
MAXIMA GRUPE UAB
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
Total Project Cost
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
+370 669 00118
Savanoriu ave. 5, LT-03116, Vilnius, Lithuania
PSD last updated
29 Mar 2022
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More information on the EBRD’s practices in this regard is set out in the ESP.
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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 email@example.com to get guidance and more information on IPAM and how to submit a request.