The Bank is considering a EUR 75m (in PLN equivalent) sustainability-linked loan to Zabka Polska sp. z o.o. (the "Company", "Borrower") - a convenience food retailer in Poland - to support the Company's investment programme, including the EBRD Green Economy Transition ("GET") eligible investments (the "Project").
The facility will support financing of Zabka's medium term capex programme in Poland, including investments in a BREEAM Excellent distribution centre and low-carbon stores as well as in e-mobility and food waste minimisation technologies.
ETI score: 68
Transition impact of the transaction will be mainly derived from two transition qualities:
(i) Green, as the Bank will support Zabka's sustainability and climate change strategy through the adoption of sustainable technologies in its stores and distribution network and science-based decarbonisation targets;
(ii) Competitive, as the Project will foster entrepreneurship and promote digital transformation among the Company's franchisees.
The Project encompasses GET eligible investments equivalent to 92% of the facility.
ZABKA POLSKA SP ZOO
Zabka is the leading modern convenience chain in Poland with over 8,000 stores.
EBRD Finance Summary
Total Project Cost
Financing structure - The EBRD offers an innovative green finance instrument via sustainability-linked impact loan.
Standard Setting - The Company makes use of the EBRD expertise on higher environmental standards, energy and resource efficiency and climate resilience.
Environmental and Social Summary
Zabka is an existing Client and the Bank is familiar with Company's capacity to manage E&S risks. The Company has fully implemented the ESAP agreed in 2017 and reporting has been satisfactory. Environmental and social due diligence was undertaken by ESD based on the review of E&S questionnaire and Corporate level discussions with Management representatives conducted by ESD. The ESDD confirmed that the Company has the capacity to operate in line with EBRD PRs.
The Company has a comprehensive Integrated Management System (IMS), which includes the Environmental, H&S and Quality Policy and Good Manufacturing and Good Distribution Practices (covering quality, food safety and HACCP) along with operational standards for the sites. The Company is certified to external recognized standards including ISO 14001, ISO 45000, ISO 22000 for distribution and product development and ISO 50001 for energy management. The Retail stores are covered by HACCP procedures, and are regularly audited by the Company for generic HACCP and store standards with a separate audit team covering the food safety audits since 2016. The Company has relevant HRS Department and relevant procedures aligned with PR2 in place. The Company has further strengthened its labour management practices in regards to franchisees and non-employee labour relations under the ESAP agreed with the Bank in 2017. The Company is actively reducing food waste in its retail stores via implementation of internal GS1 codes and the Quick Meal Solutions expiry date management system.
The Company has been reporting to the public on its Corporate Social responsibility commitments under their current Sustainability Strategy. The Company has also been reporting on their activities in regards to COVID 19 response. In response to the war in Ukraine the Company has established a dedicated programme and recruitment centre supporting employment of Ukrainian refuges in Poland in their logistical centres and via franchisees.
The Company has commenced their work on management of environment, health and safety, labour risks in their supply chains. Starting with a code of conduct developed based on Universal Declaration of Human Rights, the Fundamental Convention of the International Labour Organization and the Paris Agreement for business partners and continued assessment of their suppliers via SMETA (Sedex Members Ethical Trade Audit) Platform with all suppliers to be assessed by 2025. The Company is developing its specific human rights policy, strategy for integration of biodiversity considerations into supply chains and integration of ESG considerations into procurements and purchasing policy. The Project is considered aligned with the objectives of the Paris Agreement.
Technical Cooperation and Grant Financing
Company Contact Information
PSD last updated
09 May 2022
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