Project number:


Business sector:

Manufacturing and Services

Notice type:


Approval date:

03 May 2022



PSD disclosed:

07 May 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

A EUR 12.5 million senior loan, with a tenor up to 6 years including a 1.5 year grace period. The loan will support  c. 70% of the Group's Capex plans for 2021 - 2023. 

Project Objectives

 The new CAPEX plan will consolidate the market position of the Group, allowing it to acquire pharmaceutical licences and expand its pharmacies network together with the continuation of its retail outlets refurbishment program, over the 2021 - 2023 period. In the same time, it supports the further development of its wholesale business through the purchase of equipment required by the extension of its warehouse network as well as the the development of its own transport services capacity.


Transition Impact

ETI score: 63

1. Inclusive (Primary) to support improved trainings and skills transfer for young people in Romania;

2. Well Governed (Secondary), through a comprehensive Corporate Governance Action Plan to be implemented.

Client Information


Calihory Group (the "Client", the "Group") is a top tier vertically integrated pharmaceutical distribution
group active in Romania. Calihory Group is 99% owned by Dr. Banciu Eugen Marcel, a successful
Romanian entrepreneur with a long history in the pharmaceutical business dating back to 1996. 

EBRD Finance Summary

EUR 12,500,000.00

Total Project Cost

EUR 17,890,000.00


The Bank is additional due to its contribution to standards setting: the Bank is supporting the client to achieve higher standards in terms of corporate governance (through the implementation of Corporate Governance Action Plan) and in terms of employees skills (through the trainning programme).

Environmental and Social Summary

Category B (ESP 2019). Medium-Low risk. The E&S impacts associated with development of the Group pharmaceutical activities, including pharmacies network expansion, purchase of new transportation fleet, IT and software can be readily identified and mitigated. The ESDD was carried out based on the E&S Questionnaire and support materials review, as well as results of the waste management audit carried out by an independent consultant. Additional measures were incorporated into the existing ESAP with the Group to reflect E&S impacts of the new investment plan, including waste management corrective actions, requirement for EURO6 emissions standards for the new fleet, and contractor management among others. The ESAP will be agreed with the Client prior to the signing. 

Technical Cooperation and Grant Financing


Company Contact Information

Rares Marculet

Implementation summary

PSD last updated

07 May 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.

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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