Meritus ulaganja SLB



Project number:


Business sector:

Telecommunications, Media and Technology

Notice type:


Environmental category:


Approval date:

28 Jun 2022



PSD disclosed:

29 Jul 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

Participation in sustainability-linked bond ("SLB") issued by Meritus Ulaganja d.d. ("Issuer"), Croatia, for the financing of general corporate purposes including further expansion through acquisitions. 

Project Objectives

The Project supports local capital market development as well as further growth and competitiveness of the M+ Group.

Transition Impact

ETI score: 61

The Project's transition impact derives from the following qualities:

Primary Resilient quality: Supporting capital market development through participating in the issuance of an SLB, which is a new instrument for Croatian capital market.

Secondary Competitive quality: Operational changes associated with the company's planned acquisitions and investments, leading to competitiveness improvements.

Client Information


Meritus Ulaganja is a holding company consolidating 42 companies operating under the M+ Group umbrella. The Group is a leading independent business process technology outsourcing ("BPTO") provider in the Southeast Europe, active in contact centres, information technology and employment services. The Group has offices in Croatia, Slovenia, BiH, Serbia, Hungary, Romania, Turkey, Germany, UK and the US and employs over 11,000 people.

EBRD Finance Summary

EUR 10,000,000.00

Total Project Cost

EUR 40,000,000.00


The EBRD's participation is additional as it contributes to closing the funding gap by investing in an innovative instrument, provides comfort to other potential investors, and supports higher standards (gender SMART Project).

Environmental and Social Summary

Categorised B (2019 ESP) with low to medium risk. The Client has a good level of human resources, equality and inclusion, information security, stakeholder/customer engagement policies and practices. MPlus and subsidiaries are operating in line with national requirements and hold relevant sectoral ISO certificates. Sustainability report and strategy provided that the Client commits to reduction of GHG emissions as well as reporting and further improving gender equality. An ESAP was discussed and agreed with the Client to complement and enhance efforts on sustainability to better align with E&S requirements of the ESP including requirements on development of  an ESMP to systemize and standardize environmental and social performance across all group companies, improvements of HR resources policy and implementation as well as improving information disclosure, stakeholder engagement and grievance management for external stakeholders.

The project is considered Paris aligned for climate mitigation as it features in the joint MDB "aligned list". The project is deemed not significantly exposed to physical climate risks and is considered Paris aligned. CR is 1 due to the diversified nature of the counterparty to physical climate risks. The Client will report on absolute annual GHG emissions (Scope 1 and Scope 2) against the baseline value (as reported for 2021) through sustainability reporting.

Technical Cooperation and Grant Financing


Company Contact Information

Darko Horvat
+385 (1) 6447-899
Heinzelova ulica 62/a, 10000 Zagreb, Croatia

PSD last updated

29 Jul 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

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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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