DFF - Cermat


North Macedonia

Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

26 Jul 2016



PSD disclosed:

03 Aug 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

Provision of EUR 1.0 million (EBRD and ENEF per EUR 0.5 million) loan to Cermat doo (the "Company"). 

Project Objectives

The proceeds of the Bank's investment will be used for the permanent working capital needs of the Company in order to support the Borrower's expansion and meet the continuously increasing export customers' demand.

Transition Impact

ETI score: 60

The proposed changes are expected to upgrade the transition impact objectives for the following:

The project will support entry on new export market.

The Company increases exports sales. 

The impact on the existing objectives is expected to be neutral.


Client Information


Cermat d.o.o. is the leading producer of ice cream in North Macedonia. 

EBRD Finance Summary

EUR 2,750,000.00

Increase of the existing loan amount by EUR 1.0 million (EBRD and ENEF per EUR 0.5 million)

Total Project Cost

EUR 2,940,000.00

EUR 1 million for permanent working capital needs.


Gender Additional: Cermat will engage in actions to increase the number of women completing relevant educational profiles for the required technical and engineer positions in their production facility. 

EBRD is additional due to its specific attributes as an IFI with a strong regional presence and its ability to support the client with various advisory and other programs, which help the company realise its growth strategy. The Bank is also additional due to its conditionalities, including adherence to EBRD's environmental and social requirements during the life of the loan. 

Environmental and Social Summary

ESAP action points have been completed.

Technical Cooperation and Grant Financing

In the past years, the Company has benefited from post-investment assistance by the EBRD/ENEF TC. Since Q4 2020, the Company is also member of the EBRD Blue Ribbon programme.

Company Contact Information

Zoran Ristevski
+389 47 226 671
+389 47 237 671
Novacki Pat bb, 7000 Bitola, N. Macedonia.

Implementation summary


PSD last updated

03 Aug 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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