WDP

Location:

Romania

Project number:

51380

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

B

Approval date:

28 May 2020

Status:

Disbursing

PSD disclosed:

16 Jul 2020

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

Provision of a long-term senior unsecured loan of up to EUR 150 million in favour of Warehouses De Pauw NV ("WDP" or the "Company"), a Belgian public limited company, to finance part of the company's development program of logistic and light industrial facilities in Romania.

Project Objectives

The project will enable WDP to expand its portfolio of industrial and light manufacturing real estate in Romania and thus support the development of A-class sustainable industrial real estate in the country.

Transition Impact

ETI score: 65

1) Inclusive: The project will lead to the introduction of two replicable and high quality training programmes for young people in Romania; a new pilot accredited dual education programme for students in technical universities, as well as an internship programme aimed to facilitate school-to-work transition.
2) Green: WDP will introduce a portfolio-wide sustainability management framework which comprises international sustainability certification of the EBRD financed portfolio (EDGE) and additional green measures.

Client Information

WAREHOUSES DE PAUW

Warehouses De Pauw NV is the Belgian arm and holding company of Warehouses De Pauw portfolio and subsidiaries. The Company is incorporated in Belgium and listed on Euronext Brussels and Euronext Amsterdam.

 

EBRD Finance Summary

EUR 150,000,000.00

Total Project Cost

EUR 774,000,000.00

Additionality

The Bank is additional in the project as it offers a large volume loan that fills a market gap and also contributes to improving the Company's standards both in the area of economic inclusion and sustainability.

Environmental and Social Summary

Categorised B under the 2014 ESP. Environmental and social impacts associated with the development of a logistic centre can be readily identified and addressed through appropriate mitigation measures. Environmental and Social Due Diligence (ESDD), undertaken by the Bank staff, was based on the review of the completed Environmental & Social Due Diligence (ESDD) Questionnaire, the company's group-level official 2018 annual Corporate social responsibility report and their statement on commitment to a sound working environment as well as follow up with the Company. The ESDD showed that the Company has adequate environmental and social risk management capacities and the project is not associated with significant environmental & social issues. To ensure the project's compliance with the EBRD PRs, a concise Environmental & Social Action Plan (ESAP) has been developed  and agreed with the Company. WDP is required to ensure that the project complies with the EBRD PRs as well as submit an annual ES report to the Bank.    

The ESDD showed the following: The company publishes a group-level annual report in line with the Global Reporting Initiative as well as the Sustainability Accounting Standards.  The Company is publicly committed to sustainability and publishes analysis of their business operation in accordance with 2030 SDGs. They aim to be CO2 neutral in the medium term. Their Human Resources (HR) policies include an employee grievance mechanism and occupational, health & safety policies in line with EBRD PR2 and PR4.  The Company reported that there were no material accidents at the group level in 2018. While they do not pursue environmental management accreditations, they have overarching environmental procedures and environmental managers in place. The light manufacturing component in the logistic centre of the Project is the production and assembly/packaging of parts for automobiles and air planes, which does not involve hazardous waste production. The ESAP addresses subcontractor management by incorporating environmental & social legal requirements in biding and contract documents as well as monitoring their compliance. The Bank will monitor the project's environmental & social performance by reviewing an annual ES report and site visit if deemed necessary.

Technical Cooperation and Grant Financing

TC support for this operation has been provided by the Bank's Shareholder Special Fund with significant contribution by the Company.

Company Contact Information

Mickael Van den Hauwe
mickael.vandenhauwe@wdp.eu
+32 (0) 473 93 74 91
www.wdp.eu
Blakebergen 15 1861 Wolvertem Belgium

PSD last updated

16 Jul 2020

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 how to submit a Request for review through our confidential online form, by emailmail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requesters’ identities may be kept confidential, upon request.

 

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