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Barry Callebaut Serbia



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

09 Mar 2022



PSD disclosed:

12 Sep 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

Provision of a senior unsecured long-term loan to Barry Callebaut South East Europe d.o.o. (the "Company") in the amount of up to EUR 82.3 million, consisting of EUR 52.3 million committed tranche and EUR 30 million uncommitted tranche.

Project Objectives

The loan will support the Company's investment in the development of the chocolate production plant and Chocolate Academy in Serbia, as well as future investments in Serbia.

Transition Impact

ETI score: 61

Competitive: the project will support the development of the Company to become a regional production hub, which will introduce new state-of-the-art production processes and new types of services in Serbia and the region.

Green: the project will support energy efficiency improvements through BREEAM certification of the new production plant in Serbia.

Client Information


The Company is a chocolate producer that will become the production hub for the region.

The Company is indirectly owned by Barry Callebaut AG ("BC"), the world's leading manufacturer of high quality cocoa and chocolate products.

EBRD Finance Summary

EUR 82,300,000.00

Total Project Cost

EUR 82,300,000.00


The Banks's additionality stems from setting standards in energy and resource efficiency, and mitigation of non-financial risks.

Environmental and Social Summary

Categorised B (ESP 2019). Environmental and social due diligence for this Project was undertaken internally by the Bank's Environment and Sustainability Department based on the standard environmental and social (E&S) questionnaire, completed by the Company, and follow up dialogue with Company management. The Greenfield production facility is located to the north-east of the city of Novi Sad, within an industrial zone, neighbouring other industrial and retail facilities. The facility was subject to a national environmental impact assessment and the Company received positive approval to proceed with the development.

The Company has developed a comprehensive approach to environmental and social management as evidenced by the questionnaire and the many public disclosures covering environment, health and safety, labour management and, in particular, supply chain management. Staffing for E&S issues has been appointed at the local level with oversight provided from headquarters. Management systems will be developed and applied in accordance with standard Company practice with improvement targets identified and translated into site specific actions. Key environmental targets cover energy consumption, water usage, protection of habitats and reduction of emissions. It is noted that the facility has been developed in line with best industrial practice and the aim is to achieve a "BREEAM In Use" certification with at least a "Very Good" rating.

The Company has created a Safety, Health and Environment (SHE) Plan, which covers all aspects of health, safety, fire-protection and environmental matters. This document covers a wide range of issues including requirements for arrival to site, how to act when performing activities on site, and how to leave your workplace after work. For all workplaces and activities a risk assessment is undertaken, and the whole site is covered by a work permit system (general permits and specific permits for high risk activities). In terms of human resources management, the Company is likewise covered by a comprehensive system of procedures. All sites are subject to audits in accordance with the Sedex methodology and are required to comply with the ETI Base Code and other SMETA standards. This is managed on a permanent basis at the parent level and any reported non-compliances require corrective actions and follow-up.

The Company pays particular attention to supply chain issues given the multiple risks associated with, among other things, farmer poverty, child labour and biodiversity impacts.  BC has in place robust and well-resourced supply chain management system as evidenced by the fact that the company (i) conducts supply chain mapping in Ghana, Cote d'Ivoire and other countries (ii) assesses child labour/ forced labour risks in its supply chain (iii) seeks to remediate identified risks in supply chain by engaging directly with farmers (where child labour risks lie), cooperatives and  other key stakeholders (iv) monitors, verifies, and reports on delivery of remediation measures.

BC does not use child labour in any of its processing facilities or any other facility directly controlled by BC and this element is covered by the Barry Callebaut Global HR Labour Policy.

To address E&S issues, specific to the Serbian facility, the Bank has agreed an environmental and social action plan with the Company. The plan is designed to ensure that the commitments already made by the Company at the corporate level are applied for the new facility and to ensure that the Project is structured to meet the Bank's Performance Requirements. The Company will be required to report annually on the implementation of the ESAP and compliance with the PRs.

Technical Cooperation and Grant Financing

TC support for this operation was provided by the Republic of Austria under the Delivering Resource Efficiency Investments (DRIVE) Fund, with significant contribution by the Company.

Company Contact Information

Claudia Pedretti
Hardturmstrasse 181 8005 Zürich Switzerland

Implementation summary

PSD last updated

12 Sep 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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