The project consists of financing capital expenditures for the borrower's production facility (expansion of existing capacities in soybean concentrates production) in the amount of EUR 12m and refinancing of some of the borrower's loans in the amount of EUR 38m (the "project").
The main project objectives include positive operational and financial performance during implementation as well as on-time project implementation within budget.
ETI score: 68
Competitive: The project supports the expansion of the borrower's production capacity in higher value-added segments, which is expected to lead to significant competitiveness improvements and increased profitability.
Integrated: The project supports the further development of the borrower's sales and export capacities as well as the entry in new export markets.
SOJAPROTEIN AD BECEJ
Sojaprotein (the "Borrower") is Serbia's largest soybean processing company, engaged in the production of a wide assortment of soybean based products and ingredients, including concentrates, flour, grits, textured products, crude oil, and lecithin. The Borrower processes exclusively non-GMO oilseeds and exports its production globally, serving local and international clients in the food and feed sectors. Sojaprotein is a subsidiary of Victoria Group, a Serbian agribusiness group engaged in oilseeds and grain trading and processing and production of animal feed.
EBRD Finance Summary
Total Project Cost
Financing Structure: The proposed long term financing, including a tailored repayment structure, is necessary to structure the project. The EBRD contributes to a restructuring package provided to the borrower alongside a commercial bank.
Environmental and Social Summary
Categorised B (ESP 2019) and Low-Medium Risk. Environmental and social due diligence for this project was undertaken in with the Bank's response to COVID-19 and was based on review of previous annual reporting to the Bank and documents and disclosures from the Borrower. The Borrower is well known to the Bank through previous projects proposed with both the Borrower and the Group and previous environmental and social due diligence undertaken. This confirmed that the Borrower's operations are in compliance with Serbian legislative requirements and that appropriate technical capacity is in place to allow the Borrower to manage the environmental, health and safety issues relevant to its business. The Borrower has published Environmental, Occupational Health & Safety, and Quality Policies and a Code of Conduct and is certified to a wide range of management systems including ISO 14001 (Environment), 9001 (Quality), 22000 (Food Safety) and 45001 (Health & Safety. The Borrower also has a written commitment to only utilise locally sourced, non-GMO soy, and has a certified traceability system in place to confirm this. The Code of Conduct covers all HR issues and confirms that Borrower's approach to be compliant with PR2. Given the above, no ESAP will be required for this project. The Borrower will be required to continue compliance with the Bank's PRs and provide annual E&S reporting in accordance with the Bank format.
Technical Cooperation and Grant Financing
Company Contact Information
Industrijska 121220 Becej, Serbia
PSD last updated
16 Sep 2020
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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.
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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.
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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 email@example.com to get guidance and more information on IPAM and how to submit a request.