Provision of emergency short-term liquidity line in the amount of PLN 110 million (c. EUR 24 million) that will allow KIPF ("the company", "client") to actively manage working capital needs across business lines in light of increased sales volatility caused by the Covid-19 outbreak.
This project was approved in the context of the Bank's response to the Covid-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to Covid-19, and this deviation, can be found on our website.
ETI score: 69
The goal of this operation is to preserve the transition impact achieved under the existing project by providing the necessary working capital financing to address potential liquidity constraints in light of the pandemic.
KORPORACJA INWESTYCYJNA POLSKIEJ FARMACJI SP ZOO
KIPF is a holding company for Pelion which has successfully operated in wholesale and retail pharma markets in Poland since 1990. KIPF is fully-owned by Mr. Jacek Szwajcowski and Mr. Zbigniew Molenda - the founders of Pelion.
EBRD Finance Summary
Total Project Cost
EBRD financing is provided in the extraordinary circumstances of the Covid-19 crisis.
Environmental and Social Summary
Project has been categorised B (ESP 2019). The ESDD for this project was carried out in line with COVID 19 approach and was based on in-house ESDD carried out in 2019 for previous transaction (DTM 52026) and review of comprehensive AESR for 2019.
The ESDD has confirmed that the Company has well established ESH capacities and manages its operations in pharmacies, cosmetic stores, warehouses and pharmaceuticals distribution centres in line with established EHS Policies, implemented ISO 9001 quality management systems and with strict requirements of the Good Distribution Practices (GDP) for Pharmaceutical Products governed and regularly controlled (through site audits) by the Regional and Main Pharmaceutical Directorate in Poland for compliance with national Pharmaceutical Law and EU Directive on falsified medicinal products.
Warehouse construction financed under DTM 52026 has been finalised in early 2020 prior to COVID 19 pandemic; remaining works related to upgrades of retail pharmacies have been suspended due to pandemic-related restrictions introduced at national level. Pharmaceutical retail and distribution fall under critical services and the Company has continued to operate. It has implemented a set of protective procedures and safety measures for their staff and the public as per advice of the WHO, Polish Government and national sanitary inspectorate.
The Company has been diligently implementing the ESAP agreed in 2019. Namely, it has made progress in assigning formal responsibilities for environmental management at Group level, in developing unified EHS reporting and monitoring measures for daughter companies, in presenting directions within HR and H&S for the daughter companies, and most significantly it addressed the risk of employment of foreign workers through formalisation of standard requirements for employment agencies and aligning these with PR2, Directive 2008/104/EC on Temporary Agency Work and the Charter of Fundamental Rights of the European Union. Social matters have been addressed also in revised Pelion Code of Good Practice, consisting of Financial&Tax Security policies, IT Security Policy and also Code of Ethics. Requirements to follow the rules have been reflected by internal policies and procedures, but also in each Group Company's articles of association.
The ESDD confirmed that the existing ESAP is adequate and robust and does not need to be updated. The Bank will monitor the Project and the ESAP implementation through review of Annual E&S Reports and site visits as required.
Technical Cooperation and Grant Financing
Company Contact Information
+48 42 200 75 10
PSD last updated
20 May 2020
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Independent Project Accountability Mechanism (IPAM)
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