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DFF - Aquila



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

28 Sep 2021



PSD disclosed:

01 Oct 2021

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 a EUR 5m long-term loan (the "Loan") to Aquila Part Prod Com SA ("Aquila") and concluding a EUR 5m call option to buy from Aquila's founding shareholders a number of  shares in Aquila up to the value of the loan disbursed, at a pre-agreed strike price.

Project Objectives

The proceeds from the Loan will enable Aquila to finance the expansion of its own brands portfolio, new warehouse automation, a new ERP system, as well as other working capital and capital expenditures needs. These investments will improve the reach of Aquila's own brands, as well as improve warehouse productivity and help the company enhance its digitalisation.

Transition Impact

ETI score: 65

The Project's transition impact is expected to derive from 

 (1) Well Governed (Primary) - The Project will support Aquila in implementing a comprehensive Corporate Governance Action Plan ("CGAP") to improve its governance practices and enhance its board procedures in the context of its future IPO.

(2) Competitive (Secondary) - The Project will support investments in warehouse automation and new IT systems, leading to productivity gains and improved operational performance.

Client Information


AQUILA PART PROD COM SA ("Aquila"), is the largest FMCG distributor in Romania and the Republic of Moldova, delivering to 67,000 selling points. It operates a network of 14 distribution centres and a fleet of over 1,600 vehicles.

EBRD Finance Summary

EUR 10,000,000.00

Total Project Cost

EUR 10,145,000.00


Innovative financing structures and/or instruments. The EBRD offers an innovative financing structure (a combination of loan and call option) not available before on the local market.

Standard-setting: Aquila seeks/makes use of EBRD expertise on corporate governance improvements. The Bank provides support for the Company to improve its corporate governance via the design of a CGAP, which will be implemented over the course of the project.

Environmental and Social Summary

Categorised B (ESP 2019). Environmental and social (E&S) risks related to the operation of a FMCG distribution and logistics Group and implementation of the Project are site specific and can be managed by appropriate mitigation measures. The E&S due diligence was carried out in-house by ESD in line with the COVID-19 approach through the review of E&S questionnaires, supporting documents and video meetings with Aquila Group management. There is no GET component associated with this project.

The Group operates a fleet of over 1600 vehicles and 14 distribution centres.  The E&S review covered a wide range of topics including the Group's labour practices and limited use of migrant labour, E&S risks and liabilities of Aquila's own warehouse, occupational health & safety, the Group's assessment of E&S risk in its supply chain and supply chain management, driver safety, air emissions particularly from transport and stakeholder engagement.  No significant or unidentified risks were revealed through the due diligence process.  The review demonstrated that the Group's management of E&S issues is generally focussed on national compliance and is not done within the context of structured management systems.  Certain areas are well developed, such as the management of health and safety, while other areas require further attention.

To address the identified issues, an environmental and social action plan (ESAP) has been drafted and has been agreed with the Group.   The ESAP focuses largely on management systems and includes actions for the Group to develop and implement an environmental management system, further develop the H&S management system, integrate E&S considerations into supply chain management, develop management systems for energy and resource usage and develop a corporate level stakeholder engagement plan.  The ESAP is structured to ensure Group compliance with the Bank's Performance Requirements and the Group will be required to provide annual reporting on its E&S performance and implementation of the ESAP.

Company Contact Information

Razvan Bagherea
Str. Malu Rosu nr. 105A, Ploiesti, Prahova, 100491, Romania

PSD last updated

01 Oct 2021

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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