DFF - Stax Technologies



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

26 Apr 2022



PSD disclosed:

05 May 2022

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

The proposed Project includes construction of new production facilities and procurement of new production lines (assembly plant, machining workshop, material cutting plant and a paint-shop). In addition, the Company will build a 300KW rooftop solar power plant, planned for the second half of 2022.

The investment will effectively increase the capacity of Stax Technologies by over 70%, and will improve energy efficiency and productivity through partial replacement of existing equipment and machinery. The new plant will be a virtual replica of the existing one, but will operate the latest state-of-the-art equipment, with much higher efficiency. The new production buildings are designed to achieve Energy Performance Certificate of Class B which is above the national requirement. 

Project Objectives

The overall objectives of the Project are good financial and operational performance and on-time project implementation.

Transition Impact

ETI score: 68

The transition impact of the Project defined as Inclusive as the primary quality and Green as secondary quality. 

Primary Quality: Inclusive 

The Project will enable the Company to launch a range of new training programs under its Stax Academy initiative in order to address emerging skills needs, thus improving young people's access to skills and livelihood opportunities.

Secondary Quality: Green

Around 54% of EBRD use of proceeds will support green economy transition by financing:

  • EPC Class B certified new building which is one level above national requirement
  • Equipment replacement with more energy-efficient solutions.
  • 300 kW solar PV installation

Total energy efficiency savings of c. 12,600 GJ/year and c. 500 MWh/year renewable energy generation is expected. Total scope 2 emission savings from energy efficiency and renewable energy measures are expected at 1,400 tons CO2 eqv./year.

Client Information


Stax Technologies d.o.o. (the "Company" or the "Borrower") is a limited liability company incorporated in Serbia and active in production of paper tissue packaging machines. The Company is 60% owned by Barry-Wehmiller Companies Inc (USA) and 40% by Mladen Starcevic, the founder of the Company. In 2021, the Company recorded EUR 18.8m in revenues, EUR 3.8m in EBITDA and net leverage of 0.3x.

EBRD Finance Summary

EUR 10,800,000.00

The Project ("Project") consists of capex financing split between:

-       EUR 2.5m financing for the construction of new energy efficient production facilities,

-       EUR 8.3m for new equipment partially replacing existing equipment/machinery, and

-       EUR 0.4m for solar panel power plant, uncommitted tranche. 

The Company has already started financing the Project from own funds in second half of 2021, which will be refinanced by the Loan. 

Total Project Cost

EUR 11,200,000.00

Total Project Cost is EUR 11,200,000 of which the client will contribute with EUR 400,000.


This Project will be gender additional as the Company is committed to improving its equal opportunities practices towards women. This will mainly be achieved by attracting a greater share of women to the Company's training programmes, the development of which will be supported by a TC within the scope of the Project's Inclusive TI delivery. The Company will increase the share of female trainees by 10 percentage points over the coming 5 years, which will be a substantial increase considering that currently no eduRobotics trainees are female, alongside only 5% of the eduSTAX participants.

The Company will additionally engage in a campaign to help diffuse gender occupation stereotypes in the sector and attract female students to their internship programme as well as to attract girls to the education profiles that will be offered through their dual education programme.    With their workforce expansion and new training initiatives, the Company is aiming to double the share of women entering work through the its training programmes, by ensuring that at least 22% of the newly employed trainees by 2029 are women.

Environmental and Social Summary

Category B (2019 ESP). Environmental and social due diligence (ESDD) was carried out by ESD and included the review of environmental and social (E&S) Questionnaires; follow up interviews with client's EHS representatives; a site visit to the existing production facilities; and well as review of supporting EHS documentation. The E&S risks and impacts associated with construction and operation of new facilities for production of packaging machines (committed) and installation of 0.4 MW rooftop solar power plant (uncommitted) are site-specific, readily identified and will be managed by the existing E&S management systems. ESDD has identified minor additional areas for improvement to structure the project to align with the Banks 2019 Performance Requirements, which have been included in an Environmental and Social Action Plan (ESAP) that will be agreed with the client before signing. The company does not have a formalised E&S policy, however ESDD showed that there are EHS management systems, policies, and operational procedures in place. The client has organisational capacity for management of E&S aspects including environmental protection, human resources and occupational health and safety (OHS), and is additionally using external resources. Plans which are in place include Environmental Management Plan, Health and Safety Management Plans and Human Resources Management acts and procedures, while development of Contractor Management Plan, Supply Chain Management Plan and improvements to Stakeholder Engagement are required and included in the ESAP. The client is in compliance with permitting requirements.

The company operates in line with national requirements for labour and working conditions, which are in line with core ILO conventions and forced labour and child labour are prohibited by local legislation. The Company has adopted the Code of Conduct, Employment Rulebook, Rulebook of Systematisation of Working Places, and Rulebook for Prevention of Harassment, which includes measures to prevent sexual harassment. The Code of Conduct specifies the procedure for internal grievance mechanism. Additionally, the ESAP requires a formal workers grievance mechanism for non-employee workers that are not covered by internal documents of the company, and management of supply chain risks during procurement of solar modules (0.4 MW) as part of the uncommitted tranche, to fully comply with requirements of the PR2.

A Waste Management Plan has been developed and covers both hazardous and non-hazardous types of waste. The client is undertaking regular reporting of generated waste quantities to the state authorities in line with the local legislation. The ESAP stipulates measures for improvements of run-off wastewater treatment at location of the parking areas, including pavement of parking areas and installation of oil separators to meet PR 3 requirements and good international practices.

The OHS related issues are covered as part of the existing aforementioned OHS management system and good OHS practices have been noted during E&S site visit. The company is undertaking regular internal monitoring of H&S risks; periodical internal and external examinations of H&S equipment; and has ongoing COVID19 measures in line with EU and WHO recommendations and implements mandatory training of their staff.  An Act on Risk Assessment and Act on Safety and Health at Work is in place, as well as a Register of Potential Hazardous Activities, a Procedure for Emergency Preparedness and Response Plan, a Fire Fighting Plan and a Procedure for the safe handling of Chemicals. The client is undertaking internal and external testing of quality and safety of materials and products.

The land for construction of new production facilities is available within existing industrial area and no additional land acquisition is needed. The project location is not planned in existing or planned protected area, Natura 2000 site, IBA or Ramsar site, or cultural heritage site. The ESAP stipulates from the client to identify the stakeholders and develop a plan for stakeholder management and external communication, including external communication towards customers and local communities, as well as to develop Chance Find Procedure. The operational phase will involve maintenance works of the equipment, which are well understood by the client due to experience in production of packaging machines as part of existing operations. The Bank will monitor the implementation of the Project through review of annual reports and site visits when deemed necessary.

Technical Cooperation and Grant Financing

The Project will incorporate TC grant funding from the Special Shareholder Fund for the total amount of up to EUR 150,000 to finance the TC project aiming at skills development, of which the Client contribution of 15% of the value.

The EBRD Shareholder Special Fund (SSF) was used for external legal due diligence for the total amount of EUR 40,000, with client cost sharing 20% of the total costs. 

Company Contact Information

Nenad Skapina
STAX Technologies doo Konjevici bb Čačak 32000

Implementation summary

PSD last updated

05 May 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
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 more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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