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Coast Plus



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

09 Jun 2022



PSD disclosed:

10 Jun 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 long-term loan to Studenac d.o.o. (the "Company"), the largest food retailer in Croatia by number of stores, for acquisition of Pemo and Lonia (food retailers in Croatia), future investments and refinancing of the portion of the existing loan.

Project Objectives

The loan will support the Company in its expansion efforts as well as expected further efficiency and profitability improvements.

Transition Impact

ETI score: 65

Inclusive: the project will strengthen human capital resilience and development through (i) improvements in the Company's HR policies and practices benefitting both new Ukrainian refugee recruits, primarily women and young people, as well as the existing staff from the host community; and (ii) active participation in the country wide policy dialogue initiative "Svoja" aimed at promoting the integration of refugees displaced by the war on Ukraine into the Croatian labour market.

Green: the project will support improvements in stores' energy efficiency via implementation of high efficiency lighting, air conditioning and refrigeration equipment in both existing and new stores.

Client Information


Studenac is an existing client of the Bank and one of the largest food retail chains in Croatia. The Company is owned by Enterprise Investors.

EBRD Finance Summary

EUR 37,130,000.00

Total Project Cost

EUR 89,920,000.00


The Banks's additionality stems from the tailored financing structure, mitigation of non-financial risks and support delivered on setting higher gender and economic inclusion standards.

Environmental and Social Summary

Categorised B (ESP 2019). Environmental and social due diligence was undertaken internally building on previous due diligence and using reporting provided by the Company in the context of existing projects. Key issues considered included the capacity, policies and procedures of Pemo and Lonia to manage key environmental and social issues, labour and occupational health and safety management within stores, site specific issues in relation to individual supermarkets. In previous transactions with Enterprise Investors third party consultant expertise was employed to review the approach of Studenac and an environmental and social action plan was agreed to address identified gaps in relation to management of hazardous materials, management of wastes, registration of ozone depleting substances and management of staff complaints. Studenac has completed the implementation of the ESAP and now has adequate procedures in place to ensure compliance with the Bank's PRs. Studenac will be required to ensure that Pemo and Lonia, once integrated, will have the same policies and procedures in place to ensure compliance with the Bank's Performance Requirements. Part of that process will include targets related to improvement of facilities to achieve the green transition elements of the project such as the upgrade of lighting, air conditioning and refrigeration equipment with highly energy efficient and low GHG technologies. This will be monitored via annual environmental and social reporting provided by the Company.

Technical Cooperation and Grant Financing


Company Contact Information

Michal Halwa
+385 (91) 282 8275
Cetvrt Ribnjak 17 21310 Omis Croatia

PSD last updated

10 Jun 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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