Early Warning System

Countries

Spain

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Investment Bank (EIB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Jul 4, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

GRUPO ULMA SC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Construction
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 53.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 45
Converted using 2025-07-04 exchange rate.

Project Cost (USD)

$ 115.43 million

Primary Source

Original disclosure @ EIB website

Updated in EWS Aug 31, 2025

Disclosed by Bank Jul 9, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project scope encompasses Ulma's expenditures in research, development and innovation (RDI) and innovation-related capex focused on the construction sector value chain. It includes the Promoter's investments, planned for the 2025-2028 period, in innovative technologies and processes aimed at improving raw material recyclability, upgrading current facilities, and reducing the Promoter's carbon footprint. R&D activities focus on applying advanced manufacturing technologies as well as other strategic initiatives that enhance the Promoter's capability to implement their sustainability strategy.

The EIB loan will be used by the Promoter to finance its RDI and capex investments supporting the implementation of the company's strategy, in particular the Construction and Architectural Solutions businesses. The investments are expected to support ULMA Group's competitiveness and growth.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

According to the Environmental and Social Data Sheet, the Project does not carry any significant labour risks and risk to health and safety is minimal with the overall social risk being low.

The Project activities will primarily be carried out in existing facilities already authorised that will not change their scope due to the Project.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Investment Bank (EIB)

A €45 million loan.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

ULMA Group is a Spanish industrial cooperative group based in the Basque Country. ULMA Group is made up of nine industrial cooperatives that employ 5 747 people and operate across 81 countries. With a total sales volume of €1.15 billion in 2024.

The nine companies that make up ULMA operates in diverse industrial sectors, providing solutions for construction, packaging machinery, smart warehousing, forging, prefabricated systems for drainage and architecture, rollers for conveyor belts, maintenance services, greenhouse manufacturing and embedded electronics. The latest innovation out of ULMA Group applies artificial intelligence in the healthcare field for early detection of certain diseases.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Grupo ULMA SC	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Contact: Maite Cordero
Email: m.corderomunoz@eib.org
Phone: +34 606 66 82 62

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces