Early Warning System

Regions

Europe and Central Asia

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

Countries

Slovenia

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

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

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

Dec 3, 2024

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

Incom d.o.o.

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

Sectors

Agriculture and Forestry
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)

$ 5.25 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 5
Converted using 2024-12-03 exchange rate.

Project Cost (USD)

$ 28.38 million

Other Related Projects

EBRD-48501 Direct Finance Framework non SME

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 17, 2025

Disclosed by Bank Feb 7, 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.

As stated by the EBRD, the project consists of a participation of EUR5 million in a EUR27 million local bond issuance by Incom. The proceeds from the Bond issuance will be utilised for (i) capex investments, (ii) working capital and (iii) refinancing of the existing financial indebtedness. The Bond is listed on Ljubljana Stock Exchange and publicly traded.

The main objective of the Project is to support the Company's investment program and further strengthen its balance sheet.

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.

As stated by the EBRD, the Company sources cocoa and palm oil which can be linked to deforestation. Currently, the Company sources 30% of cocoa products certified by Rainforest Alliance and will increase this to 50% by 2030. Palm oil procured is 100% RSPO certified. In preparation for compliance with EU Deforestation Regulation the Company is developing a formal policy on deforestation and will finalise it in 2025. The Company has already issued relevant letters to its suppliers requesting tracing and certifications. The Company is developing a traceability system that sufficiently mitigates risks associated with deforestation in its supply chain. The Client procures from commodity traders with robust policies and systems in place: Cargill and Olam. The Company sources the powder milk from 6 EU based producers (77% from Netherlands, over 21% from Poland and the rest from Italy).

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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.

As stated by the EBRD, Incom d.o.o. is a limited liability company incorporated in Slovenia and one of the leading ice-cream producers.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Incom d.o.o.	Client	Industry and Trade
Cargill Inc	Contractor	Agriculture and Forestry	contracts with	Incom d.o.o.	Client	Industry and Trade
Olam Group	Contractor	Agriculture and Forestry	contracts with	Incom d.o.o.	Client	Industry and Trade

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.

Client - Incom d.o.o.:

Dejan Divjak
Email: dejan.divjak@leone.si
Phone: +386 5 3643774
Website: https://incomleone.com
Address: Tovarniska cesta 6a, 5270 Ajdovscina, Slovenia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html