Early Warning System

Countries

Greece

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

Specific Location

Thessaloniki

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

Active

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 12, 2022

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

Athanasios Hatzopoulos Packaging Materials Industry SA

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

Sectors

Industry and Trade

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

Investment Amount (USD)

$ 10.03 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 10
Converted using 2022-07-12 exchange rate.

Project Cost (USD)

$ 12.54 million

Bank Documents

Translation: Hatzopoulos RRF (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 14, 2023

Disclosed by Bank Jul 7, 2022

Contribute Information
Can you contribute information about this project?
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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 proposed transaction is presented as the second sub-operation under EBRD's Greek Recovery and Resilience Facility Co-Financing Framework. The total Project cost is EUR 12.5 million and will be funded from EUR 10 million of debt financing package and EUR 2.5 million from Hatzopoulos own resources.

The project will finance the investment program of Hatzopoulos with respect to energy efficiency capex and R&D expenditures, enabling the Company's transition to more recyclable and sustainable products through the acquisition of new machinery and an R&D programme focused on circular economy. The Bank will finance the entire R&D spending of EUR 1.2 million as well as, on a pro-rata basis, EUR 2.55 million of the items the Company's modernisation capex.

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.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

As stated by the EBRD, an up to EUR 10 million senior unsecured loan [which] will be structured in two tranches, where up to EUR 3.75 million will correspond to the EBRD tranche and the remainder to the RRF tranche.

Private Actor Relationship

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.

Private Actors Description

A. Hatzopoulos S.A. specialises in the manufacturing of flexible packaging materials for the food and beverages, home and personal care, cosmetics and pharmaceuticals industries. The Company is located in Thessaloniki, operating two manufacturing plants and exporting over 75% of its production to over 30 countries.

The Company is owned by Hatzopoulos family.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Athanasios Hatzopoulos Packaging Materials Industry SA	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 - Athanasios Hatzopoulos Packaging Materials Industry SA:

Vasilios Kouskouras
Email: info@hatzopoulos.gr
Phone: +30 2310 551 801 / +30 2310 540 673
Website: https://hatzopoulos.gr/
Address: 21, Stadiou street 57009 Kalohori Thessaloniki, Greece

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