C.I.O.S. group and International Finance Corporation (IFC), member of the World Bank Group, announce in public intention to finance regional investment project in further development of C.I.O.S. group.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC creates opportunity for people to escape poverty and improve their lives, by providing financing to help businesses employ more people and by delivering advisory services to ensure sustainable development.

Funds needed to finance modernization and working capital of Scholz group and C.I.O.S. group in Croatia, Serbia, Bosnia and Herzegovina, Kosovo, Macedonia, Romania, Montenegro and Albania over the next few years are estimated at 120 million USD. IFC, which proposes assuring funds for further development in amount of 60 million USD, would in this regard have important role in assuring long-term financing that suits the needs of C.I.O.S. group. Proposed cooperation between C.I.O.S. group and IFC will guarantee further development and maintenance of the leading and recognizable position of a leader of the efficient and socially acceptable waste management and will also guarantee increase of the efficiency of metal waste recovery with the purpose of obtaining larger quantity of secondary raw-material while meeting the highest standards of environment protection.

The new development program of C.I.O.S. Group is established in order to achieve the same level of the contemporary technological equipment and organizational solutions of all the affiliated companies in the region, i.e. to meet with the EU Directives also in affiliated companies in neighboring countries of the Balkans Regions in the same way in which it has been achieved in Croatia.

The intention of financing development plans of C.I.O.S. group by International Finance Corporation is confirmation of former multiannual operations oriented to efficient waste management in compliance with Croatian legislation and highest environmental protection standards.

Within due diligence processes conducted by IFC, business activities of C.I.O.S. group and Scholz group as well as their social responsibility have already been proven complied to World Bank standards and IFC directions upon social and environmental sustainability. C.I.O.S. group in cooperation with IFC will assure that projects financed by IFC meet the highest standards of environment protection and World Bank standards that relate, among others, to Social and environmental management and assessment systems, Labor and Working conditions, Pollution prevention and abatement and Community health, safety and security.

In regard to this project, three documents have been prepared and on record:

 

Summary of Proposed Investment

 

Environmental and Social Review

 

Environmental and Social Action Plan