AkCez II (IFC-36711)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 21, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Akcez Enerji Yatirimlari Sanayi ve Ticaret A.S.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
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, etc.
Investment Amount (USD)
$ 162.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 400.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 27, 2017

Disclosed by Bank Nov 11, 2015


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Project Description
This project finances capital expenditures aimed at providing continuous and high quality electricity distribution services through the renewal of the distribution network, and capacity increase in order to meet the supply needs of the new customers and decrease of technical losses.
Investment Description
  • International Finance Corporation (IFC)
Akcez is jointly owned and managed jointly by Akkök Holding A.S, Turkey (50%) and CEZ a.s, Czech Republic (50%). CEZ a.s. is an integrated electricity conglomerate headquartered in the Czech Republic with operations in a number of countries in Central and Southeastern Europe and Turkey. Akkök Holding A.S. is one of the oldest and largest conglomerates in Turkey, fully owned by the Dinckok family. The Holding is active in chemicals, energy, real estate, textile, ports, insurance and IT businesses.al and Southeastern Europe and Turkey. Akkök Holding A.S. is one of the oldest and largest conglomerates in Turkey, fully owned by the Dinckok family. The Holding is active in chemicals, energy, real estate, textile, ports, insurance and IT businesses.
Contact Information
Contact Name: Firat SOGANCIK Title: Budget & Controlling Manager Name of the Place: AKCEZ Energy Investments San. And Tic. Inc. Address: Maltepe Mah. Orhangazi Cad. Transformer Facilities No: 72 54100 Sakarya / TURKIYE E-mail : mailto:firat.sogancik@akcez.com.tr Telephone : +90 (264) 295 85 00 – 530 962 30 96 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/