Ronesans Holding A.S. (IFC-36747)

Countries
  • Turkey
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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."
Borrower
RONESANS HOLDING ANONIM SIRKETI
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 Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 215.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 29, 2017

Disclosed by Bank Mar 21, 2016


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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.
Ronesans Holding A.S., ("RHOL", or "the Group"), is a well-known company with operations in the construction, real estate development, healthcare private public partnerships ("PPP"), and energy sectors. IFC is considering to invest up to US$ 215 M in the form of either equity, quasi-equity, quasi-loan or loan in RHOL. IFC's investment will help the Group expand its activities in Africa, the Middle East and the Caucuses Region (Armenia, Azerbaijan, Georgia and Russia), and (ii) strengthen its sectoral presence in infrastructure (including energy investments), Turkish real estate and healthcare PPPs.Headquartered in Ankara, Turkey; RHOL is currently operating in 17 countries, including Turkey, Russia, Turkmenistan, Belarus, Kazakhstan, Azerbaijan, Iraq, Qatar, Gabon, Nigeria, , Mozambique, Germany, Austria, Finland, the Netherlands, Sweden and Switzerland.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
All Group companies are consolidated under RHOL which is 95% owned by Mr. Erman Ilicak, and 2.5% each by Bahar and Ipek Ilicak. As founder and main shareholder, Erman Ilicak started his venture in Saint Petersburg, Russia as a construction engineer. RHOL is currently operating in 17 countries including Turkey, Russia, and various other developing countries in the wider- CEU region.

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.
Selin Oner – mailto:selin.oner@ronesans.com - +90 216 430 60 00 Emre Burak Yilmaz – mailto:Burak.yilmaz@ronesans.com - +90 312 441 31 41 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/

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