Assan Aluminium (IFC-37550)

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
Approved
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
May 31, 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
ASSAN ALUMINYUM SANAYI VE TICARET ANONIM SIRKETI
The holder of the loan, grant, or other investment.
Sectors
  • 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, etc.
Investment Amount (USD)
$ 56.99 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)
$ 77.80 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 Aug 29, 2017

Disclosed by Bank Apr 22, 2016


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Project Description
Assan Aluminyum Sanayi ve Ticaret A.S., Turkey, is an existing IFC client since 1994 and one of the producers of flat-rolled aluminum products and foil products. Kibar Holding, along with Kibar family members and other group companies owned by Kibar are shareholders in Assan.
Investment Description
  • International Finance Corporation (IFC)
The project Sponsor is Kibar Holding A.S (“Kibar Holding”), founded in 1970, whose shareholders are Kibar family members. Kibar Holding currently controls 22 companies and employs close to 4,000 people across five major business segments: (i) Metals Group, (ii) Mobility Group, (iii) Building Materials and Construction Group, (iv) Food & Packaging Group, (v) The Foreign Trade Group and (v) Services Group. Assan, established in 1977, is 53% owned by the Kibar Holding, while the remaining shares are owned by family members and Group companies.
Contact Information
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/