Nobel Ilac Sanayi ve Ticaret A.S. (IFC-39247)

  • 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
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
Apr 23, 2017
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 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.
Project Cost (USD)
$ 44.50 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 5, 2022

Disclosed by Bank Mar 21, 2017

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

Turkey-based Nobel Ilac (“Nobel” or “the company” - is a leading pharmaceutical manufacturer and distributor of over 100 principal pharmaceutical products (tablets, injection etc.) and food supplement products. The company is part of the “Ulkar Holding Group”, (“Ulkar Group” or the “Group”) - a vertically-integrated group of pharmaceutical manufacturing, marketing and sales companies operating in 20 countries worldwide.

The proposed investment includes USD 25 million A loan to Nobel for the expansion of its biotechnology business. Nobel’s capex plans include: (i) construction of a biotechnology and an injectable plant together with establishment of research and development laboratories (ii) and an automated warehouse (the “project”).

The company will establish its biotechnology business in Duzce, about 200 km from Istanbul, within the same property where the existing plant is located. The plant area in Duzce has been occupied by the company since 1999 after the takeover of the Turkish company Plantafarma. The plant is located in the city center and the nearest residential communities are located about 500 meter from the facility.

The project will be housed in new 2-story purpose-built facility with a footprint of 8,000 m2and a total floor space on 42,000 m2. Construction for this new greenfield development started in 2017 and will be concluded by 2020.

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

The project sponsor is Mr. Hasan Ulusoy, a veteran Turkish pharmaceutical industrialist, who directly and indirectly through other companies, owns 100% of Nobel. Mr. Ulusoy serves as the Chairman of Nobel.

The total investment plan of Nobel is estimated at US$44.5 million. IFC is considering a loan of up to US$25 million for IFC’s own account.

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.


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 You can learn more about the CAO and how to file a complaint at

How it works

How it works