YMI WC (IFC-39355)

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
Proposed
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
Yapi Merkezi Holding Anonim Sirketi
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 75.00 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.
Loan Amount (USD)
$ 75.00 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)
$ 100.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 12, 2018

Disclosed by Bank Jul 26, 2017


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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.
According to IFC website, IFC is considering a US$100 million equivalent medium term Revolving Credit Facility (RCF) to support the working capital needs of Yapi Merkezi Construction and Industry Inc (YMI) through its holding company- Yapi Merkezi Holding Company. YMI was founded in 1965 as the first company of the Yapi Merkezi Group in Turkey. YMI started large scale construction works in the 80's and, since, it has developed a strong track-record of railway projects (including train, metro and tramway projects), becoming a leading construction company in the sector. YMI’s main business activity is to act as Engineering, Procurement, and Construction (EPC) contractor; YMI also holds two concessions (Eurasia Tunnel and Dardanelles Bridge) for metro and suspension bridge development projects in Turkey. In recent years, YMI has expanded its areas of operation from Turkey to Middle East and Africa. Current projects in the company’s portfolio cover construction of railways, metro systems, tramways, including electrification, warehouse / workshops, and signalization of the systems. At time of appraisal, YMI had a total of seventeen (17) projects among which thirteen projects at different construction stages and four (4) newly awarded projects with construction yet to be commenced. YMI has six ongoing railway projects in Africa (Ethiopia, Senegal, Tanzania, and Algeria and Morocco) with expected construction completion dates around 2020. YMI’s biggest railway project is the construction of the 391km of Awash- Kombolcha- Hara Gebaya (“AKH”) railway line in Ethiopia . The Tramway project in Sidi Bel-Abbes Algeria is the company’s biggest tramway project which is expected to be completed in November 2017, and the biggest metro line project is the Qatar metro line in Qatar of which construction is expected to be completed in 2019.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
The Project sponsor is Yapi Merkezi, which is privately owned by the Arioglu, Anadol and Aykar families. The construction and concession businesses are the main business lines of the Company. YMI is one of the leading construction companies in the field of transportation specializing in constructing rail systems including tunnels and bridges. YMI has operations in eight different countries including Ethiopia, Tanzania and Turkey.

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.
Project Contact: Nalan Tuna , Finance Coordinator Yapi Merkezi Holding A.S. Telephone No.: +90 (216) 321 9000 Email Address: nalan.tuna@ym.com.tr Office Address: Burhaniye Mah. Haci Resit Pasa Sok. No:4/A 34676 Üsküdar / Istanbul Website: www.ym.com.tr General IFC Inquiries IFC Communications 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 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/

How it works

How it works