Martur II (IFC-41874)

Regions
  • Europe and Central Asia
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Algeria
  • Morocco
  • Romania
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
B
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
MARTUR SUNGER VE KOLTUK TESISLERI TICARET VE SANAYI 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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.64 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.
Currency conversion note:
Bank reported 45
Converted using 2019-03-27 exchange rate.
Loan Amount (USD)
$ 50.64 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)
$ 80.45 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.
Currency conversion note:
Bank reported 71.5
Converted using 2019-03-27 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 5, 2019

Disclosed by Bank Mar 27, 2019

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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, the Project's expected development impact includes (i) increased employment and skills development, (ii) value addition and supply chain linkages in Romania, Morocco and Algeria, and (iii) increased stakeholder benefits (i.e. customer benefits via better access to wider variety of components and parts; supplier benefits via additional domestic purchases). Beyond the project, IFC anticipates the investment will help increase the competitiveness in the auto-parts industry in Romania, Morocco and Algeria.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

 The Project sponsor is Ustunberk Holding A.S. (“Ustunberk Holding” or the “Sponsor”) which owns Martur’s majority shareholding. Ustunberk Holding’s main area of focus is automotive parts industry through Martur and its subsidiaries. Ustunberk Holding is established in Turkey and is privately owned by Ustunberk Family. Martur’s current shareholding structure is as follows: 83% by Ustunberk Holding, 5.4% by IFC and 11.6% by Ustunberk Family, Ustunberk Holding companies and management.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Martur Sunger ve Koltuk Tesisleri Tic. Ve San. A.S. Client -

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.

Martur Sunger ve Koltuk Tesisleri Ticaret ve Sanayi A.S.
Mr. Yalcin Turker
Board Member
+90 212 345 0025
yturker@martur.com.tr
Eski Buyukdere Cad. Park Plaza No:14, Sisli/Istanbul, Turkey
http://www.martur.com.tr/

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