Martur II (IFC-41874)

Regions
  • Europe and Central Asia
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Algeria
  • Morocco
  • Romania
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
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.
Borrower
MARTUR SUNGER VE KOLTUK TESISLERI TICARET VE SANAYI 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)
$ 50.64 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 71.5
Converted using 2019-03-27 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 5, 2019

Disclosed by Bank Mar 27, 2019


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Project 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
  • International Finance Corporation (IFC)
Private Actors

 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.

Contact Information

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/