Sama Al Manar Tiryaki Iraq (IFC-46252)

Countries
  • Iraq
Geographic location where the impacts of the investment may be experienced.
Specific Location
Umm Qasr, Basra
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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."
Voting Date
May 31, 2023
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.
Borrower
Sama Al-Manar for General Trading Company, Tiryaki Agro Gida Sanayi Ve Ticaret A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
  • 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.
Loan Amount (USD)
$ 112.50 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.
Project Cost (USD)
$ 205.50 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS May 12, 2023

Disclosed by Bank Apr 28, 2023

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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.

As stated by the IFC, the proposed investment is a project finance loan with use of proceeds to support an investment of up to US$112.5 m (US$66 m from IFC’s own account and the remaining amount to be syndicated) for the development of a US$205.5 m agro-industrial complex, including soybean crushing plant and warehouses at Berth 4 of the Umm Qasr Port in Iraq. The Sponsor of this project is Tiryaki Agro Gida Sanayi Ve Ticaret A.S. which is a leading agricultural commodity trading company in Türkiye. Sama Al-Manar for General Trading Company, of which Tiryaki is a shareholder, will execute the Project.
The Umm Qasr Port, located in the south of Iraq, is Iraq’s main port. The closest community settlement, Umm Qasr town, is 2 km from the project site. The project site covers an area of 171,000 m2. Soybean will be imported from Brazil and Argentina and processed locally into by-products, such as soybean meal, oil, lecithin, and hull. Corn will be imported from various countries, only be stored, and distributed. The project’s storage is estimated at 145,000 tons and crushing capacity at 900,000 tons / year. The company’s operations primarily comprise storage of soybean and corn, soybean dehulling, flaking, crushing, oil extraction, distillation, and degumming, soymeal desolventizing, toasting, drying, and cooling.  
Manarat Umm Qasr Company signed a contract with the General Company for Ports of Iraq to rehabilitate and operate Berth 4 of the Umm Qasr Port. The rehabilitation of the berth has been completed. Manarat and Sama Al Manar signed a partnership agreement for the operation of Berth-4 and the backyard facilities in October 2020. Manarat will be responsible for maritime cargo operations of soybean products and corn by the company. Sama Al Manar signed an EPC contract for the construction of the soybean crushing plant. 65% of the construction was completed as of March 2023. The project is expected to be commissioned by October 2023.  

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.

As stated by the IFC, Sama Al Manar for General Trading is a partnership between Tiryaki Agro (54%), Fatih Tiryakioglu, a shareholder in Tiryaki Agro (1%), and Hussein Al-Khazraji (45%), an Iraqi national, with experience in agriculture grain trading in Iraq. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Tiryaki Agro Gida Sanayi ve Ticaret A.S. Parent Company Agriculture and Forestry

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Parent Company - Tiryaki Agro Gida Sanayi Ve Ticaret A.S.:

Turkay Tatar - Chief Financial Officer
Phone: +90-216-3332000
Email: turkay.tatar@tiryaki.com.tr
Address: Beylerbeyi Mahallesi, Semsi Efendi Sokak, No: 16 Uskudar, 34676 Istanbul - Turkey
Website: https://tiryaki.com.tr/ 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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