Summa Constr. (IFC-47254)

Countries
  • Senegal
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
Summa Turizm Yatirimciligi A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • 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)
$ 54.49 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 50
Converted using 2024-07-15 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 17, 2024

Disclosed by Bank Jul 15, 2024

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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 the Bank’s website, the proposed IFC investment is a loan of up to €50 million to Summa Turizm Yatirimciligi A.S. to finance needs for (i) a hotel investment in Senegal, and (ii) Summa’s working capital and capex need for its construction projects in African countries acceptable to IFC. Founded in 1989 in Türkiye, Summa (https://www.summa.com.tr/ ) is a construction firm operating in over 15 countries with a strong focus on Africa.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's 2012 Policy on Environment and Social (E&S) Sustainability. The proposed Project will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices.

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

Approval IFC will provide an A Loan up to EUR50 million to 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.

Summa Turizm Yatirimciligi A.S. (“Summa”, or the “Company”) is a Turkish contractor operating in 15 countries with a strong focus on Africa. Summa has four lines of business: (i) turn-key construction projects, (ii) investment projects such as shopping centers, hospitals, hotels etc., (iii) build-operate-transfer (“BOT”) and public private partnership (PPP) concessions/schemes, mainly for airports and hospitals and (iv) mining investments.

Summa’s current ownership structure is as follows: Mr. Selim Bora owns 42.41% shareholding; Mr. Sinan Bora owns 41.22% shareholding in Summa respectively. The remaining shares are owned by Mr. Osman Ozkan at 10.00%, and Mr. Okan Sargin at 6.37%.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Summa Turizm Yatirimciligi 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.

Summa
Halil Keskin
Project & Corporate Finance Director
+90 506 651 08 73
halil.keskin@summa.com.tr
halil.keskin@summa.com.tr
https://www.summa.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

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