Vestel White Goods R&D; (EBRD-47272)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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.
Voting Date
Sep 30, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Vestel Elektronik Sanayi ve Ticaret A.S.
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
  • Technical Cooperation
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)
$ 55.82 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 EUR 50.00 million
Converted using 2015-09-30 exchange rate.
Project Cost (USD)
$ 111.64 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 EUR 100.00 million
Converted using 2015-09-30 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 16, 2017

Disclosed by Bank Oct 1, 2015


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Project Description
This project finances research and development activities of Vestel Elektronik Sanayi ve Ticaret A.S., one of the leading consumer electronics and white goods manufacturers in Europe.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Vestel Elektronik Sanayi ve Ticaret A.S., a joint stock company registered in Turkey, is one of the leading consumer electronics and white goods producer in Europe. Zorlu Holding owns 78 per cent controlling stake in Vestel, while the remaining 22 per cent is free floating on the Borsa Istanbul.
Contact Information
Company contact Mr. Burak Sefik Tel: +90 (236) 233 01 31 E-mail: burak.sefik@vestel.com.tr Website: http://www.vestel.com ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.