Sisecam Glass Recycling and Energy Efficiency (EBRD-48154)

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
Jun 22, 2016
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
Turkiye Sise ve Cam Fabrikalari A.S.
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)
$ 43.00 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 40,000,000.00
Converted using 2016-06-22 exchange rate.
Project Cost (USD)
$ 52.00 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 48,000,000.00
Converted using 2016-06-22 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 3, 2017

Disclosed by Bank Aug 5, 2016


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Project Description
The EBRD signed EUR 42 million long-term loan to Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam), the leading glass producer in Turkey to finance glass recycling and energy efficiency investments in Turkey. EUR 2 million of the loan will be extended under the EBRD's Near-Zero Waste programme, which finances waste minimisation projects in Turkey with support from the Clean Technology Fund.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Sisecam, which is incorporated in Turkey and operates in 13 countries, is one of the largest glass producers in the world. The company is active in all key areas of glassmaking (flat glass, glassware and glass packaging) as well as production of glass chemicals such as soda ash and chromium products. Turkiye Is Bankasi A.S. owns 74 per cent controlling stake in Sisecam, while the remaining 26 per cent is free floating on the Borsa Istanbul. An additional EUR 2 million will be provided by the Clean Technology Fund, a funding window of the Climate Investment Funds.
Contact Information
Gorkem Elverici gelverici@sisecam.com +902123505050 www.sisecam.com Türkiye #i#e ve Cam Fabrikalar# A.#. ## Kuleleri, Kule 3, Kat: 23 34330 4. Levent, Istanbul TURKEY 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.