Korozo Packaging (EBRD-48830)

  • Turkiye
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Jan 25, 2017
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.
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
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.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 1, 2017

Disclosed by Bank Apr 28, 2017

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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.
PROJECT DESCRIPTION The EBRD, Actera - the leading private equity investor in Turkey - and Esas Holding - a venture capital firm established by the Sabanci family - have acquired a majority stake in Korozo, a leading flexible packaging producer in Turkey. PROJECT OBJECTIVES The EBRD will also support Korozo through the Near Zero Waste (NOW) programme funded by the Clean Technology Fund (CTF) and the European Union in order to address first mover externalities associated with waste minimisation investments. TRANSITION IMPACT Transition impact is expected to stem from (i) demonstration of successful restructuring; and (ii) setting standards of corporate governance and business conduct, including the implementation of green investments in Corlu plant following the acquisition. CLIENT INFORMATION Korozo Ambalaj San. ve Tic. A.S. is a joint stock company incorporated in Turkey. With nine manufacturing facilities across the country, it is the largest flexible packaging producer in Turkey and among the leading ones in Europe. ENVIRONMENTAL AND SOCIAL SUMMARY Categorised B (2014 ESP). The production of plastic packaging is associated with specific environmental and social issues which are well understood and can be addressed through appropriate mitigation measures. Environmental and Social Due Diligence (ESDD) was undertaken by an independent local consultant and comprised a documentation review, meetings with the relevant Korozo departments as well as site visits to all facilities in October 2016. An Environmental and Social Action Plan (ESAP) has been drafted and was agreed with the client and other investors. TECHNICAL COOPERATION None. COMPANY CONTACT INFORMATION http://www.korozo.com/index.php?lang=en
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Korozo Ambalaj San. ve Tic. A.S. is a joint stock company incorporated in Turkey. With nine manufacturing facilities across the country, it is the largest flexible packaging producer in Turkey and among the leading ones in Europe.

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.
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.

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