Arcelik GET and R and D (EBRD-50311)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Eskisehir, Cayirova, Istanbul
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
  • 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
Active
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
Dec 12, 2018
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
Arcelik AS
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)
$ 168.54 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 150
Converted using 2019-06-19 exchange rate.
Project Cost (USD)
$ 186.74 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 166.2
Converted using 2019-06-19 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 5, 2019

Disclosed by Bank Jun 19, 2019


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Project Description

According to the Bank's website, this project provides financing for energy and resource efficiency investments at Arcelik AS' refrigerator plant in Eskisehir and washing machine plant in Cayirova, as well as planned investment in a new Research & Development technology centre in Istanbul. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Arcelik A.S. is a joint stock company incorporated in Turkey for production, sales and aftersales services of consumer durable goods and consumer electronics. Established in 1955 in Istanbul, Arcelik is the leading white goods manufacturer of Turkey and has 20 different production facilities in 8 countries including Turkey, Romania, Russia, China, South Africa, Pakistan, Thailand, and India. The Company is majority owned and controlled by Koc Group, the largest industrial conglomerate in Turkey, with a 57.24% shareholding, while Burla Group has a 17.61% shareholding in the Company. The remaining 25.15% stake of the Company is listed on Borsa Istanbul.

Contact Information

Hande Saridal

investorrelations@arcelik.com
+902123143434
+902123143490
www.arcelikas.com
Karaagaç Cad. No: 2-6, Sutluce-34445; 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.