Cimko Eurobond (IFC-51078)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Adiyaman, Adana, Kahramanmaras, Bartin
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
  • 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
Approved
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."
Voting Date
Apr 1, 2025
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.
Borrower
Cimko Cimento ve Beton San. Tic. A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 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.
Project Cost (USD)
$ 300.00 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 4, 2025

Disclosed by Bank May 21, 2025

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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.

As stated by the IFC, the proposed investment consists of a subscription of up to US$ 50 million unsecured five-year Eurobond (the Project) into a US$ 300 million issuance of Çimko Çimento ve Beton San. ve Tic. A.S.

The Eurobond proceeds will be used for (i) refinancing of Cimko’s existing short- to medium-term debt derived mainly from acquisition of Sanko Petrokimya, which owns Sanko Port in Adana (Adana Port) in 2024, (ii) capital expenditures for sustainability-focused green investments over 2025-2027 aimed at reducing its carbon footprint, and (iii) general corporate purposes, including upgrades in management information systems and working capital financing (altogether, the Project). In relation to capital expenditures, IFC will be financing Cimko’s energy efficiency (vertical raw mill and transport system), alternative fuels (feeding system), earthquake reinforcement and fire extinguishing system investments in the Adiyaman cement plant (Cimko Adiyaman).

Adana Port (https://sankopetrokimya.com/), a multi-purpose general, container and bulk cargo port, located in Yumurtalik district of Adana/Türkiye, which was constructed by another subsidiary of Sanko Group and commenced operation in 2016 and was acquired by Cimko in 2024. It has a 1.3 km pier length and 250,000 twenty-foot equivalent unit (TEU)/year container handling capacity with ca. nine ha of warehouses and sheltered container freight station operations.
Cimko Adiyaman was acquired by Sanko as a result of a tender launched for privatization of the plant in 1995. The plant has a clinker capacity of some 815,100 ton per annum and ca. 769 ha of limestone, calcareous marl and trass quarries operated by Cimko’s contractors.

Sanko Group and Cimko are longstanding IFC clients since 2006 (Sanko Cement #24757, https://disclosures.ifc.org/project-detail/ERS/24757/sanko-cement; Cimko Cement II #33753, https://disclosures.ifc.org/project-detail/ESRS/33753/cimko-cement-ii; and Sanko Climate #46580, https://disclosures.ifc.org/project-detail/ESRS/46580/sanko-climate). The environmental and social (E&S) performance of these previous investments have been satisfactory.

The Project will be implemented in three cities of Türkiye: (i) Adiyaman and Kahramanmaras, two cities in Southeastern Türkiye that were hit hard by the two February 2023 earthquakes, and (ii) Bartin, in Northern Türkiye.

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

As stated by the IFC, the Project cost is US$300 million and was partially funded by the subscription of US$50 million for IFC’s own account. The remaining funding was provided by development finance institutions including EBRD and Finance in Motion and other investors. 

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.

As stated by the IFC, Cimko, a leading Turkish cement producer is owned by Sanko Holding A.S. which is a 120-year old Turkish conglomerate operating mainly in the textile, energy, construction, packaging, cement and real estate sectors.

Sanko Holding, ultimately owned by the Konukoglu Family, is Cimko’s main shareholder.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Sanko Holding AS Parent Company Industry and Trade owns Cimko Cimento Ve Beton Sanayi Ve Ticaret A.S. Client Industry and Trade

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Parent Company - Sanko Holding A. S.:

Ms. Özde Demirtürk - Director, Sustainable Finance
Phone: +90 342 211 30 00 (Pbx)
Email: ozde.demirturk@sanko.com.tr
Address: Ibrahimli Mahallesi Sanko Sokak, Sanko Holding Yönetim Binasi Sitesi No:12/A, Sehitkamil/ Gaziantep TÜRKIYE
Website: www.sanko.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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