Early Warning System

Countries

Turkmenistan

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

Canceled

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

Jul 28, 2020

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

MAWY KENAR JVC

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

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, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 12.90 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)

$ 13.40 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.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 31, 2024

Disclosed by Bank Aug 3, 2020

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Can you contribute information about this project?
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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.

According to EBRD website, EBRD is going to provide up to US$ 12.9 million to joint venture Mawy Kenar JVC, with a purpose of implementing the legacy of oil production activities in the Balkan region of Turkmenistan.

PROJECT OBJECTIVES

Mawy Kenar JVC use this investment for the capital needs and to acquire a mobile sludge treatment unit. The financing will also address the impact of Covid-19 on the company operations. The EBRD's support including with the project development and implementation will allow Mawy Kenar to build a solid base in Turkmenistan, becoming a profitable environmental remediation services provider that adheres to the highest standards and best practices and potentially expand its operations in the region

EBRD FINANCE SUMMARY

Up to US$ 12.9 million senior secured loan to Mawy Kenar in two tranches:

(i)Tranche 1:US$ 2.5 million for working capital needs.

(ii)Tranche 2: US$ 10.4 million for capital expenditure financing.

TOTAL PROJECT COST

USD 13,400,000.00

ENVIRONMENTAL AND SOCIAL SUMMARY

Categorised B (ESP 2014). The proposed project involves a loan to Mawy Kenar Company for financing the working capital and acquisition of a mobile sludge treatment unit. Mawy Kenar is a provider of environmental remediation services, with specific focus on the clean-up of oil contaminated fields - a legacy of oil production activities in the Balkan region of Turkmenistan. The project activities will take place in brownfield areas within an existing environmental footprint and zone of degradation.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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.

MAWY KENAR JVC

Mawy Kenar Joint Venture Company is a limited liability company organised and existing in Turkmenistan and owned by Gazyk IE, Benel Technical Services Inc (of Canada) and Hazar Balyk OJSC.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Mawy Kenar, JVC	Client	-

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.

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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

Company Contact Information

Bezirgen Orazov
info@mawykenar.com
+99312468840
+99312468842
Ataturk str. Berkarar Business Centre. 6th Floor. Ashgabat, Turkmenistan