Nakkas - Basaksehir Motorway BOT Project (EBRD-52502)

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
Istanbul, Basaksehir, Arnavutkoy, Avcilar, Catalc
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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."
Borrower
Nakkas Otoyol Yatirim ve Isletme A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Infrastructure
  • Transport
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)
$ 107.99 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.
Currency conversion note:
Bank reported 100
Converted using 2023-08-24 exchange rate.
Loan Amount (USD)
$ 107.99 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.
Currency conversion note:
Bank reported 100
Converted using 2023-08-24 exchange rate.
Project Cost (USD)
$ 1,295.88 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.
Currency conversion note:
Bank reported 1200
Converted using 2023-08-24 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 9, 2023

Disclosed by Bank Aug 24, 2023

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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 EBRD, the project consists of the provision of a senior loan of up to EUR 100 million targeted to be approved by early-2024 in favour of Nakkas Otoyol Yatirim ve Isletme A.S. (SPV), a special purpose vehicle owned by RNS PPP Altyapi Ticaret A.S., RC Ronesans Insaat Taahhut A.S. and REC Uluslararasi Insaat Yatirim Sanayi ve Ticaret A.S., with SPV's shareholders being ultimately owned by Ronesans Holding A.S.. Ronesans was awarded in 2020 a 20-year concession by the General Directorate of Highways of Turkiye (KGM) for the construction and operation of a motorway connecting Nakkas and Basaksehir junctions in Istanbul. A dedicated long-term investment vehicle managed by Meridiam SAS is considering participating to the Project through acquiring a shareholding in the Borrower.

EBRD proceeds will be used to partially finance the Borrower's development, financing and other expenses to complete construction of the Nakkas - Basaksehir Motorway, within the scope of the implementation contract signed between KGM and the Borrower under the build-operate-transfer scheme.

The Project constitutes a section of the Northern Marmara Motorway which spans over the Asian and European sides of the wider Istanbul and Marmara regions, providing an alternative transit route bypassing the existing traffic, increased due to the growing population and economic activity. The section to be constructed as part of the Project is expected to provide a corridor between the heavily congested urban areas of Istanbul, and increase connectivity from these areas to the wider NMM network.

The Project is located in the western part of Istanbul and passes through 15 settlements in four districts (Basaksehir, Arnavutkoy, Avcilar and Catalca). In addition to Sazlidere Bridge, there will be 5 viaducts, 18 overpasses, 18 underpasses and 10 interchanges. Temporary construction components (i.e. two camp sites, surplus material dump sites, etc) will only be needed during the construction and temporarily affected lands will be reinstated to its original condition upon completion of the construction activities.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 EBRD, Nakkas Otoyol Yatirim ve Isletme A.S. is a special purpose vehicle holding the concession to design, finance, build, operate and maintain the Motorway. The Client is ultimately owned by Ronesans Holding A.S., an existing client of the Bank, and a diversified holding company incorporated in 1993, with activities in construction, real estate development and investments in energy and healthcare. A dedicated European long-term investment fund managed by Meridiam SAS, a global infrastructure asset manager incorporated in France, is also considering to acquire a shareholding in the Client.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Ronesans Holding AS Parent Company Finance owns Nakkas Otoyol Yatirim ve Isletme A.S. Client Construction

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.

Client -

Mehmet Cihan Deger (for general enquiries)
Email: cihan.deger@mras.com.tr
Phone: +90 533 307 73 39

Nilgul Pelit (for environmental and social enquiries)
Email: nilgul.pelit@mras.com.tr
Phone: +90 539 723 60 82

Website: www.nakkasotoyolu.com
Addresses:
- Cankaya Mahallesi Ataturk Bulvari; No: 144-146 Cankaya / Ankara
- KMO Santiyesi - Sahintepe Mahallesi, Muratdere Caddesi KMO Santiye No: 134/2 Basaksehir / Istanbul

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

How it works

How it works