Early Warning System

Countries

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

Approved

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

May 10, 2023

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

BRISA BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET AS

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

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

Investment Amount (USD)

$ 100.00 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)

$ 235.00 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

Translation: Brisa Tyres GET

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 13, 2023

Disclosed by Bank Sep 26, 2023

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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 the Bank’s website, the EBRD provided up to USD 100 million long-term loan or its EUR or TRY equivalent to Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret A.S. (the "Company", or "Brisa") to finance the Company's new capital expenditure program, which consists of new machine and equipment acquisition and capacity increase in Aksaray plant as well as modernization in Izmit plant in Turkey.

The proceeds of the financing will enable Brisa to implement a large-scale investment plan for modernisation and capacity increase in its Aksaray and Izmit plants in Turkiye in order to increase manufacturing of fuel-efficient and low-carbon emission products. The Project will have significant climate change mitigation benefits and support the Company achieve its GHG emission targets by demonstrating a substantial reduction in net GHG emissions through Scope 3, while further strengthening Brisa's sustainability practices consistent with the objectives of the Paris Agreement. The Project is aligned with the EBRD's Green Economy Transition Approach ("GET"). Furthermore, the Project will enable the Company to strengthen its human resources policies through the introduction of gender-based violence and harassment (GBVH) provisions in line with international best practices. The Project is in line with EBRD's Strategy for Turkiye as it supports increased energy and resource efficiency, climate resilience and environmental performance.

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 Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	BRISA BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET AS	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.

COMPANY CONTACT INFORMATION

Dr.Gurur Altun
G.Altun@brisa.com.tr
+903224410053
http://www.brisa.com.tr/
Kisikli; Cad. Sehit Tegmen Ismail Moray Sok. No:2/1 34662 Altunizade / Istanbul, Turkiye

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