Ulker Sustainability-Linked Loan (EBRD-54239)

  • 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
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
Mar 8, 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.
Ulker Biskuvi Sanayi A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 79.12 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 75
Converted using 2023-03-08 exchange rate.
Project Cost (USD)
$ 79.12 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 75
Converted using 2023-03-08 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 16, 2023

Disclosed by Bank Mar 15, 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 IFC, the project consists of a sustainability-linked loan of up to EUR 75 million to Ulker Biskuvi Sanayi A.S., one of the leading snackings brands in Turkiye, with a diverse product portfolio which includes biscuits, cakes and chocolates amongst others.

The Bank's loan will be used to refinance EBRD's existing bilateral loan from 2020 maturing in April 2023 into a sustainability-linked loan and will be part of a larger refinancing package of an existing syndication facility.

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.

From the IFC's website:

Founded in 1944, Ulker is one of Turkiye's leading and best known snackings brands, with a diverse product portfolio including biscuits, crackers, wafers, cakes, chocolate, among others. Ulker is a publicly traded company, with majority shares belonging to Pladis Foods Limited, which is owned by Yildiz Holding. Yildiz Holding also controls international companies United Biscuits, De Met's and Godiva, among others. Ulker has production facilities in Turkiye as well as other countries including Egypt, Saudi Arabia, United Arab Emirates and Kazakhstan.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pladis Foods Limited Investor Agriculture and Forestry
- - - - Ulker Biskuvi Sanayi AS Client Agriculture and Forestry

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 - Ulker Biskuvi Sanayi A.S.:

Fulya Banu Surucu
Email: Fulyabanu.surucu@pladisglobal.com
Phone: + 90 (216) 524 2500 / + 90 (216) 316 4344
Website: www.ulkerbiskuvi.com.tr/en
Address: Kisikli Mahallesi Ferah Caddesi No: 1, Buyuk Camlica/Uskudar, Istanbul, Turkiye


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


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

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