Early Warning System

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.

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

Dec 11, 2024

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

Ulusoy Un San. ve Tic. A.S.

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

Sectors

Agriculture and Forestry
Energy
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)

$ 74.59 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 71
Converted using 2024-12-11 exchange rate.

Loan Amount (USD)

$ 74.59 million

Project Cost (USD)

$ 84.19 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 17, 2025

Disclosed by Bank Feb 10, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 proposed transaction involves provision of up to EUR 80 million (of which EUR 39 million uncommitted) senior unsecured loan consisting of: (i) EBRD finance of EUR 71 million and (ii) Clean Technology Fund finance of USD 9.5 million. The Loan will be used to finance the Company's 2024/25 capex programme.

The proposed transaction will enable the Borrower to finance its capex programme in Turkiye, including: i) renewable energy investments in solar power and wind power plants, in addition to general maintenance and expansion capex across existing flour production facilities. The loan will also be accompanied by concessional loan from Clean Technology Fund of up to USD 9.5M.

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.

As stated by the EBRD, Ulusoy Un, is an EBRD existing client since 2016, was established in 1989 in Samsun, a city in the Turkish Black Sea region. Ulusoy Un's core business includes domestic and international sales of wheat, flour, bran, and other feed raw materials. Listed on the Istanbul Stock Exchange ("BIST") since 2014, the Ulusoy Family holds 65.84% of the Company's shares, while 34.02% are held as free-float, and non-family management possess 0.14% of shares.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Ulusoy Un San. ve Tic. A.S.	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 - Ulusoy Un San. ve Tic. A.S.:

Zahit Cetin - CEO
Email: zahit.cetin@ulusoyun.com.tr / info@ulusoyun.com.tr
Address: Denizevleri Mah. Alacam Cad. Ulusoy Un San. ve Tic. A.S. Blok No:42 Ic Kapi No:1 Atakum/Samsun
Phone: +90 362 266 9090

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