Project Aydin (EBRD-55393)

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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Sep 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
Yeni Magazacilik A.S. (A101)
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)
$ 441.00 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
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 26, 2024

Disclosed by Bank Aug 6, 2024

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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 facility will consist of a loan to A101 in the amount of up to USD 200 million (EUR 184.4 million equivalent) to be split into two tranches of USD 100 million each, of which the first one would be committed at the signing. The loan will comprise an "A Loan" of up to USD 100 million (EUR 92.2 million equivalent) for the Bank's own account, and a "B Loan" of up to USD 100 million (EUR 92.2 million equivalent) for the account of participants in case mobilization is successful.

The operation will enable A101 to implement a medium term capex programme including (i) new store and warehouse openings across the country, (ii) refurbishment of existing stores, and (iii) installation of solar panels for internal consumption up to 30MW.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (ESP 2019). Land will be acquired in a willing-buyer, willing-seller transaction, and no economic activity, formal or informal will be displaced involuntarily. No specific biodiversity issues have been identified for the site nor are there cultural heritage sensitivities, however, a chance finds procedure will be in place as a precautionary measure. Worker accommodation will not be required.

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

A loan to the borrower in the amount of up to USD 200 million (EUR 184.4 million equivalent) to be split into two tranches of USD 100 million each, of which the first one would be committed at the signing. The loan will comprise an "A Loan" of up to USD 100 million (EUR 92.2 million equivalent) for the Bank's own account, and a "B Loan" of up to USD 100 million (EUR 92.2 million equivalent) for the account of participants in case mobilization is successful.

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.

Yeni Magazacilik A.S. ("A101") is a joint stock company incorporated in Türkiye. Founded in 2008, A101 is one of the largest retail chains in the country with over 13,400 stores and 60 warehouses across all cities in the country. A101 is owned by Aydin Family, which holds 97.5% of total shares through intermediary entities based in Türkiye.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Yeni Magazacilik A.S. (A101) 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

Ayse Aytimur
ayse.aytimur@aydin.com
+90 (532) 501 1752
Burhaniye Mah. Nagehan Sok. No: 4 B / 1 Üsküdar, 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