YDA Bond Issue (EBRD-48603)

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
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
Jul 20, 2016
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
YDA INSAAT 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
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 23.30 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 TRY 70,000,000.00
Converted using 2016-07-20 exchange rate.
Project Cost (USD)
$ 81.00 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.
Currency conversion note:
Bank reported TRY 250,000,000.00
Converted using 2016-07-20 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 8, 2017

Disclosed by Bank Jul 25, 2016

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.
The Bank has invested TRY 70 million (EUR 21 million) in YDA Insaat Sanayi ve Ticaret A.S.'s recent TRY 250 million (EUR 74 million) local currency bond issue, which is formed of two tranches of equal sizes, with maturities of two and four years respectively. This issue was the first issuance under the company's TRY 500 million (EUR 148 million) bond program. The investment is part of a TRY 700 million corporate bond program designed by the Bank to support Turkish corporates in tapping the bond market. The proceeds from the Bank's participation will go towards YDA's equity commitment under the Konya Hospital PPP project. The remaining proceeds of the bonds are expected to be used to refinance short term bank loans.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
YDA Insaat Sanayi ve Ticaret A.S. (YDA) is a joint stock company incorporated in Turkey. YDA and its subsidiaries' diverse portfolio encompass the following main sectors: construction, airport operations, electro mechanics, mining, medical and healthcare, agriculture, insurance and energy. YDA is engaged in aviation via Dalaman Airport in Turkey and Aktau Airport in Kazakhstan. The company is an active player in the Turkish hospital PPP projects with its vast experience both in construction of hospital infrastructure and in facility management. Recently awarded PPP projects include Dalaman Airport and the integrated health campuses of Kayseri, Konya, Manisa and Sanliurfa.

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.
Cumhur Inan Bilen cumhur.bilen@yda.com.tr +903124594400 +903124368279 www.yda.com.tr Vedat Dalokay Cad. No:112, Çankaya/Ankara 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, 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