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.

Specific Location

Manisa Organized Industrial Zone

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

Apr 23, 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

Polinas Plastik 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

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)

$ 26.76 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 25
Converted using 2024-04-23 exchange rate.

Loan Amount (USD)

$ 26.76 million

Project Cost (USD)

$ 66.35 million

Other Related Projects

EBRD-48501 Direct Finance Framework non SME

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 1, 2024

Disclosed by Bank May 10, 2024

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 transaction envisages providing a long-term loan (up to 7-years including up to 2-years of grace period) of up to EUR 25m to the Borrower. The project consists of capex investments for capacity increase and modernization investments in the Company's Manisa facility as well as solar PV investment. The loan will benefit from the limited guarantee provided by Yildiz Holding, a prominent conglomerate with diverse business divisions in the food sector, alongside operations in retail and private equity.

The Project will enable the Company to reduce its GHG emissions from mitigating actions with the use of renewable energy (solar power plant) and resource and energy efficiency on the production process. The investment will allow the Company to increase production of a fully recyclable packaging material that is also able to utilise both recycled content and bio-based content. The GET share of the Project is 100%.

The Project aims to increase the Company's female workforce by 40%. The increase will be supported by improved diversity practices including external verification of HR practices (e.g. independent accreditation, business membership or audit programme). The client will undertake an external Audit of its HR policies including HR and diversity policies with Sedex and commits to act upon the key recommendations and diversity measures or targets for corporate leadership.

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, Polinas Plastik Sanayi ve Ticaret AS is a leading flexible packaging producer based in Manisa, Turkey. The Company is 99% owned by Gozde Girisim (the private equity arm of Yildiz Holding) and 1% by Mahmut Mahir Kusculu.

As stated by Bloomberg, Yildiz Holding A.S. operates as a holding company. The Company, through it's subsidiaries, manufactures and distributes food products including biscuits, chocolate, confectionary, cooking oil, margarine, dairy and meat products, bread, and non-alcoholic beverages. Yildiz Holding serves customers worldwide.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Gozde Girisim Sermayesi Yatirim Ortakligi AS	Parent Company	Finance	owns	Polinas Plastik Sanayi ve Ticaret AS	Client	Industry and Trade
Yildiz Holding AS	Parent Company	Industry and Trade	owns	Gozde Girisim Sermayesi Yatirim Ortakligi AS	Parent Company	Finance

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 - Polinas Plastik Sanayi ve Ticaret AS:

Ziya Aksoy
Email: ziya.aksoy@polinas.com.tr
Phone: +90 (236) 226 2200
Fax: + 90 (236) 233 2525
Website: https://www.polinas.com/en
Address: Manisa OSB 1. Kisim, Kecilikoy Mahallesi, Cumhuriyet Caddesi, No:2, 45030, Yunusemre, Manisa, 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