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

Eskisehir

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

May 14, 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

Cimsa Cimento Sanayi ve Ticaret A.S.

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)

$ 27.03 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 2024-05-14 exchange rate.

Loan Amount (USD)

$ 27.03 million

Project Cost (USD)

$ 27.03 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 Jun 25, 2024

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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 on the project disclosure, the EBRD provided up to EUR 25 million long-term loan to Cimsa to finance the Company's decarbonisation investment program which includes installation of (i) 10.8MW solar plant, (ii) 5.1MW WHR power plant, (iii) a new silo for additive cement/low clinker content products as well as (iv) resource efficiency process and technology upgrades at Eskisehir plant.

This decarbonisation investment program fully supports the green economy transition through implementing renewable energy sources and improving thermal efficiencies, while reducing the clinker to cement ratio with alternative raw materials. Therefore, the Project is qualified as 100% GET and aligned with EU Taxonomy for climate mitigation given it will enable and demonstrate substantial life cycle GHG emission savings. The Project will also address key diversity challenges in Turkiye's cement sector where women continue to be underrepresented across all skills and job functions. Cimsa is aware of these challenges and has already made commendable progress in addressing them. As part of the Project, the Company will go one step further through the introduction of new diversity measures aiming at boosting female participation across decision making/managerial, white collars, and STEM-related roles.

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, Cimsa Cimento Sanayi ve Ticaret A.S., is incorporated in Turkiye in 1972. The Company produces and sells cement, clinker, ready-mix concrete, and other construction materials. Cimsa conducts its production activities in three cement plants located in Mersin, Eskisehir and Afyonkarahisar in Turkiye. With an aim to become a global player, Cimsa established a subsidiary, Sabanci Building Solutions BV, in 2020 in the Netherlands in partnership with its parent company Sabanci Holding. Through Sabanci Building Solutions BV, Cimsa (i) acquired a white cement factory in Bunol, Spain in 2021 and (ii) established a white cement grinding facility in the US, several terminals in Europe (i.e., Germany, Italy, and Spain) and a sales company in the UK.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Haci Omer Sabanci Holding A.S.	Parent Company	Industry and Trade	owns	Cimsa Cimento Sanayi ve Ticaret A.S.	Client	Industry and Trade

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 - Cimsa Cimento Sanayi ve Ticaret A.S.:

Mustafa Aydin
Email: cimsa@cimsa.com.tr
Phone: +90-216-651-53-00
Website: https://cimsa.com.tr/
Address: Kucukbakkalkoy Mah Kayisdagi Cad. No1, Allianz Tower Kat 23, 34750 Atasehir / Istanbul 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