Isik Tarim Urunleri Sanayi ve Ticaret Anonim Sirketi (FMO-63905)

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
  • Netherlands Development Finance Company (FMO)
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
A
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
Nov 1, 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
Isik Tarim Urunleri Sanayi ve Ticaret Anonim Sirketi
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • 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)
$ 18.00 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.
Loan Amount (USD)
$ 18.00 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.
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 7, 2024

Disclosed by Bank Jul 25, 2024

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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 page, the project consists of a potential USD 18 mln funding from FMO to finance Isik Tarim in relation to their procurements from the contracted farmers within their Happy Village Program. Long term-financing will address the permanent working capital requirements arising from their integrated supply chain and long cash cycle.

The investment is 100% Green Label in view of the organic supply chain of Isik Tarim and 100% Reducing Inequalities Label in view of the Company's support to the contracted farmers with an average land size of 1-10 Ha through its Happy Village Program. Also, FMO financing will enable Isik Tarim to purchase farmers' products in larger quantities and process and export larger volumes, i.e., more economic activity in rural Turkiye through contribution to direct and indirect employment.

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.

The FMO categorized the project risk as B+.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 FMO, Isik Tarim Urunleri Sanayi ve Ticaret A.S. is a Turkish company, engaged in an integrated value chain for organic fruit-based food and consumer products in dried fruit, hazelnut, and frozen fruit segments. Fruits are originated from over 4,000 contracted farmers in Turkiye, processed in its processing facilities and fully exported to international markets. Isik Tarim promotes organic farming and integrates smallholder farmers into their organic agri-production network through their “Happy Village Program”, which is supports farmers through technical assistance, input supply and organic certification processes, amongst others.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Isik Tarim Urunleri Sanayi Ve Ticaret AS 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 - Isik Tarim Urunleri Sanayi ve Ticaret Anonim Sirketi:

Address: Oren 75. Yil Cumhuriyet Mah. Ova Sk. No:9, 35733 Kemalpasa, Izmir, Turkiye
Phone: +90 (232) 874 81 28
Website: https://www.isiktarim.com/

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works