Aksa Process and Resource Efficiency



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

19 Oct 2016



PSD disclosed:

06 Dec 2016

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The provision of a USD equivalent of EUR 25 million long-term loan to Aksa Akrilik Kimya Sanayi A.S. ("Aksa"), the leading acrylic and technical fibre manufacturer in the world, to finance the establishment of a new continuous filament facility and the construction of a sludge recovery unit within the Aksa's manufacturing base in Yalova, Turkey.   

Project Objectives

Contribution to process and resource efficiency through financing of an innovative, high-value added and more efficient product line in terms of resources and energy that will yield significant savings and will support Aksa's environmental investments in line with BAT (Best Available Techniques) standards.   

Transition Impact

ETI score: 55

The project represents an opportunity for the Bank to achieve a strong transition impact in Turkey, particularly through (i) setting standards for energy efficiency and better environmental performance in the manufacturing sector as the project, which is in line with the Green Economy Transition Approach of the Bank, will result in significant energy and resource savings as well as lower CO2 emissions, and (ii) creating a strong demonstration effect in the chemical industry within Turkey and beyond by means of product diversification, innovation and expansion of higher value added products in domestic and international markets.

Client Information


Aksa Akrilik Kimya Sanayi A.S. is a joint stock company incorporated in Turkey for production and sales of acrylic and technical fibre. Akkok Holding A.S. holds 39.6% stake in Aksa, while the other major shareholder in Aksa is Emniyet Ticaret ve Sanayi A.S. with 18.7% share. The remaining shares are publicly traded in Borsa Istanbul.

EBRD Finance Summary

EUR 25,000,000.00

Total Project Cost

EUR 31,000,000.00

Environmental and Social Summary

The Project has been Categorised B in accordance with the Bank's 2014 Environmental and Social Policy and E&S Due Diligence has been undertaken in parallel with monitoring of the existing investments with the Company.  Detailed due diligence was undertaken by an independent consulting firm in 2011 and an E&S Action Plan was developed at that time.  E&S DD for the second investment in 2015 was undertaken by the Bank internally and an undated ESAP was generated accordingly. For the new investment currently under consideration external consultants were again appointed to update the E&S DD combined with detailed monitoring of the E&S performance of the wider facility.

Since the Bank's initial investment in 2011, the Company has shown good commitment to E&S stewardship and implementation of the Performance Requirements. During that period the Company has implemented relevant ESAP requirements and reported satisfactorily. As such, Aksa can generally demonstrate best practise at the facility in Yalova or has a programme in place for the timely implementation of additional requirements. Key issues that have been addressed since the first project in the company include increase in E&S capacity, upgrade of E&S management systems in line with international standards and ahead-of-time implementation of industrial safety requirements. In addition, the Company has benchmarked it's facility against EU requirements since 2011 and developed action plans to go beyond Turkish requirements with regard to wastewater management, emissions and discharges.

Due to a number of material changes on the site, the adoption of the 2014 E&S Policy by the Bank, and that some time had passed since the initial E&S DD it was deemed appropriate that the E&S DD be updated. The new investment will deliver net environmental improvements through energy efficiency and wastewater quality improvement and the GET component has been confirmed.

The update ESDD concluded that:

  • the new filament line will be permitted according to Turkish requirements and that no EIA was required,
  • the sludge recovery component of the new project will meet EU requirements,
  • the company has broadly completed all previous ESAP commitment with some minor requirements rolled into the new ESAP,
  • previous energy efficiency and industrial safety upgrades have been implemented or are ongoing in line with appropriate action plans,
  • new facilities located on the site since 2011, including the Company dual fuel power plant, require further monitoring as to whether they are meeting EU standards and the Industrial Emissions Directive,
  • stakeholder engagement and labour & working practices require minor additional measures to ensure compliance with the Bank's requirements.

A new ESAP has been developed for this Project and will be agreed with the Company prior to signing. The new ESAP will supersede the 2011 and 2015 ESAPs. The new ESAP includes items such as the following:

  • further strengthen the OHS management systems,
  • obtaining timely regulatory approval for the operation of new facilities on site such as the new filament line and the wastewater treatment plant,
  • review emissions data for the dual fuel power plant and implement additional Best Available Techniques measures if necessary,
  • update and implement worker and public grievance mechanisms.

The new investment will be monitored by the Bank alongside the existing projects.

Technical Cooperation and Grant Financing


Company Contact Information

Mr. Erdinc Kazak (Finance Director)
+90 (226) 353 25 45

Implementation summary

With the support of EBRD's financing, Aksa successfully completed the investments of (i) a new continuous filament facility, and (ii) the sludge recovery unit, which was a follow on investment of the waste water treatment plant established by the Company and financed by the Bank in its previous engagement, within the Company's existing manufacturing base in Yalova, Turkey.

The transition impact of the Project is on track to be achieved through (i) setting standards for energy efficiency and better environmental performance in the manufacturing sector as the project, which is in line with the Green Economy Transition Approach of the Bank, has resulted in significant energy and resource savings as well as lower CO2 emissions, and (ii) creating a strong demonstration effect in the chemical industry within Turkey.

PSD last updated

18 Dec 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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