Korozo Packaging



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

25 Jan 2017



PSD disclosed:

28 Apr 2017

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

Korozo, which is a leading flexible packaging company in Turkey, has acquired a majority stake of Vitra, a Belgian food flexible packaging company.

Project Objectives

The Bank's proceeds will support expanding Korozo's export markets, stregthening its export capability and increasing its product range.

Transition Impact

ETI score: 60

The project is fully in line with the transition impact objectives that were established at the initial project approval, in supporting Korozo's successful restructuring and demonstration of improved standards.

Client Information


Korozo Ambalaj San. ve Tic. A.S. is a joint stock company incorporated in Turkey. With ten manufacturing facilities across the country, it is the largest flexible packaging producer in Turkey and among the leading ones in Europe. 

Environmental and Social Summary

Categorised B (ESP 2014). Korozo's environmental and social performance has been thoroughly assessed by external consultants as part of the E&S due diligence conducted for the previous project. An E&S Action Plan (ESAP) has been agreed, and Korozo has demonstrated compliance with EBRD's E&S Policy and satisfactory reporting thus far. The acquisition of the flexible packaging facility located in Belgium has been subject to a legal and technical due diligence led by Korozo which included E&S aspects. Additionally, Korozo completed EBRD's ESDD questionnaire in relation to the targeted acquisition and submitted it to ESD for review.

Due diligence has demonstrated that the Belgian facility is generally compliant with EBRD's Performance Requirements as well as the EU directives and associated Best Available Techniques Reference documents. Korozo has requested additional investigations to be undertaken, namely related to asbestos inventory and a soil survey. These actions form part of the legal documentation and are CPs to the acquisition. Korozo operates globally to standards which meet the Bank's Performance Requirements. These standards are going to be implemented to the Belgian facility, which Korozo has committed to through the updated E&S Action Plan.

The ESAP agreed under the previous equity transaction has been updated to include the new acquisition, and was agreed with Korozo . The Company's compliance and E&S performance will be monitored through the review of annual reports submitted by Korozo as well as site visits if deemed necessary.

Technical Cooperation and Grant Financing


Company Contact Information


Implementation summary

The Project to co-invest in a buyout of Korozo Ambalaj AS was closed in March 2017. In October 2019, Korozo acquired Vitra, a Belgian based company. The Company operates ten facilities in western Turkey, including the Corlu plant built in 2017. The factory is the largest of its kind and is located in a special economic zone. Its products are exported to 80 countries worldwide.  

As part of Transition impact, the Project contributed to an overall competition through an adoption of improved corporate governance practices. The Company has achieved many benchmarks set out including succesful restructuring and demonstration of improved standards. 

The Company employs around 1,700 people; with the labour policies and procedures being compatible with the international standards. The latest Environmental and Social Questionnaire and the ESAP update confirmed that the Client's performance is progressing in line with EBRD's standards and requirements.

PSD last updated

08 Mar 2022

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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