The EBRD's financing will be used for the procurement of crude edible oil and other inputs for further processing and distribution. The Bank aims to support the Company as it expands operations with increased exports to new international markets and new products launched.
The expected transition impact of the project stems from the Integrated and Inclusive qualities. Under the Integrated quality, the project will support the expansion of the Company's exports in new markets, notably in Central Asia and the Caucasus. Under the Inclusive quality, the Company will benefit from Technical Cooperation support to undertake a corporate level equal opportunities assessment. The action plan will be implemented by the Company and this is expected to result in a higher share of female employees.
Savola Turkey is an edible oil and specialty fats producer, whose Yudum brand is well recognized among local consumers. The Company is fully owned by Savola Group Company, one of Saudi Arabia's leading agribusiness companies with a strong presence in the MENA region, Iran and Turkey, and engaged in food production and food retail.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised B (ESP 2014). Savola Turkey is an existing client of the Bank and performance to date in terms of compliance with the existing Environmental and Social Action Plan (ESAP) and the Bank’s Performance Requirements has been satisfactory. The provision of working capital for purchase of unrefined bulk vegetable oil is not, in itself, associated with any significant environmental or social impacts. The current ESAP includes requirements for further development of health and safety, supply chain, and grievance management and development of improved stakeholder engagement. Annual environmental and social reporting provided to date does not indicate any issues and demonstrates that the Company is implementing the ESAP as agreed and has adequate capacity and procedures in place to manage the key issues. Given the low E&S risk associated with this project and the adequate performance of the Company to date, no further E&S actions will be required for this project. The Company is required to continue compliance with the Bank’s PRs and to provide the Bank with annual reporting on E&S issues.
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