Ulker Biskuvi



Project number:


Business sector:


Notice type:


Approval date:

11 Mar 2020



PSD disclosed:

07 May 2020

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

A loan of EUR 75m to Ulker Biskuvi Sanayi A.S., the leading confectionery producer in Turkey which operates production facilities in Turkey, Egypt, Kazakhstan and Saudi Arabia.

Project Objectives

The proceeds of the loan will be used for paying off the syndicated loan facility maturing in April 2020 and the company's strategic investment projects.

Transition Impact

ETI score: 60

The transition impact stems from the following two transition qualities:

  • Integrated (primary): The project supports the company's expansion of export activities by entering new markets.
  • Competitive (secondary): The company will support part of its existing suppliers in obtaining the Zero Defect Manufacturing Capability. This is expected to lead to product quality improvements, reduction of waste, as well as decrease in costs.

Client Information


Founded in 1944, Ulker Biskuvi is one of Turkey's best-known confectionary brands, with a diverse product portfolio including biscuits, cakes, chocolates and other. The company exports its products to Europe, North Africa, CIS, the Middle East, North America and other, and has equity interests in international brands such as McVities and Godiva.

The company is 51.0% owned by Pladis Foods Limited (in turn 100% owned by Yildiz Holding), 1.97% by Yildiz Holding directly and the remaining stake (5.64%) is owned by Ulker family members. The remaining 41.4% is free float on Borsa Istanbul.

EBRD Finance Summary

EUR 75,000,000.00

Total Project Cost

EUR 75,000,000.00


The EBRD provides comfort to the company in a large-sized facility, leading to a positive demonstration effect in international financial markets.

Environmental and Social Summary

Categorised B. The environmental and social risks associated with the company's activities are site specific and readily addressed through standard mitigation measures. Environmental and Social Due Diligence (ESDD) was undertaken by staff from the Bank's Environment and Sustainability Department as part of a previous project with the company and included meetings with company staff and site visit to the company's manufacturing facility in Gebze and Topkapi. The manufacturing facilities are located in industrial zones, with all the relevant environmental and operational permits in place. The company has an Environmental and Health and Safety policy, and a number of procedures and dedicated staff in place to oversee the implementation of those procedures. The company is certified to BRC, IFS and ISO22001 for food safety and ISO9001 for quality. Some of the plants have achieved the ISO14001 certificate for environmental management, as well as the ISO50001 for energy management.

As part of their sustainability initiatives, Ulker Biskuvi has also set a number of targets related to reduction of water use and waste generation, energy efficiency and carbon emission targets. The company is currently working towards harmonising all of those fragmented procedures and initiatives across their factories into an integrated Environmental, Health and Safety and Social Management System in line with international standards. The company's human resources policies and procedures are in check with the national law and our requirements. The company has a very good health and safety culture with the appropriate policies in place. Accidents and lost time injuries are all reported, with corrective measures identified and implemented continuously. Staff also receive regular medical examinations.

The company publishes a sustainability report on an annual basis on their website; and has a formal Stakeholder Engagement Plan in place.

Areas where further improvements are required to bring the company in line with EBRD's performance requirements were identified as part of the existing project and included in an Environmental and Social Action Plan (ESAP), which was approved by the client.

Technical Cooperation and Grant Financing


Company Contact Information

Mr. Cenker Ucan (Regional CFO)
90 216 524 25 00
90 216 316 43 44
Kisikli Mah. Ferah Cad. No:1 Buyuk Camlıca, Uskudar Istanbul, Turkey

PSD last updated

11 May 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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