Project number:


Business sector:

Natural resources

Notice type:


Environmental category:


Approval date:

26 Mar 2021



PSD disclosed:

17 May 2021

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 US$ 15 million short-term working capital loan to Voskhod Oriel LLP and Voskhod Chrome LLP (Voskhod), the companies operating a chromium mine in Kazakhstan. The Voskhod operation consists of an active underground chromium mine and associated beneficiation plant situated outside the town of Khromtau, north-western Kazakhstan. 

Project Objectives

The proposed loan will be used to provide the required short-term liquidity to Voskhod to help it reach the pre-Covid-19 operational and financial performance.The project is consistent with the Bank's Strategy for Kazakhstan and Extractive Mining Industries Strategy. 

Transition Impact

ETI score: 55

The goal of this Covid-19 response financing is to preserve the transition gains achieved to date through the Bank's existing loan.

Competitive: The project aims to promote greater competition in Kazakhstan's chromium  mining sector by supporting the entry of an experienced new player who prioritises improvements in resources efficiency at its Kazakh operations.

Well-governed: The introduction of Subsoil Use Code aims at attracting companies interested in developing unexplored deposits in the country through participation in licence tendering. This should lead to increased participation of private investors in the sector across the whole value chain. One of the characteristics of the effectiveness of this new legislation is its stability.


Client Information


Voskhod Oriel LLP and Voskhod Chrome LLP are two limited liability partnerships incorporated in Kazakhstan. Voskhod Oriel LLP is engaged in extraction of chrome ore. Voskhod Chrome LLP operates a chrome ore concentrating plant. 

EBRD Finance Summary

USD 15,000,000.00

A Loan of up to US$ 15,000,000 (€13 million).  

Total Project Cost

USD 15,000,000.00


The impact of the Covid-19 crisis is being seen in liquidity stress for corporate clients as it imposed constraints on commercial banks' lending and renewal of financing facilities. The EBRD provides a liquidity facility for short-term liquidity needs of the borrower, which is not readily available to raise in the capital markets due to the Covid-19 outbreak.

Environmental and Social Summary

The original Project was Categorised B and this categorisation will remain unchanged by the proposed change.  Note that the 2019 Policy will apply to this new Project.  The Bank and client agreed an Environmental and Social Action Plan at the time of the original Board Approval and this included the provision for regular reporting and monitoring visits by both Bank staff and independent Environmental and Social Consultants.  The client put an effective set of EHSS risk management procedures in place to manage these risks, and also ensured that the staff with responsibility for this had an appropriate level of experience in such matters and had the capability relating to their implementation.  The reporting to date has been timely and the site visits have been regular, with the exception of 2020 where Covid-19 restrictions precluded such.  There has been substantial progress on the implementation of the ESAP, with close out on the majority of issues, and the outstanding issues relate to on-going assessments, internal monitoring and the continued implementation and evolution of the Environmental and Social Risk Management Framework applied by the client.  When restrictions allow, the next monitoring site visit will take place and in any event, there will some form of monitoring taking place during 2021, even if such monitoring requires to be carried out remotely.

Technical Cooperation and Grant Financing


This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

Company Contact Information

Serdar Ateş, Structured Finance Manager Yildirim Holding A.S.
+90 212 290 30 80
YILDIRIM Tower, Maslak Mahallesi, Tasyoncasi Sok. No:1C B2 Blok, 34485 Sariyer / Istanbul Turkey

PSD last updated

17 May 2021

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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