Provision of a senior loan up to EUR 25 million (the "Loan") in favour of Bartu Turizm Yatirimlari A.S (the "Borrower" or "Bartu Turizm") to refinance its outstanding short-term loans.
EBRD's financing will be response to the COVID-19 pandemic which significantly affected the Company's operations due to the social and travel restrictions. The Project will provide relief to strain on the Company's cash flow with a long amortization schedule and hence help it withstand the impact of the ongoing COVID-19 pandemic.
ETI score: 70
The Project will contribute to the Inclusive Tourism in the Eastern Mediterranean Framework objectives under Inclusive and Competitive transiton qualities.
The Project will support Bartu Turizm to develop high quality training opportunities for young women and men in the hospitality and tourism sector in Turkey. The Project will create new partnerships with the local education and training providers to open up new apprenticeship and trainee programmes at Bartu Turizm.
The Project will allow for the expansion of backward linkages to local producers, mostly of agricultural products, and the promotion of culinary tourism and agri-tourism. Bartu Turizm will expand its offering by introducing the possibility for its guests to participate in day tours focusing on the experience of the local gastronomy, products and agricultural practices.
BARTU TURZIM YATIRIMLARI AS
Bartu Turzim Yatirimlari A.S. (the "Borrower" or "Bartu Turizm"), established in 2011, is a joint stock company incorporated in Turkey. The Company owns and operates four coastal hotels with total capacity of 1,246 rooms. Bartu Turizm is the only joint venture between TUI AG, a German travel and tourism company and a local owner (the Barut Family) in Turkey.
EBRD Finance Summary
Total Project Cost
The Bank's additionality stems from:
- Financing Structure: EBRD's financial additionality is derived from the Bank's strong capital structure and ability to offer a longer tenor which is not available in the market.
- Standard-setting: The Borrower will train a substantial number of young people and will seek cooperation with the local vocational/educational institution(s) with support from the Bank's consultant.
- Standard-setting: The Borrower seeks use of EBRD expertise for the adoption of higher gender standards/equal opportunities action plans.
Environmental and Social Summary
Categorised B under the 2019 ESP. Environmental and social due diligence ("ESDD") undertaken by ESD staff, examined the Bartu Turizm's environmental and social ("E&S") risk management capacity and their E&S performance in relation to the financing of working capital, which included operational labour and OHS issues, biodiversity management and life and fire safety of the buildings. The ESDD showed that Bartu Turizm is in compliance with the national law as well as has adequate E&S risk management capacities to implement the Project in compliance with PRs. In order to ensure it, an ESAP is developed for the Project to address biodiversity conservation, workers accommodation and life and fire safety for client's hotel operations. The ESAP agreed with Bartu Turizm prior to the final approval. The Borrower is required to ensure the Project's compliance with PRs as well as submission of an Annual E&S report to the Bank.
Technical Cooperation and Grant Financing
Technical cooperation is envisaged under (i) the Gender and Inclusion Technical Assistance Framework (up to EUR 75,000) for the inclusive quality and (ii) Mapping Supply and Demand Potential for Tourism Assignment with Travel Foundation (up to EUR 30,000) for the competitive quality.
Company Contact Information
+90 242 310 99 61
Sirinyali; Mah. Lara Cad. No: 24 Akra Otel Muratpasa/ANTALYA
PSD last updated
08 Oct 2021
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