Barut Hotel



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

05 Oct 2021



PSD disclosed:

08 Oct 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

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.   

Project Objectives

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.

Transition Impact

ETI score: 70

The Project will contribute to the Inclusive Tourism in the Eastern Mediterranean Framework objectives under Inclusive and Competitive transiton qualities.

Quality: Inclusive

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.

Quality: Competitive

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.

Client Information


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

EUR 25,000,000.00

Total Project Cost

EUR 25,000,000.00


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

Ilker Orgun
+90 242 310 99 61
Sirinyali; Mah. Lara Cad. No: 24 Akra Otel Muratpasa/ANTALYA

Implementation summary

PSD last updated

08 Oct 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

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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 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 to get guidance and more information on IPAM and how to submit a request.


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