Equity investment in Marti, a leading mobility platform with operations and development in Turkey, to support its fleet expansion and product development.
ETI score: 80
The EBRD's Venture Capital Investment Programme II, or VCIP II, is expected to contribute to the "Competitive" and "Resilient" transition qualities as it will support the development of recently established highly innovative technology-based companies, as well as promote better access to venture capital.
MARTI TECHNOLOGIES INC
Marti is the leading mobility platform in Turkey.
Under VCIP, additionality stems from the Bank's ability to bring extensive regional private equity experience of the region, networks and relationships to support the VCIP Qualified Co-Investors in their investments in investee companies.
Environmental and Social Summary
Categorized B under the Environmental and Social Policy ("ESP") 2019. The environmental and social (E&S) impacts associated with the Project are expected to be linked with contractor management, traffic and public safety, and supply chain management. E&S impacts will be site-specific and can be managed by implementation of good management practices. The project consists of an equity investment, which will support Marti operations for capex and product development. This will consist in financing the acquisition of electric scooters, mopeds, e-bikes, and technology product development and marketing of mobility services. Environmental and social due diligence (ESDD) has been undertaken internally by ESD and consisted of a review of the Corporate and COVID-19 Questionnaires completed by the client and client's documents comprising corporate policies, procedures and subcontractors agreements. ESDD revealed that the client is compliant with national laws in terms of permits to operate and health and safety regulations. New regulatory framework for e-scooter operators was established in April 2021, which formalises driver safety rules. Marti, as already a recipient of the new national license, will be subject to these regulatory requirements. Marti has also self-imposed good safety practices, like rules printed on the scooters, explaining user agreement and having considerations on age limit, speed limits and also holding awareness raising campaign with a focus on users safety. As part of their procedures, Marti has a formal internal grievance procedure where workers can raise complaints. The client will be required to comply with our PRs.
The Bank will monitor the Client's environmental and social performance in accordance with the Bank's PRs through review of annual environmental and social reports.
Technical Cooperation and Grant Financing
PSD last updated
18 Jan 2022
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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 email@example.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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.