Translated version of this PSD: Turkish
The EBRD is considering a long-term loan of up to EUR 40 million to Reka Bitkisel Yaglar San. ve Tic. A.S. (the “Company” or “Reka”), one of the leading oilseed processing companies in Turkey, located in Tekirdag. The loan will be used to support further expansion of Reka’s crushing capacity and refinance part of the Company’s existing loans, thereby extending the average maturity profile of its financial liabilities (the “Project”).
The Project’s transition impact is expected to derive from setting standards for corporate governance and business conduct and market expansion through backward linkages with local suppliers.
Reka Bitkisel Yaglar San. ve Tic. A.S. operates the largest oilseed crushing plant in Turkey. The company is also active in trading and distribution of agricultural commodities.
Up to EUR 40 million in the form of a senior secured loan.
EUR 45 million.
Environmental and social categorisation, impact, and mitigation
The project is categorised B under EBRD Environmental and Social Policy 2014. The environmental and social risks associated with the investment in edible oil crushing and refining facility was subject to an Environmental and Social Due Diligence (ESDD). E&S due diligence was conducted by the Bank’s Environment and Sustainability Department in March 2015 which did not indicate any issues of major concern. During the due diligence, meetings were held both with Client representatives, contractors, suppliers, cooperatives and farmers to address the past liabilities and present risks/issues associated with the facility, with a focus on (i) the social acceptance of the plant, labour and supply chain issues, (ii) past social and environmental liabilities and impacts (iii) the present impacts and risks they present for people and the environment, and (iv) occupational health and safety.
The Company has undertaken an environmental and social impact assessment for the oilseed processing and handling plant and received approval for the EIA. The plant is constructed in an Organised Industrial Zone according to very high technological standards and benefits from a number of energy and labour efficiency systems. The Company has, at its own initiative, put in place an integrated management system to manage environmental, health and safety issues and has recently been certified to ISO 9001, OHSAS 18001, ISO 14001 and ISO 22000. However, based on the due diligence visit, further E&S improvements are required to bring the Company into full compliance with the Bank’s PRs, especially with respect to integration of social issues into the current management system, supply chain issues and health and safety (particularly traffic and road safety issues associated with suppliers and contractors). An ESAP has been prepared based on the gaps identified between the current operating performance of the client and / or the assets and the Bank’s requirements. ESD will monitor implementation of ESAP actions in close coordination with the Client.
It is anticipated that the TC support for a resource audit at Reka plant will be funded under the Energy and Resource Audit Programme for the Corporate Sector
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