Sunrise Foods International

Location:

Turkey

Project number:

49742

Business sector:

Agribusiness

Notice type:

Private

Environmental category:

B

Approval date:

02 Sep 2020

Status:

Passed Final Review, Pending Approval

PSD disclosed:

13 Dec 2017

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

An unsecured loan of up to USD 25 million to Sunrise Foods International Inc., one of the Tiryaki Group companies which produces, processes, stores, and trades in organic agricultural food products.

Project Objectives

The project will be used for (i) refinancing existing loans in Tiryaki Agro through transferring the exposure to Sunrise and (ii) financing working capital needs of Sunrise which are related to their operations in the Bank's countries of operations.

Transition Impact

ETI score: 64

The transition impact of the project is expected to derive from its contribution to the "competitive" and "integrated" qualities. The project will support the company to (i) steer business towards organic trading, and enhance its margins and growth prospects, and (ii) further increase exports of organic products from the EBRD's countries of operations.

Client Information

 Sunrise Foods International Inc.

EBRD Finance Summary

USD 25,000,000

Total Project Cost

USD 25,000,000

Environmental and Social Summary

No additional environmental and social due diligence was required as a result of transferring the exposure to Sunrise. Tiryaki has reported satisfactorily under the existing transactions and the current environmental and social action plan (ESAP) will apply to the new structure. In particular Tiryaki has been working to address management of health and safety issues and improvements have been made over the life of the previous financing agreements and corrective actions are being implemented. The Bank will continue to monitor the client to ensure compliance with the agreed ESAP and the performance requirements.

Technical Cooperation and Grant Financing

n/a

Company Contact Information

Ertan Akbulut
ertan.akbulut@tiryaki.com.tr
+90 (216) 333 20 00
http://www.tiryaki.com.tr/

PSD last updated

27 Aug 2020

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 how to submit a Request for review through our confidential online form, by emailmail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requesters’ identities may be kept confidential, upon request.

 

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