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.
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.
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.
Sunrise Foods International Inc.
EBRD Finance Summary
Total Project Cost
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
Company Contact Information
+90 (216) 333 20 00
PSD last updated
27 Aug 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
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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 email, mail 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.