Tiryaki Agro Trading (Term Facility)

Location:

Turkey

Project number:

49742

Business sector:

Agribusiness

Notice type:

Private

Environmental category:

B

Target board date:

17 Jan 2018

Status:

Signed

PSD disclosed:

13 Dec 2017

Translated version of this PSD: Turkish

Project Description

A senior loan of up to USD 20 million as part of a long-term loan facility to Tiryaki Agro Gida which produces, processes, stores, and trades in agricultural food products in Turkey.

Project Objectives

The project will provide the company with reliable long-term funding for working capital requirements. It will also refinance a part of an existing loan.

Transition Impact

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, enhance its margins and growth prospects, and (ii) boost exports.

Client Information

TIRYAKI AGRO GIDA SANAYI VE TICARET AS

Tiryaki Agro Gida A.S., is the leading Turkish corporate in trading of agricultural commodities with activities in Turkey and the wider region, including the CIS, MENA and North American countries.

EBRD Finance Summary

USD 20,000,000.00

Total Project Cost

USD 65,000,000.00

Environmental and Social Summary

Categorised B in accordance with the 2014 Environmental and Social Policy. Tiryaki is an existing client and Environmental and Social Due Diligence (ESDD) under the 2008 Environmental and Social Policy was undertaken as part of previous projects with the client by EBRD and co-financiers: FMO, the Dutch development bank, and Proparco, an investment arm of the French Development Agency.

Tiryaki has indicated good progress against previous Environmental and Social Action Plan items and adequate reporting. ESDD for the new project was led by FMO and supported by the EBRD's Environment and Sustainability Department. The Bank's 2014 Environmental and Social Policy has been considered in the context of the new transaction. Given the nature of operations, sector and the geography, the company has appointed a consultant and developed a supply chain management system to address issues associated with management of labour in the supply chain.

Under the new project, the company has agreed to formalise this system through accreditation by a recognised body, BSCI and/or SEDEX. This has been included in the updated Environmental and Social for the new project. In addition, the company has agreed to update the review of all operational facilities and obtain ISO14001 and OHSAS18001 certification. FMO will be the lead the environmental and social monitoring of the project with support from the EBRD.

Technical Cooperation

None.

Company Contact Information

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

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