Translated version of this PSD: Turkish
Project description and objectives
The EBRD is considering €50 million long-term loan to Vestel Elektronik Sanayi ve Ticaret A.Ş. (“Vestel”), one of the leading consumer electronics and white goods manufacturers in Europe, to finance the research and development (R&D) activities in white goods segment to be conducted over 2015-2017 period.
The project represents a good opportunity for the Bank to achieve strong transition impact in Turkey, particularly through;
(i) expansion of competitive market interactions by supporting the local supplier chain throughout the R&D investments for resource efficient white goods products; and
(ii) setting standards for business conduct in relation to gender inclusion by implementation of an equal opportunity action plan, including achievement of KAGIDER (Women Entrepreneurs Association of Turkey)n accreditation and demonstration of achievements to wider business environment in Turkey.
Vestel, a joint stock company registered in Turkey, is one of the leading consumer electronics and white goods producer in Europe. Zorlu Holding owns 78 per cent controlling stake in Vestel, while the remaining 22 per cent is free floating on the Borsa Istanbul.
€50 million long-term loan.
Total project cost
Environmental and social categorisation, impact, and mitigation
Category B (2014). The project concerns investments in activities that will be carried out in existing facilities already used for similar activities. An Environmental and Social Due Diligence (ESDD) of the project and of Vestel was undertaken in liaison with the company. The ESDD indicated that the project will not generate environmental or social risks that would be new to Vestel. The ESDD also indicated that Vestel has the necessary environmental and social management systems in place (including ISO 9001, ISO 14001 and OHSAS 18001 certifications) to implement the project in compliance with EBRD Performance Requirements. Vestel will provide the Bank with annual monitoring reports on its environmental and social performance.
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Project Complaint Mechanism (PCM)
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