Quick Facts

Where the impacts of the investment may be experienced.
  • Turkey
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Approved
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2015-12-09
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: RONESANS HOLDING
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Education and Health
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 34.16 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported EUR 31 million
Converted using 2015-12-09 exchange rate.
Project Cost (USD): $ 67.22 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported EUR 61 million
Converted using 2015-12-09 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-08-10
Disclosure Date: 2016-01-29
Ronesans Bond

Project Description
The Bank has invested 100 million (EUR 31 million equivalent) in Ronesans Holding A.S. recent TRY 200 million (EUR 61 million equivalent) bond issue. This issue is part of Ronesans TRY 500 million bond programme, of which TRY 335 million has been placed to date. The most recent issue had a tenor of three years. The proceeds from the Bank's participation are envisaged to go towards Ronesans' equity commitment under the Elazig Hospital PPP project and refinancing a portion of the existing bonds.
Investment Description
RONESANS HOLDING is a joint stock company incorporated in Turkey. Rönesans is a diversified conglomerate/holding based company with activities in construction, real estate and energy founded in 1993. It operates in Turkey, Russia and various other developing countries in the CIS and MENA regions. Rönesans has started to engage in social infrastructure sector and formed a joint venture with Meridiam Infrastructure Fund to construct and maintain 6 PPP healthcare campus projects reaching a capacity of 9,500 beds.
Contact Information
Erdem Kurumsak; Emre Baki; Selin Öner; Emre Burak Yilmaz erdem.kurumsak@ronesans.com; emre.baki@ronesans.com; selin.oner@ronesans.com; burak.yilmaz@ronesans.com +90 312 441 3141 ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.