Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Turkey
Banks:
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: Active
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: 2016-10-19
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: Aksa Akrilik Kimya Sanayi A.S.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Industry and Trade
Investment Amount (USD): $ 26.00 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 25,000,000.00
Converted using 2016-10-19 exchange rate.
Project Cost (USD): $ 33.00 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 31,000,000.00
Converted using 2016-10-19 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-04-03
Disclosure Date: 2016-12-06
Aksa Process and Resource Efficiency
EBRD-48602

Project Description
The provision of a USD equivalent of EUR 25 million long-term loan to Aksa Akrilik Kimya Sanayi A.S. ("Aksa"), the leading acrylic and technical fibre manufacturer in the world, to finance the establishment of a new continuous filament facility and the construction of a sludge recovery unit within the Aksa's manufacturing base in Yalova, Turkey.
Investment Description
Aksa Akrilik Kimya Sanayi A.S. is a joint stock company incorporated in Turkey for production and sales of acrylic and technical fibre. Akkok Holding A.S. holds 39.6% stake in Aksa, while the other major shareholder in Aksa is Emniyet Ticaret ve Sanayi A.S. with 18.7% share. The remaining shares are publicly traded in Borsa Istanbul.
Contact Information
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.