Project detail - ULUSOY UN SANAYI VE TICARET AS

ULUSOY UN SANAYI VE TICARET AS

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Who is our client

Ulusoy Un is one of the largest wheat-flour milling companies in Turkey, milling and selling flour domestically and for export to more than eighty countries. The Company purchases wheat in Turkey and from abroad and then processes it into flour in its milling facilities in the cities of Samsun and Çorlu/Tekirdağ. The Company is also engaged in trading of wheat, corn and soybeans in domestic and international markets.

Funding objective

FMO’s funding will support the growth investments of Ulusoy Un, consisting of the construction of a new flour mill in Samsun, a major port city on Turkey’s Black Sea shore, as well as three licensed grain warehouses in various locations in Turkey. Most of the milling and storage equipment is made in Turkey.

Why we fund this project

FMO supports an important agribusiness player that has linkages in the up-stream agricultural sector in Turkey. The project will help the country earn hard currency via export revenues. Ulusoy Un currently employs 250 people in its two flour milling facilities and warehouses and this number will increase to 300 following the completion of the project.

Environmental and social rationale

E&S risk categorisation is “B” (medium to low). IFC PS 1-4 are triggered. The project takes place in a dedicated industrial area with necessary provisions for environmental impact elimination. The company has several ISO certifications that serve as a backbone of its environmental and social management system. Company sources from highly mechanized producers of wheat, soy and corn from Eastern Europe and Turkey.

Region
Europe & Central Asia
Country
Turkey
Sector
Agribusiness, Food & Water
Signing date
9/10/2018
Total FMO financing
USD 18.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B