51237 - RHOL LTF

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Environmental & Social Review Summary

Project Number

51237

Company Name

RONESANS HOLDING ANONIM SIRKETI

Date ESRS Disclosed

Jul 7, 2026

Country

Central Asia and Turkiye Region

Region

Central Asia and Turkiye

Last Updated Date

Jul 7, 2026

Environmental Category

B - Limited

Status

Pending Approval

Sector

Commercial Property - Diversified [Project only]

Industry

other

Department

Regional Industry MAS MCT

Project Description

The proposed project comprises a financing package of up to US$400 million in combined IFC A Loan (“IFC Loan”) and mobilized financing (the “IFC Financing”) to Ronesans Holding (“RHOL” or “Ronesans” or the “Company”). The IFC financing will be used to finance general corporate purposes including potential equity contributions of RHOL’s hospital public-private partnership (“PPP”) projects in Central Asia (the “Project”).

RHOL is one of Turkiye’s leading conglomerates, operating across five core divisions: construction, real estate, concessions, renewable energy and industrials. It is also a longstanding IFC client and investee with good Environment and Social (“E&S”) standing. Previous IFC financed projects can be found on the IFC Disclosure website.

The IFC Loan proceeds are expected to support the Company’s potential prospective growth in PPP hospital projects in Central Asia as well as general corporate purposes. IFC Loan proceeds (including any IFC B1 Loan proceeds) will not be used to finance Category A projects as defined under IFC’s Environmental and Social Sustainability Policy. These future projects are expected to replicate the model of Kokshetau, a 630-bed multidisciplinary PPP hospital currently under construction by RHOL in Kazakhstan. Under this model, RHOL is responsible for the full construction services and will hand over the hospital to the Ministry of Health upon completion in 2027. RHOL will then provide limited facility management services during the initial years of operations, including technical maintenance and information systems management.

Overview of IFC's Scope of Review

IFC's appraisal of the project took place in May 2026 and included a review of the Company’s latest corporate environmental, health, safety and social information from annual reports and discussions with the Company representatives responsible for Health, Safety, and Environment (HSE), social compliance and healthcare concessions. As part of the appraisal, IFC also undertook an in-person visit to the Kokshetau construction site in Kazakhstan as a proxy to assess E&S organizational and management systems capacity for future hospital projects in Central Asia and reviewed independent E&S and labor consultant reports for the project. IFC also reviewed the Company’s pipeline of PPP projects in Central Asia.

E & S Project Categorization and Applicable Standard

While all Performance Standards are applicable to this investment, IFC’s environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards

PS 1 - Assessment and Management of Environmental and Social Risks and Impacts
PS 2 - Labor and Working Conditions
PS 3 - Resource Efficiency and Pollution Prevention
PS 4 - Community Health, Safety and Security

This is a Category B project as per IFC's Environmental and Social Sustainability Policy, as the project activities have potentially limited adverse E&S risks and impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures.

Key E&S aspects and potential risks associated with the Project include: (i) RHOL’s capacity to effectively screen, assess and manage E&S risks related to new construction projects in Turkiye and Central Asia; (ii) labor and working conditions during both for construction and operations, including compliance with local labor codes, migrant worker rights, freedom of association (FoA), prevention of gender-based violence and harassment (GBVH), child protection and safeguarding (CPS) non-discrimination, grievance mechanism, (iii) occupational health and safety (OHS), particularly during construction; (iv) life and fire safety in hospital design and operations; and (vii) stakeholder engagement and community grievance mechanisms.

Environmental and Social Mitigation Measures

Stakeholder Engagement

RHOL publishes annual Sustainability Reports prepared in accordance with the Turkish Sustainability Reporting Standards (TSRS), as required for companies of a certain size. The reports also follow the principles of the Global Reporting Initiative (GRI) and take into account the European Sustainability Reporting Standards. RHOL conducts corporate-level surveys and meetings to inform and engage stakeholders. Site-specific stakeholder identification and engagement procedures are implemented in line with PS1. Stakeholders may raise concerns regarding unethical conduct by RHOL employees or subsidiaries through the publicly disclosed Ethics Line (https://ronesans.com/en/sustainability/the-ronesans-impact-on-business/code-of-conduct) or through project-level grievance mechanisms; both channels accept anonymous submissions.

RHOL projects visited recently demonstrated good implementation of Stakeholder Engagement Plans and grievance mechanisms. The ESMS framework to be developed under ESAP#1 will incorporate stakeholder engagement and grievance management requirements commensurate with project impacts, with information to be disclosed on the project website and/or at locations accessible to affected communities and reporting requirements to RHOL corporate.

Broad Community Support

Environmental & Social Action Plan

S.no	Description	Anticipated Completion Date
1	RHOL will adopt with their ESMS, a framework procedure to support future expansion of its PPP hospital business. At a minimum: (i) E&S staffing requirements for the specific PPP project during construction and operations; (ii) review and incorporation of national E&S regulatory requirements (iii) a gap analysis of local requirements against the IFC Performance Standards and identification of associated mitigation measures; (iv) the scope and minimum requirements for Construction and Operations E&S Management Plans (CESMP and OESMP) and other management plans, as needed, to meet the IFC PSs, and (v) project monitoring and review procedures, including key EHSS indicators covering sub-contractors, external audit frequency, and management review arrangements. The ESMS will also include the following requirements for:• Adoption of RHOL’s HR policy, and arrangement of site working conditions and worker accommodation in accordance with statutory requirements and PS2. • Commissioning an external labor audit during peak construction.• Preparation of site-specific environmental management plans and monitoring procedures, identifying project standards in line with applicable local requirements and WBG EHS Guidelines , based on whichever is more stringent. • Site-specific assessment of community health and safety risks (including labor influx, traffic, security, construction nuisances, GBVH, SEAH, human trafficking and child abuse) and preparation of relevant procedures or extension of relevant RHOL corporate policies and procedures. Framework Stakeholder Engagement Plan (SEP) and External Grievance Mechanism (EGM)• Life and Fire Safety (LFS) design, construction and operations to be conducted in full compliance with the local LFS codes and in accordance with an internationally accepted LFS standard, to be certified by an independent qualified consultant at design stage and prior to commissioning.	03/31/2027
2	RHOL will conduct a portfolio-wide risk mapping and, based on the findings, develop and adopt a child protection and safeguarding policy commensurate with its operations where children may be present or affected, including hospitals, shopping malls, and other relevant projects, relying on recommended practices from the recent IFC Guidance Addressing Child Safeguarding in the Private Sector.	03/31/2027

Client Documentation

File Name	Actions
RHOL LTF#51237 - ESRS - for disclosure.pdf

**Information on IFC's Policy and Performance Standards on Environmental and Social Sustainability can be found at www.ifc.org/sustainability

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Environmental and Social Review Summary (ESRS) is prepared by IFC to disclose its findings and recommendations related to environmental and social considerations regarding potential investments. Its purpose is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this ESRS is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed in advance of IFC Board of Directors' consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following ESRS is disclosed in accordance with IFC's Access to Information Policy (AIP).

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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Environmental and Social Mitigation Measures

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