All Group companies are consolidated under RHOL which is 95% owned by Mr. Erman Ilicak, and 2.5% each by Bahar and Ipek Ilicak. As founder and main shareholder, Erman Ilicak started his venture in Saint Petersburg, Russia as a construction engineer.

RHOL is currently operating in 17 countries including Turkey, Russia, and various other developing countries in the wider- CEU region.

IFC is considering to invest up to US$[215]M in the form of either equity, quasi-equity, quasi-loan or loan in Ronesans Holding A.S.

215.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	215.0

* These investment figures are indicative

Headquartered in Ankara, Turkey; Ronesans Group, through its contracting arm, performs construction activities as a contractor in 17 countries: Turkey, Russia, Turkmenistan, Kazakhstan, Belarus, Gabon, Austria, Germany, Netherlands, Finland, Sweden, Switzerland, Azerbaijan, Nigeria, Iraq, Qatar, and Mozambique.
RHOL owns (i) real-estate assets in Russia and Turkey, (ii) energy assets in Turkey. RHOL also is an investor in PPP hospitals in Turkey.

(i) Business infrastructure and infrastructure development to facilitate economic growth across the emerging markets;
(ii) Promoting south-south investments: Based in Turkey, operational mostly in CIS countries, RHOL is expected to become an investment platform through which IFC will be supporting S-S investments in EMENA and Africa regions;
(iii) Increased employment opportunities: The Group employs both qualified engineers and construction workers on sites, from the base of pyramid including labor migrants from lower GDP per capita economies;
(iv) Supporting MSME development through subcontractors

(i) IFC is expected to support RHOL, as it expands to become a regional player in the wider EMENA region, ;
(ii) Help further move from commercial to industry and infrastructure construction businesses and explore new PPP opportunities in Africa;
(iii) Introduce RHOL to potential partners as well as share IFC knowledge of business conditions in new markets - like Africa - being targeted by the group
(iv) Help RHOL adopt best corporate governance practices in preparation for a possible future listing

The Project is either equity, quasi-equity, quasi-loan or loan investment with RHOL, a contractor and real estate developer. Construction business includes construction of general buildings and light industries, infrastructure projects and heavy industry facilities for its clients whereas development business includes real estate development– and operation of offices, shopping malls and health care PPP facilities.



Key environmental and social (E&S) issues are as follows:  (i) identification and management of environmental impacts and occupational health and safety risks including construction waste management; (ii) contractor management; (iii) labor and working condition management including the accommodations provided during construction period; (iv) community health and safety including construction operations; (v) structural design and safety; (vi) life and fire safety in the design; and (vii) land acquisition and compensation. RHOL’s subsidiary,



Ronesans Energy (REN) owns and operates 5 hydro power plants and has applied for licenses to develop hydro, coal, natural gas based power plants. Any future development by REN of coal, and/or hydro power plants involving trans-boundary issues will require an IFC consent before it can proceed. Should REN decide to proceed, it will do so outside of the proposed IFC project. Due to the potential significant adverse environmental and social impacts and risks, this Project is a category A project according to IFC Policy on Environmental and Social Sustainability. E&S wording is subject to change, based on the ongoing due diligence, focusing on REN’s operations.



An Environmental & Social Review Summary (ESRS) will follow shortly when the E&S assessment is complete

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.