Sanko Holding, ultimately owned by the Konukoglu Family, is Cimko’s main shareholder. Sanko Holding is a Turkish industrial conglomerate with operations in a wide range of industries including textile, flexible packaging, cement, renewable energy, textile recycling, etc.

The Project cost is US$300 million and was partially funded by the subscription of US$50 million for IFC’s own account. The remaining funding was provided by development finance institutions including EBRD and Finance in Motion and other investors. 

The Project will be implemented in three cities of Türkiye: (i) Adiyaman and Kahramanmaras, two cities in Southeastern Türkiye that were hit hard by the two February 2023 earthquakes, and (ii) Bartin, in Northern Türkiye. 

This is a Category B project according to IFC’s E&S Sustainability Policy. Based on information reviewed by IFC, the proposed project is expected to have limited adverse E&S risks and impacts that are few in number and site-specific and readily addressed through existing mitigation measures and good international industry practices (GIIP) as described in the following sections. Key E&S issues and risks reviewed as part of IFC’s appraisal include: (i) company’s monitoring and management systems to assess and manage E&S risks and issues related to cement production including extraction of raw materials and port operations; (ii) assurance of fair, safe and healthy working conditions including freedom of association, overtime management, gender based violence and sexual harassment (GBVH) aspects, and occupational health and safety (OHS) for employees and contractors; (iii) air emissions particularly related with combustion activities for cement production, alternative fuel supply streams, wastewater and waste management (including vessel waste), hazardous materials and noise; (iv) traffic management and road safety; (vi) emergency preparedness and response both for cement and port operations; (vii) biodiversity conservation risks specifically for sea turtles at the coastal habitat of Adana Port, and Natural Habitat in areas of the quarry areas of Cimko Adiyaman; and (viii) company’s stakeholder engagement activities related to E&S aspects.