The Sponsors are (i) Kibar Holding A.S.; (ii) Mr. Asim Kibar; (iii) Mr. Ali Kibar; and (iv) Mr. Ahmet Kibar. Kibar Holding A.S., founded in 1984, is the holding company of the family-owned Kibar Group. Assan, the principal company of the Kibar Group, is fully owned by the Kibar family.

The total project cost is estimated at $125 million, of which IFC has been requested to arrange up to $60 million, including a syndicated participant bank loan of $30 million.

30.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity

* These investment figures are indicative

Assan owns an aluminum processing plant, located in Tuzla, Istanbul, and a steel galvanizing factory, located in Kartal, Istanbul. The modernization and de-bottlenecking investments envisaged in the project will be done predominantly at the aluminum plant in Tuzla, approximately 30 kilometers southeast of Istanbul.

Assan is internationally competitive, and presently exports more than 50% of its production, resulting in over $135 million in foreign exchange earnings per year. The project gives IFC an opportunity to support an existing client. By helping to restructure its balance sheet and reduce short term debt, IFC would enable the company to better match debt repayments with its operating income. This will also permit the company to reinvest operating cash flows in a broad set of investments designed to offer higher value-added products and services. Through the proposed investment and restructuring, IFC will support a Turkish company to emerge as a stronger and more competitive player in the global setting. IFC would provide access to much needed long-term capital to assist Assan in implementing its ongoing financial restructuring and debottlenecking efforts, as other sources of long-term financing are generally not available to Assan in the current market scenario. IFC's support is particularly important to help the company tap into international sources of funding through the syndicated participant bank loan.

This is a category B project according to IFC’s Procedure for Environmental and Social review of projects because a limited number of specific environmental impacts may result, which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria, The review of this Project consisted of appraising technical and environmental information submitted by the project sponsor as well as visits to the aluminum and galvanizing plants. The potential environment, health and safety (EHS) impacts of the project, which were analyzed related to the compliance of the aluminum plant with Turkish and IFC EHS requirements.
Location of environmental documents in locally affected community
Environmental documentation will be made available at the following location: Factory Gate: Assan Aluminyum D-100 Karayolu Uzeri 32. km 34940 Tuzla/Istanbul-Turkey Website: www.kibarholding.com