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Main Page arrow News arrow IFC Becomes a Shareholder in Turkey’s Rönesans Holding as the Group Eyes International Expansion and IPO
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IFC Becomes a Shareholder in Turkey’s Rönesans Holding as the Group Eyes International Expansion and IPO

02 October 2018
Increasing investment flows from emerging markets into other emerging markets – often referred to as South-South investments – is one of IFC’s five core strategic objectives globally. IFC’s investment in Rönesans Holding will support the Group’s cross-border investments in Africa, the Middle East and the Caucuses and strengthen its sectoral presence in industrial infrastructure projects. In Turkey, IFC continues to promote South-South investments and has supported many companies to become regional pioneers through better governance, sustainable business practices and increased competitiveness.
İpek Ilıcak Kayaalp, Chairwoman of Rönesans Holding: “We are excited about this landmark investment, which is further deepening our partnership with IFC beyond specific projects. As a successful contractor and international real estate developer enlarging its presence on 3 continents, we attract interest of international investment corporations. Less than two years ago, we became partners with one of the largest Asian state investment funds GIC from Singapore in Rönesans Real Estate Investments. Then together with Meridiam, which is a global investor and asset manager based in Paris specialized in developing, financing and managing long-term public infrastructure projects, we founded Rönesans Healthcare Investments. And now we are very happy and proud of having another global partner at the Rönesans Holding. IFC’s engagement at the holding level will not only support our international expansion and recognition as a global contractor but it will also create significant value to all our stakeholders by improving our corporate governance practices.”

IFC has previously cooperated with Rönesans Holding providing financing to its construction subsidiary (RCI) to expand in the region and supported one of its Healthcare PPP (Public Private Partnership) projects in Adana. By becoming a shareholder, IFC will work with Rönesans to apply international best practice corporate governance and standards at the corporate level to enhance company’s access to international capital markets.

Carsten Mueller, IFC Regional Industry Head of Manufacturing, Agribusiness and Services in the Europe, Middle East and North Africa region, said: “IFC is proud to take its cooperation with Rönesans Holding to the next level and acquire a stake in this strong and dynamic Turkish group with international and regional presence. As a shareholder IFC will assist Rönesans in expanding its operations in regions where investments are needed for development and job creation. We will also assist the company for a succesful future IPO.”

IFC’s work in Turkey is based on a joint Country Partnership Strategy (CPS) for the period 2012-2016 with key objectives of enhanced competitiveness and employment, improved equity and public services, and deepened sustainable development. Turkey is the second largest country of operations for IFC globally and the host to its largest office outside of Washington DC. IFC had three consecutive record years in Turkey investing $1.8 billion in projects in the last fiscal year.





About Rönesans Group

Rönesans Holding, the conglomerate's top investment entity headquartered in Ankara, is the 38th largest international contracting company globally and the 9th largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for 30 years in construction, real estate development, healthcare and energy. Putting resilience and growth through innovation at the core of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women’s Empowerment Principles since 2016.

Under the leadership of its president, Erman Ilıcak, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder in the group), has invested more than EUR8 billion into pioneering projects globally.


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