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| Summary of Project Information (SPI) |
| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
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| Project number | 24220 |
| Project name | Bilgi II |
| Country | Turkey |
| Sector | Education Services |
| Department | Health and Education |
| Company name | Istanbul Bilgi University |
| Environmental category | B |
| Date SPI disclosed | July 29, 2005 |
| Projected board date | September 30, 2005 |
| Status | Completed |
| Previous Events | Signed: November 28, 2005
Approved: November 7, 2005 |
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| Description of company and purpose of project |
The project is a $34 million investment proposal for İstanbul Bilgi University located in Istanbul and an existing IFC client. The project will allow for:
- the refurbishment of Bilgi’s existing campus facilities to accommodate a new Business School and an expansion of the University’s student base by an additional 2,500 students;
- the consolidation of its successful e-learning platform and;
- the introduction of distance learning for adult on-going education through a satellite of local learning centers (LLCs) across the country.
Specifically, Bilgi will relocate some of its existing programs to Silahtaraga, a new site leased from the authorities in downtown Istanbul. This will free up space in its existing campuses for the new Business School. Silahtaraga will also house the infrastructure support for e-learning and distance learning. The project is expected to be completed by 2008. |
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| Project sponsor and major shareholders of project company |
Bilgi was founded in 1996 by the Foundation. As any other higher education institution, Bilgi is part of the higher education system of Turkey, governed by the rules and regulations of YÖK, Turkey’s Higher Education Board. With its two campuses (Kustepe and Dolapdere) at the heart of Istanbul, Bilgi is an associate member of the European University Association (EUA), a member of the International Association of Universities (IAU) and OECD/IMHE (Program on Institutional Management in Higher Education). The University is also an active participant in the ERASMUS network and has strong academic links with several universities abroad. Bilgi offers business degrees since its inception but has never had its own business school. The project will be an expansion of Bilgi’s success in the undergraduate and graduate business degree program and would allow the University to establish its own business school.
İstanbul Bilgi University is owned by a foundation, The Bilgi Educational and Cultural Foundation (the foundation) which was established on October 31, 1994 for the realization of the following objectives:
- to establish and operate educational and instructional institutions focusing on foreign languages, social sciences, science and technology at all levels and kinds to conduct scientific and cultural research;
- to establish and operate museums to protect Turkey’s cultural heritage;
- to organize seminars, briefings, conferences and/or similar gatherings for the advancement of the country’s cultural life; and
- to extend provisional or monetary support to persons or representational organs that participate in cultural activities.
The founding members are Turkish academics and businessmen, some of whom actively participate on the Board of Trustees of the University which consists of 11 members and includes the Chairman, Mr. Oguz Ozerden, the Rector, Ms. Lale Duruiz and Mr. Orhun Cavdar, the Secretary General. |
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| Total project cost and proposed IFC investment |
| Total project cost is estimated at $34 million and IFC is expected to provide a loan of up to $15 million for its own account. |
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| Location of project and description of site |
| The Ministry of Energy and Natural Resources, Government of Turkey, has agreed to lease the Silahtaraga site to İstanbul Bilgi University for at least 20 years. This 11.7 ha site, which is in downtown Istanbul and next to the tributaries of the Golden Horn, is of historical significance as it was the location of Istanbul’s first electricity generating station. In addition to the Silahtaraga site, Bilgi owns two campuses, one in Kustepe and another in Dolapdere, both in downtown Istanbul. The LLCs are expected to be developed in major Turkish cities across the country. |
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| Project Development Impact and IFC's Role |
The project is expected to have significant developmental impacts: The University has a very active and effective social and community program. Scholarships are provided to about 26% of the students (about 2,000 scholarships) based on merit and student needs. Bilgi also has a number of programs and activities under their social responsibility program including:
- Cooperation on Democracy and Human Rights;
- Human Rights Activism Lectures;
- Training for Judges and Prosecutors on Human Rights Law;
- Summer School on Turkey and Greece: Transcending the Past and Embracing the Future;
- Program to improve the education provided by the Regional Elementary Boarding Schools; and
- various training and empowerment programs for the locals community around Bilgi’s facilities (e.g. Kustepe and Dolapdere).
Bilgi also provides training and research facilities to NGOs.
IFC’s role will be one of a long-term lender to a sector where long-term tenors are much needed. The Project fits well in IFC’s strategies to support sustainable growth in Turkey and its aspiration to become an EU country. Through this new Project for Bilgi, IFC will assist a pioneer in the area of business education to extend its reach throughout the whole country, fulfilling an untapped niche for adult on-going education. |
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| Environmental and social issues - Category B |
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 and social 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, environmental, health and safety, social/community information submitted by the project sponsor as well as site visits to İstanbul Bilgi University’s existing facilities and the new site at Silahtaraga.
The following potential environment, health and safety, and social/community impacts of the projects were analyzed:
- Sustainable development of the new site at Silahtaraga;
- Compliance of Bilgi’s facilities with Turkish and IFC environment, health and safety (EHS) requirements;
- Commitment of Bilgi to quality and to performance; and
- Social and community issues and involvement.
To view the environmental documents for this project, click here |
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| Location of environmental documents in locally affected community |
The Environment Review Summary (ERS) will be released and made publicly available:
- at the new Silahtaraga site;
- at the Dolapdere campus; and
- on Bilgi’s website.
Silahtarağa: Silahtarağa Mah. Kazımkarabekir Cad. Sütlüce Eyüp İstanbul
Dolapdere Campus: Kurtuluş Deresi Cad. No: 47 34440 Dolapderei İstanbul
BİLGİ website: http//: www.bilgi.edu.tr |
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| To contact the project company, please write to: |
Esen Zeynep Ege, İstanbul Bilgi University
Phone: +90 212 311 64 66
Fax: +90 212 216 23 25
e-mail: egez@bilgi.edu.tr |
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