Turkey: COVID-19 Credit Line Project (AIIB-000381)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 1, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
TSKB, Meral Murathan
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 11, 2020


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Project Description

According to project documents, this proposed Turkey COVID-19 Credit Line Project would provide sovereign-backed short-term credit lines to two of Turkey's development banks and existing AIIB Clients, Turkiye Sinai Kalkinma Bankasi (TSKB) and Turkiye Kalkinma ve Yatirim Bankasi (TKYB) to alleviate liquidity constraints faced by infrastructure-related companies, mid-caps and Small and Medium Enterprises serving the transport, energy, water, sustainable cities (including healthcare), information and communications technology, and eligible other productive sectors.

This project will be processed under the AIIB's COVID-19 Recovery Facility, a framework designed to assist members in responding to the COVID-19 pandemic. These credit lines will not be used for infrastructure project finance, already covered in existing AIIB Projects TSKB Sustainable Energy and Infrastructure On-lending Facility (2018) and TKYB Renewable Energy and Energy Efficiency On-Lending Facility (2019).

The expected date of board review is May 2020.

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
Contact Information

AIIB

Stefan Shin / Project Team Leader and Principal Investment Officer / stefen.shin@aiib.org

Francisco Fortuny / Project Team Leader and Private Sector Operations Specialist / fj.fortuny@aiib.org

 

Borrower

TSKB

Meral Murathan /  Executive Vice President, Financial Institutions & Investor Relations and Development Finance Institutions

murathanm@tskb.com.tr

 

TKYB

Özlem Cinemre / Executive Vice President, Treasury & Financial Institutions

ozlem.cinemre@kalkinma.com.tr

 

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM).  The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.