Turkiye: DenizBank Green Bond Project (AIIB-001026)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 16, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
DenizBank A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
  • Infrastructure
  • Transport
  • Water and Sanitation
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Corporate Actor Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Oct 5, 2026

Disclosed by Bank Sep 8, 2026

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the AIIB, the project development objective is to support the Republic of Turkiye in implementing its climate mitigation and adaptation goals through increased renewable energy generation, energy efficiency, water efficiency and clean transportation.

A USD100 million investment with a five-year tenor amortizing green bond issued by DenizBank A.S. (DenizBank) through private placement. This bond is issued under DenizBank's Euro Medium-Term Notes program and aligned with the International Capital Market Association's Green Bond Principles 2021 (with June 2022 Appendix I). Proceeds from the green bond will fund projects focused on climate mitigation with eligible sub-loans aligned to DenizBank's Sustainable Finance Framework. These include renewable energy, energy efficiency, clean transportation, sustainable water and wastewater management. Proceeds from the bond issuance will be used to support private sector sub-borrowers, including corporate, commercial and small and medium-sized enterprises (SMEs).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The AIIB categorized the project E&S risk as 'FI'.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the AIIB, established in 1997 and operating since 2019 under the shareholding of Emirates NBD, a leading financial services brand in the Middle East, North Africa and Turkiye, DenizBank is one of Turkiye's leading private commercial banks. The bank serves corporates, SMEs, retail, agricultural and public-sector clients through an extensive domestic and international network. With sustainability as a core principle, DenizBank integrates this perspective into every stage of its business processes and plays an increasingly important role in channeling sustainable finance toward climate-positive investments across Turkiye. As of June 30, 2026, DenizBank had total assets of USD52.5 billion-equivalent, a USD29.6 billion-equivalent loan portfolio, total customer deposits of USD32.8 billion-equivalent and total shareholders' equity of USD5.3 billion-equivalent. As of September 2026, DenizBank's long-term foreign currency debt and long-term issuer default profile are rated "Ba2" by Moody's with a "Stable" outlook and "BB-" by Fitch with a "Stable" outlook, respectively.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

AIIB Team Leader:

Francisco Fortuny - Senior Investment Officer
Email: LN1026-Turkiye-Denizbank@aiib.org

Financial Intermediary - DenizBank A.S.:

Nimet Sinem Yahsi - Structured Finance and Sustainability Coordination, Senior Vice President
Email: NimetSinem.Yahsi@denizbank.com

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan 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 AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. 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

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

How it works

How it works