According to IFC website, the project consists of up to US$50 million senior loan for IFC’s own account and up to US$50 million senior parallel loan(s) to the Company. According to bank documents, the proceeds of the loans would be used to originate leases for small and medium enterprises to finance their energy efficiency, renewable energy and resource efficiency projects in Turkey that meet certain eligibility criteria to be established by IFC. Significant development impact is expected by:
1. supporting the expansion of SEF products to Turkish businesses and shoring up access to SME finance;
2. contributing to the reduction of SMEs energy costs through improved utilization of sustainable energy equipment; and
3. helping to improve local and global environment through reduced emissions of greenhouse gases and other conventional pollutants.
The proposed project includes a senior loan package of up to US$100 million to Finans Leasing comprising of: (i) a senior loan of up to US$50 million for IFC’s own account; and (ii) senior parallel loan(s) of up to US$50 million.
Finans Leasing is headquartered in Istanbul, Turkey and has 13 branches across the country. IFC’s investments will be used to finance the Company’s leasing operations for SMEs throughout the country.
Finansbank A.S., owns 99.4% of Finans Leasing (81.41% through direct shareholding and 17.99% through Finansinvest, the bank’s wholly owned investment banking arm) as of June 30, 2016. The remaining 0.6% comprises free-float shares traded on Borsa Istanbul.
Finansbank A.S. was acquired by Qatar National Bank (“QNB”) from National Bank of Greece (“NBG”) in June 2016. QNB is 50% owned by Qatar Investment Authority, the sovereign wealth fund of the Government of Qatar, and 50% is free float. With US$190 billion in total assets as of June 30, 2016 QNB is the largest banking group in Middle East and Africa. It is present in over 30 countries in Middle East, Asia, Africa, and Europe.
Project Contact: Ms. Semra Karsu
Assistant General Manager/CFO, Finans Finansal Kiralama A.S.
Telephone: +90 212 349 11 11
Fax: +90212 350 6044 / +90 212 350 60 00
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