FinansL EE III (IFC-38496)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Dec 21, 2016
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
FINANS FINANSAL KIRALAMA ANONIM SIRKETI
The holder of the loan, grant, or other investment.
Sectors
  • 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)
$ 50.00 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)
$ 50.00 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 @ IFC website

Updated in EWS Jul 21, 2018

Disclosed by Bank Oct 12, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

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.

Investment Description
  • International Finance Corporation (IFC)

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.

Private Actors
  • QNB Finans Finansal Kiralama Anonim Sirketi -- Financial Intermediary

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.

Contact Information

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

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/