Abank SME (IFC-40903)

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
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
Aug 30, 2018
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
ALTERNATIFBANK 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.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank for a specific purpose. A "ring fence" is another name for the specific purpose. Financial intermediaries include insurance, pension and equity funds. A financial intermediary lends these funds to their clients in the form of loans, bonds, guarantees and equity shares.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 75.00 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 Aug 2, 2018

Disclosed by Bank Jul 18, 2018


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Project Description

This project provides financing to Alternatifbank A.S. to support its lending to small and medium-sized enterprises (SMEs) and/or women-owned SMEs.

Investment Description
  • International Finance Corporation (IFC)

The financing will comprise of a senior loan of up to US$60 million for IFC’s own account, and up to US$15 million under IFC’s Managed Co-Lending Portfolio Program.

Financial Intermediary
Private Actors
Private Actors Description

Alternatifbank is owned by The Commercial Bank (P.S.Q.C.), the second largest Qatari conventional bank.

Contact Information

Alternatifbank A.S. 
Ahmet Kinalisoy 
Financial Institutions Manager 
+902123156500 
ahmet.kinalisoy@alternatifbank.com.tr 
Cumhuriyet Cad.No. 46 Elmadag, 34367, Sisli, Istanbul 
www.alternatifbank.com.tr 

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/