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, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
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

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
Financial Intermediary: A commercial 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 Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

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

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - The Commercial Bank (P.S.Q.C.) Parent Company -
Commercial Bank of Qatar Investor Finance invests in Arkas Holding AS Parent Company Transport
Commercial Bank of Qatar Investor Finance invests in J5 Nakilat LNG Tankers Parent Company Mining
Commercial Bank of Qatar Investor Finance invests in Norsk Hydro ASA Parent Company Mining
Commercial Bank of Qatar Investor Finance invests in Qatar Aluminium QSC Client Mining
Commercial Bank of Qatar Investor Finance invests in Trafigura Holding Parent Company Mining
Commercial Bank of Qatar Investor Finance invests in Trafigura Pte Ltd Client Mining
Norsk Hydro ASA Parent Company Mining owns Qatar Aluminium QSC Client Mining
Trafigura Holding Parent Company Mining owns Trafigura Pte Ltd Client Mining

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/