SEKERBANK T.A.S. (FMO-45085)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
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
A
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 10, 2015
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
Sekerbank T.A.S.
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)
$ 18.05 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 16.50 MLN
Converted using 2015-12-10 exchange rate.
Loan Amount (USD)
$ 18.05 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 16.50 MLN
Converted using 2015-12-10 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 25, 2018


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Project Description

According to FMO website, FMO provided Sekerbank with a syndicated multi-currency facility with total commitments of around USD 115 million, partially in Turkish Lira. In this facility OPEC Fund for International Development (OFID) joined FMO as parallel lender, while the Korean Development Bank (KDB) and the ACTIAM FMO SME Finance Fund acted as participants. It is the first syndicated loan in Turkey providing a local bank with up to 5 years of commercial funding. The loan will support Sekerbank in providing its clients with green lines to lend into energy efficiency and renewable energy projects, and in supporting Turkish SMEs and businesses in cross border trade activities.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism