AkBank II - MidSEFF (EBRD-47625)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
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
Sep 30, 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
Akbank T.A.S.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Technical Cooperation
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)
$ 110.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 110.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 26, 2017

Disclosed by Bank Nov 12, 2015


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Project Description
This project provides financing to Akbank T.A.S. in order to achieve three objectives: i) increasing financing intermediation for renewable energy and resource efficiency investments to fill these sectors’ remaining financing gaps in Turkey; ii) improving the participating financial institutions' skills in technical assessment of a broader set of technologies; and iii) increasing the participating financial institutions' knowledge of relevant EU environmental and social requirements and standards in assessing mid-size resource energy and resource efficiency investments.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
This project includes EBRD financing of USD 110 million to Akbank T.A.S. through the Turkey Mid-size Sustainable Energy Financing Facility III, a framework operation of €500 million to be provided by EBRD to eligible participating financial institutions for on-lending to private sector borrowers for renewable energy and resource efficiency investments. Akbank will be the first participating financial institution to be included under the Turkey Mid-size Sustainable Energy Financing Facility III. Akbank is the fourth largest bank in Turkey ranked by total assets (third largest private bank) as of 3Q2015 with total consolidated assets of around USD 86 billion. Akbank was recognized as the most valuable brand of Turkey according to UK based Brand Finance with an assessed brand value of over USD 2.5 billion and is currently rated Baa3/BBB- by Moody’s/Fitch. Sabanci Holding and affiliated institutions and individuals own 48.9% of Akbank with the remaining shares (51.1%) listed on the Borsa Istanbul.
Contact Information
Company Contact Information diskaynaklar@akbank.com Tel: +90 212 385 62 38 Fax: +90 212 281 81 88 ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.