FIF - Garanti DPR - Cyprus MSMEs (EBRD-48670)

Regions
  • Europe and Central Asia
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
Jul 20, 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
Turkiye Garanti Bankas A
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)
$ 5.51 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 5 million (in USD equivalent)
Converted using 2016-07-20 exchange rate.
Loan Amount (USD)
$ 5.51 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 5 million
Converted using 2016-07-20 exchange rate.
Project Cost (USD)
$ 5,509.95 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 5,000,000.00
Converted using 2016-07-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 23, 2018

Disclosed by Bank Jan 3, 2017


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Project Description

According to EBRD website, the EBRD is providing EUR 5 million to Turkiye Garanti Bankas A. under the Financial Intermediaries Framework. The financing will be a part of EBRD`s investment of EUR 55 million in rated notes issued under Garanti`s existing Diversified Payment Rights programme. EBRD's notes are backed by specifically defined foreign currency denominated payment orders of Garanti. It will be used to finance eligible MSMEs operating in the northern part of Cyprus.The facility will effectively leverage Garanti's geographic scope to extend financing to EBRD's priority regions within the MSME segment. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

Project Contact: Gencay Gedik
Email Address: gencayge@garanti.com.tr
Telephone No.: 0090 212 318 17 33, 0090 212 216 62 17
Website: www.garanti.com.tr
Office Address: Levent, Nispetiye Mah. Aytar Cad. No:2 34340 Besiktas, Istanbul, Turkey

General enquiries to EBRD: 
Telephone No.: +44 20 7338 7168
Email Address: projectenquiries@ebrd.com

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.