QNB FINANS FINANSAL KIRALAMA A.S. (FMO-53751)

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
B
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
Jun 1, 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
QNB Finansleasing
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Climate
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 Amount (USD)
$ 34.31 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 159.60
Converted using 2018-06-01 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS May 20, 2021


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Project Description

FMO's Financing will be 100% used for Renewable Energy/Energy efficiency leasing contracts (100% green label). Most of the financing will be used for small scale solar panels, which offers an interesting market potential for leasing companies.

Through this project FMO indirectly contributes to Turkey's renewable energy targets. With this use of funds FMO contributes to GHG avoidance via its contribution to the energy transition from traditional sources to renewable sources. At the same time FMO offers long-term financing in local currency (TRY), which meets the funding requirements of such activities. It prevents foreign currency mismatches on FMO's clients, or on end client level.

 

Investment Description

The client has been categorized as Category B in accordance with FMO’s Sustainability Policy. The client is a leasing company and it’s activities are deemed to have potential limited adverse environmental and social risks and/or impacts. As part of the transaction, Finans Leasing will be required to apply the EDFI Exclusion List and Turkish E&S laws and regulations.

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

QNB Finansleasing, a subsidiary of QNB Finansbank. QNB Finansleasing is one of the leading financial leasing companies in Turkey, with a growing market share, and a focus on providing access to finance to SME via its branch network throughout Turkey. Since the acquisition of Finansbank by Qatar National Bank (QNB), the shareholder structure improved, and the rating of QNB Finansbank has been upgraded. Due to its diversified branch network, QNB Finansbank and QNB Finansleasing have good access to SMEs.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Abraaj Invest Mgmt Ltd Parent Company Industry and Trade owns Egyptian Fertilizers Co SAE Client Industry and Trade
Adaro Energy Tbk PT Parent Company Mining owns SIS Client Mining
Al Khaleej Sugar Co Parent Company Agriculture and Forestry owns Al Canal Sugar Client Agriculture and Forestry
Cengiz Holding AS Parent Company Energy owns AEDC Privatization Client Energy
Conoco Pennzoil Parent Company Energy owns Immingham CHP Client Energy
Electricity Holding Co SAOC Parent Company Energy owns Duqm Refinery Client Energy
Energy Capital Partners Parent Company Construction owns Saltend Combined-Cycle Gas Client Construction
Norsk Hydro ASA Parent Company Mining owns Qatar Aluminium QSC Client Mining
Oman Oil Co SAOC Parent Company Mining owns Salalah LPG Client Mining
Puma Energy Parent Company Mining owns Puma Energy Corporate Facility 2018 Client Mining
QNB Finansbank Parent Company - owns QNB Finansleasing Subsidiary -
QNB Group Investor Finance invests in Abraaj Invest Mgmt Ltd Parent Company Industry and Trade
QNB Group Investor Finance invests in Adani Electricity Mumbai Ltd Parent Company Energy
QNB Group Investor Finance invests in Adaro Energy Tbk PT Parent Company Mining
QNB Group Investor Finance invests in AEDC Privatization Client Energy
QNB Group Investor Finance invests in Al Canal Sugar Client Agriculture and Forestry
QNB Group Investor Finance invests in Al Khaleej Sugar Co Parent Company Agriculture and Forestry
QNB Group Investor Finance invests in Bogazici Elektrik Dagitim AS Parent Company Energy
QNB Group Investor Finance invests in Camlibel Elektrik Dagitim AS Client Energy
QNB Group Investor Finance invests in Cengiz Holding AS Parent Company Energy
QNB Group Investor Finance invests in Conoco Pennzoil Parent Company Energy
QNB Group Investor Finance invests in Dongying Fangyuan Non-ferrous Parent Company Construction
QNB Group Investor Finance invests in Duqm Refinery Client Energy
QNB Group Investor Finance invests in Egyptian Fertilizers Co SAE Client Industry and Trade
QNB Group Investor Finance invests in Egyptian Gen Petro Corp Parent Company Mining
QNB Group Investor Finance invests in Electricity Holding Co SAOC Parent Company Energy
QNB Group Investor Finance invests in Energy Capital Partners Parent Company Construction
QNB Group Investor Finance invests in Gajah Tunggal Tbk PT Parent Company Transport
QNB Group Investor Finance invests in Glenmark Pharmaceuticals Ltd Parent Company Education and Health
QNB Group Investor Finance invests in Immingham CHP Client Energy
QNB Group Investor Finance invests in Norsk Hydro ASA Parent Company Mining
QNB Group Investor Finance invests in Oman Oil Co SAOC Parent Company Mining
QNB Group Investor Finance invests in Oxley Holdings Ltd Parent Company Industry and Trade
QNB Group Investor Finance invests in Peugeot SA Parent Company Transport
QNB Group Investor Finance invests in Plaza Indonesia Realty Tbk PT Parent Company Industry and Trade
QNB Group Investor Finance invests in PT Delta Dunia Textile Parent Company Industry and Trade
QNB Group Investor Finance invests in Puma Energy Parent Company Mining
QNB Group Investor Finance invests in Puma Energy Corporate Facility 2018 Client Mining
QNB Group Investor Finance invests in Puma Energy Holdings Pte Ltd Parent Company Mining
QNB Group Investor Finance invests in Qatar Aluminium QSC Client Mining
QNB Group Investor Finance invests in Salalah LPG Client Mining
QNB Group Investor Finance invests in Salalah Methanol Co LLC Parent Company Mining
QNB Group Investor Finance invests in Saltend Combined-Cycle Gas Client Construction
QNB Group Investor Finance invests in SIS Client Mining
QNB Group Investor Finance invests in Turkiye Elektrik Dagitim AS Parent Company Energy
QNB Group Investor Finance invests in Uludag Elektrik Dagitim AS Client Energy
QNB Group Investor Finance invests in VIP Turkey Enerji AS Client Mining
QNB Group Investor Finance invests in Vitol Holding BV Parent Company Mining
QNB Group Investor Finance invests in Vitol Invest Partnership Ltd Client Mining
Turkiye Elektrik Dagitim AS Parent Company Energy owns Camlibel Elektrik Dagitim AS Client Energy
Turkiye Elektrik Dagitim AS Parent Company Energy owns Uludag Elektrik Dagitim AS Client Energy
Vitol Holding BV Parent Company Mining owns VIP Turkey Enerji AS Client Mining
Vitol Holding BV Parent Company Mining owns Vitol Invest Partnership Ltd Client Mining

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