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.
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.
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.
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