FIF-DTFF- Denizbank (EBRD-55375)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 13, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
DenizBank
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Finance
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 27.49 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25
Converted using 2024-08-13 exchange rate.
Loan Amount (USD)
$ 27.49 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25
Converted using 2024-08-13 exchange rate.
Project Cost (USD)
$ 27.49 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25
Converted using 2024-08-13 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 27, 2025

Disclosed by Bank Apr 13, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of a senior unsecured loan of up to EUR 25 million or its USD equivalent, with up to 3-year final maturity, to finance digital transformation investments of the Turkish manufacturing SMEs under the Digital Transformation Financing Facility ("DTFF" or "Programme"), a blended programme established under the Financial Intermediaries Framework.

The DTFF Programme tackles significant obstacles faced by SMEs preventing most of them from growing and becoming more competitive, such as lack of capacity to handle, sort and prioritize, adopt best industry practices, relevant industry standards and pursue innovation in various strategic and operation areas of their activities. DTFF aims to spread the use of digital technologies among Turkish SMEs through promoting and financing digital transformation to significantly boost their competitiveness.

The DTFF Programme will be implemented in close cooperation with KOSGEB, which will engage Digital Transformation (DT) Consultants to conduct digital maturity assessments and develop DT actions plans (DT Roadmaps) for eligible SMEs. These action plans will aim to improve SMEs' productivity and efficiency through implementation of new and improved technologies. KOSGEB is also committed to provide interest rate rebates on sub-loans disbursed under the DTFF to incentivize SMEs participating in the Programme. The rebates will be administered directly by KOSGEB to SMEs, without involvement of partner banks and the EBRD.

The operation is also aligned with the second priority of Turkiye Country Strategy 2019-2024, approved by the Board on 24 July 2019: "Foster Turkiye's Knowledge Economy and Higher Value-Added Activities, and Promote Good Governance". It is also aligned to the Small Business Initiative (BDS15-050). Finally, the project is consistent with the Bank's Strategy for the Promotion of Gender Equality (BDS21-133 (Rev 1)) and the Equality of Opportunity Strategy ((2021-2025) BDS21-134 (Rev 1)) as it fosters people access to digital technologies and aims to address the disproportionate barriers faced by women entrepreneurs.

DTFF Turkiye Programme is supported by technical co-operation to enhance digital awareness among Turkish SMEs, including women-led SMEs, as well as KOSGEB's capacity to monitor and manage the DTFF qualitative and quantitative impact, and will be funded by the EBRD-Turkiye Cooperation Fund or the EBRD Shareholder Special Fund.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The EBRD categorized the project environmental and social risk as 'FI'.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a 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 Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, DenizBank is the 5th largest private bank in Turkiye with the total consolidated assets of EUR 43 billion (5% market share) as of YE24. DenizBank is 100% owned by Emirates NBD Bank PJSC ("ENBD") which is rated A2 (Positive) by Moody's and A+ (Stable) by Fitch. ENBD is 40.92% owned by the Investment Corporation of Dubai, 14.84% by DH 7 LLC and 5.33% by Capital Assets LLC, and 38.91% is in free float on the Dubai Financial Market.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Financial Intermediary - DenizBank:

Nimet Sinem Yahsi
Email: NimetSinem.Yahsi@denizbank.com
Phone: 0(212) 348 54 53
Website: https://www.denizbank.com/en/
Address: Büyükdere Cad. Esentepe Mahallesi No: 141 Esentepe, Istanbul, Sisli 34394

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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

How it works

How it works