GEFF- Turkiye - GarantiBBVA Leasing II (EBRD-55602)

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
Nov 5, 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
Garanti Finansal Kiralama A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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)
$ 27.34 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 2024-11-05 exchange rate.
Project Cost (USD)
$ 27.34 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 2024-11-05 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 24, 2025

Disclosed by Bank Nov 6, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the Bank’s website, the project consists of a senior unsecured loan of up to EUR 25 million equivalent, available in EUR and/or USD, to GarantiBBVA Leasing under the Green Economy Financing Facility Turkiye ("GEFF Turkiye") Framework.

The proposed facility builds on GL's experience and successful utilisation of the two previous TurSEFF lines signed in 2017, 2021 and a GEFF line signed in 2023. Green and sustainable investments are one of the main focus areas of GL. The proposed facility will help GL to continue to expand its on-lending to private sector companies, both women and men-led, implementing green economy investments including, among others, energy efficiency, renewable energy and climate resilience measures, in a gender responsive way.

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.

Sub-borrowers financed through GL must comply with national environmental, health, safety, and labour requirements.

Where the EBRD's funding may be used to finance solar PV technologies, these sub-projects will be managed following "The Proposed Management Approach for Solar Supply Chain Risk Management" (CS/FO/21-35), (CS/FO/21-35 (Add 2)), and any subsequent guidance developed under that approach.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

A senior unsecured loan of up to EUR 25 million equivalent.

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.

Garanti Finansal Kiralama A.S. ("GL" or the "Company") is a leasing company incorporated in Türkiye. GL was established in 1990 as a fully-owned subsidiary of Garanti BBVA ("GB" or the "Parent"), which in turn is 85.97% owned by Spanish banking group Banco Bilbao Vizcaya Argentaria S.A. ("BBVA"). GL is the 5th largest leasing company (out of 19) in Türkiye with 12.1% market share by net lease receivables at 1H24. The Company is rated BB- (Stable) by Fitch, in line with its parent's rating.


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.

COMPANY CONTACT INFORMATION

DAMLA BINICI
DBinici@garantileasing.com.tr
+90 216 625 41 50
+90 216 625 41 50
https://www.garantibbvaleasing.com.tr/
Çamçesme Mahallesi,Tersane Caddesi No:15, Pendik, 34899, Istanbul

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