Early Warning System

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

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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

May 30, 2025

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

Burgan Bank A.S.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
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)

$ 28.37 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 2025-05-30 exchange rate.

Loan Amount (USD)

$ 28.37 million

Project Cost (USD)

$ 28.37 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 6, 2025

Disclosed by Bank May 30, 2025

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Can you contribute information about this project?
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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) in favour of Burgan Bank A.S. (BB), for on-lending to sub-borrowers implementing green economy investments including, among others, energy efficiency, renewable energy and climate resilience measures under the Turkiye Green Economy Financing Facility II.

BB will direct funds to the real economy, supporting delivery of EBRD's Green transition quality. Proceeds of the loan will be dedicated to financing green economy investments, in a gender responsive way, in line with the GEFF II Framework's technical eligibility criteria as defined in the Policy Statement.

The project will be supported by a TC package for the engagement of the Facility Consultant, responsible for overseeing the general operation of the Facility, for origination, review and approval of sub-projects in line with eligibility requirements. A separate gender TC will support implementation of gender activities under GEFF II, that aim to enhance women and men's equal opportunity to access finance for green technologies.

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.

European Bank for Reconstruction and Development (EBRD)

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.

Burgan Bank A.S. (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, Burgan Bank A.S. is a mid-size commercial bank ranking 20th by total asset size in Turkiye. The bank provides services through its 26 branches located in 13 important industrial and trade regions of Turkiye and 1,510 employees to its wide customer base in corporate, commercial, and retail banking segments cooperating in synergy with its subsidiaries, BB Leasing and BB Securities. As of YE24, BB reported consolidated assets of EUR 3.4bn and total equity of EUR 285mn. BB is rated BB- (Stable) by Fitch. BB is a Turkish subsidiary of Burgan Bank Kuwait.

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 - Burgan Bank A.S.:

Gulsah Turan
Email: gturan@burgan.com.tr
Phone: +90 2123713737
Website: https://www.burgan.com.tr/
Address: Burgan Bank AS, Maslak Mah. Eski Büyükdere Cad. No:13 PK: 34485 Sariyer / Istanbul Türkiye

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