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

Approved

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

Dec 17, 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

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

Agriculture and Forestry
Climate and Environment
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)

$ 55.19 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 47
Converted using 2025-12-17 exchange rate.

Loan Amount (USD)

$ 55.19 million

Project Cost (USD)

$ 58.71 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 25, 2026

Disclosed by Bank Jun 23, 2026

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.

As stated by the EBRD, the project consists of a senior unsecured loan of up to EUR 50 million consisting of EUR 47 million EBRD financing and EUR 3 million in concessional finance component to be provided by TaiwanICDF in favour of Garanti Finansal Kiralama A.S. (GL). The project will enable GL to finance sub-borrowers implementing green economy investments and promote equal access to green finance for both women and men. Under this operation, GL will use 30% of the financing to support green investments in the regions affected by the February 2023 earthquakes of Turkiye (Affected Regions) and the operation is therefore complemented by concessional finance.

The loan will be utilised by GL for on-lending to eligible sub-borrowers, including in the Affected Regions implementing GET-aligned green investments. Areas supported cover energy efficiency, renewable energy, climate resilience measures, sustainable agriculture, nature and biodiversity, as well as sustainable transport and tourism, all while promoting equal access to green finance for both women and men.

The Framework and the project will have a special focus on the region of the country affected by the February 2023 earthquakes, particularly in relation to the long-term green recovery and reconstruction efforts. This window will support on-lending to sub-borrowers in the earthquake affected regions for investments in green technologies and services such as energy efficiency, renewable energy, green buildings, and related working capital, promoting a sustainable recovery.

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 E&S 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.

Garanti Finansal Kiralama A.S. (Financial Intermediary) is owned by Banco Bilbao Vizcaya Argentaria SA (BBVA) (Parent Company)

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, Garanti Finansal Kiralama A.S. (GL) is a leasing company incorporated in Turkiye. GL, established in 1990, is a fully-owned subsidiary of Garanti BBVA, which in turn is 85.97% owned by Spanish banking group Banco Bilbao Vizcaya Argentaria S.A.. GL is the 5th largest leasing company in Turkiye with 10% market share by net lease receivables at 1H25. The Company is rated BB- (Positive) 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.

Financial Intermediary - Garanti Finansal Kiralama A.S.:

Damla Binici
Email: DBinici@garantileasing.com.tr
Phone: +90 216 625 41 50
Fax: +90 216 625 41 50
Website: https://www.garantibbvaleasing.com.tr/
Address: 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