GEFF - Turkiye - GarantiBBVA Leasing (EBRD-54147)

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
Dec 13, 2022
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
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.
Loan Amount (USD)
$ 26.56 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 2022-12-13 exchange rate.
Project Cost (USD)
$ 26.56 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.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 22, 2024

Disclosed by Bank Dec 15, 2022

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.

The project includes a senior unsecured loan of up to EUR 25 million equivalent, available in EUR and/or USD, with a 2-year final maturity and bullet principal repayment, available for GarantiBBVA Leasing under the Green Economy Financing Facility Turkiye ("GEFF Turkiye") Framework.

The proceeds of the Bank`s investment will be used to finance eligible sub-projects, selected according to the technical, financial and environmental eligibility criteria as per the GEFF Turkiye Policy Statement. The project aims to support green economy investments including among others energy efficiency, renewable energy and climate resilience measures. Funds may also be on-lent to vendors and producers of eligible material and equipment covered by the Green Technology Selector for Turkiye.

The proposed facility will be the first transaction with the Company under GEFF Turkiye and builds on the Company's experience and successful utilisation of the two TurSEFF lines signed in 2018 and 2021. The proposed facility will help GarantiBBVA Leasing to continue to expand its on-lending to private sector SMEs, both women and men-led, for energy efficiency and small-scale renewable energy investments, promoting female entrepreneurs' access to green technologies. The facility will also aim to help set higher standards and build capacity in the market by better instilling climate risk factors into the Company's leasing practices as the 4th largest player in the market.

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, Garanti Finansal Kiralama A.S ., an existing client of EBRD, was established in 1990 as a fully-owned subsidiary of Garanti BBVA and was the 4th largest leasing company in Türkiye by leasing receivables (10.3% market share) as of 1H22. The Company has a strong market position with a primary focus on SME clients. It is rated B- (negative) by Fitch in line with its parent, Garanti BBVA'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.

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