GEFF II - Turkiye - TSKB (EBRD-54300)

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
May 29, 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
Turkiye Sinai Kalkinma Bankasi 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
  • Transport
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)
$ 108.01 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 100
Converted using 2024-05-29 exchange rate.
Loan Amount (USD)
$ 108.01 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 100
Converted using 2024-05-29 exchange rate.
Project Cost (USD)
$ 108.01 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 100
Converted using 2024-05-29 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 18, 2024

Disclosed by Bank Oct 17, 2024

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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 100 million to Turkiye Sinai Kalkinma Bankasi A.S. ("TSKB") under the Turkiye Green Economy Financing Facility II ("GEFF II") programme. The proceeds of the Bank`s investment will be used by TSKB to finance women and men sub-borrowers implementing green economy investments including, among others, energy efficiency, renewable energy and climate resilience measures, and additional green investment areas focusing on nature and biodiversity, blue economy, as well as sustainable transport and tourism.

The transaction's use of proceeds requirements 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, forming an integral part of the financing agreements.

The proposed project will support TSKB in improving sustainability and climate change capacity in Turkiye, enhancing sub-borrowers' capacities for managing climate change. Gender Additionality will be achieved by mainstreaming gender considerations into lending practises through training on gender responsive green finance and awareness raising activities targeting both female and male sub-borrowers.

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. 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 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, TSKB is a listed private sector development and investment bank in Turkiye with a mandate to encourage sustainable and inclusive private industrial development, attract long-term foreign capital into the country and develop capital markets. Isbank Group is the majority shareholder with 51.4% stake, followed by Vakifbank with 8.4% stake and remaining 40.7% of the shares are publicly traded on Borsa Istanbul. TSKB has c. 1% market share with EUR 5.45bn in total assets, EUR 4.0bn in gross loans and EUR 0.7bn in capital as of YE23.


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 - Turkiye Sinai Kalkinma Bankasi A.S.:

Mustafa Bahadir Kocaker
Email: kocakerb@tskb.com.tr
Phone: +90 (212) 334 5318 / +90 (212) 334 5234
Website: https://www.tskb.com.tr/en
Address: Meclisi Mebusan Cad. 81 Findikli Istanbul 34427

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