Turkiye GEFF II - Project Sing (EBRD-55713)

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
Sep 11, 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
ING 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
  • 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)
$ 25.00 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.
Loan Amount (USD)
$ 25.00 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.
Project Cost (USD)
$ 150.00 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.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 18, 2024

Disclosed by Bank Oct 16, 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.

PROJECT DESCRIPTION

The Bank has invested USD 25 million under Turkiye GEFF II in a USD 150 million Basel III compliant Tier-2 ("B3T2") bond issued by ING Turkiye ("INGT"), a commercial bank incorporated in Turkiye. The bond is publicly offered and listed on the Irish Stock Exchange.

The project will support INGT in strengthening its already strong capitalisation, via decreasing capital sensitivity to TRY volatility as well as supporting its funding diversification strategy , ultimately contributing to the resilience of the overall Turkish banking sector. Furthermore, INGT will allocate 210% of EBRD`s investment amount to projects which meet the GET eligibility criteria, in line with the Turkiye GEFF II Framework. INGT will finance sub-borrowers implementing green economy investments in a gender responsive way, 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.

GEFF II is supported by the TC program to enhance the Facility's implementation including for (a) implementation of the new requirements and processes related to the new categories of eligible green products and enhancing PFIs` green skills, and (b) sub-borrowers` projects assessments. The TC will also aid in expanding financing into new sectors such as sustainable agriculture and tourism by conducting market analyses, identifying bottlenecks, and arranging activities to promote sector transformation towards sustainability and inclusivity.

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.

According to the EBRD, as of 1H24, INGT had a market share of 0.6%, having EUR 4.2bn total assets, EUR 2bn loan book, and EUR 518m equity. INGT, rated BB- (stable) by Fitch, has diversified business model serving retail, mid-corporate, SMEs and wholesale banking client segments, through 2,710 staff and 85 branches as of 1H24. ING Turkiye is a member of the Netherlands based ING Group, a globally significant financial group.k


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 - ING Bank A.S.:

Meric Papuccu
Email: fksbsp@ing.com.tr
Phone: +90 (0) 212 335 10 00
Fax: +90 (0) 212 335 10 00
Website: www.ing.com.tr
Address: Resitpasa Mahallesi Eski Buyukdere Caddesi No:8 34467 Sariyer/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