Original disclosure @ FMO website
Updated in EWS May 20, 2021
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FMO's Financing will be 100% used for Renewable Energy/Energy efficiency leasing contracts (100% green label). Most of the financing will be used for small scale solar panels, which offers an interesting market potential for leasing companies.
Through this project FMO indirectly contributes to Turkey's renewable energy targets. With this use of funds FMO contributes to GHG avoidance via its contribution to the energy transition from traditional sources to renewable sources. At the same time FMO offers long-term financing in local currency (TRY), which meets the funding requirements of such activities. It prevents foreign currency mismatches on FMO's clients, or on end client level.
The client has been categorized as Category B in accordance with FMO’s Sustainability Policy. The client is a leasing company and it’s activities are deemed to have potential limited adverse environmental and social risks and/or impacts. As part of the transaction, Finans Leasing will be required to apply the EDFI Exclusion List and Turkish E&S laws and regulations.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
QNB Finansleasing, a subsidiary of QNB Finansbank. QNB Finansleasing is one of the leading financial leasing companies in Turkey, with a growing market share, and a focus on providing access to finance to SME via its branch network throughout Turkey. Since the acquisition of Finansbank by Qatar National Bank (QNB), the shareholder structure improved, and the rating of QNB Finansbank has been upgraded. Due to its diversified branch network, QNB Finansbank and QNB Finansleasing have good access to SMEs.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|Abraaj Invest Mgmt Ltd||Parent Company||Industry and Trade||owns||Egyptian Fertilizers Co SAE||Client||Industry and Trade|
|Adaro Energy Tbk PT||Parent Company||Mining||owns||SIS||Client||Mining|
|Al Khaleej Sugar Co||Parent Company||Agriculture and Forestry||owns||Al Canal Sugar||Client||Agriculture and Forestry|
|Cengiz Holding AS||Parent Company||Energy||owns||AEDC Privatization||Client||Energy|
|Conoco Pennzoil||Parent Company||Energy||owns||Immingham CHP||Client||Energy|
|Electricity Holding Co SAOC||Parent Company||Energy||owns||Duqm Refinery||Client||Energy|
|Energy Capital Partners||Parent Company||Construction||owns||Saltend Combined-Cycle Gas||Client||Construction|
|Norsk Hydro ASA||Parent Company||Mining||owns||Qatar Aluminium QSC||Client||Mining|
|Oman Oil Co SAOC||Parent Company||Mining||owns||Salalah LPG||Client||Mining|
|Puma Energy||Parent Company||Mining||owns||Puma Energy Corporate Facility 2018||Client||Mining|
|QNB Finansbank||Parent Company||-||owns||QNB Finansleasing||Subsidiary||-|
|QNB Group||Investor||Finance||invests in||Abraaj Invest Mgmt Ltd||Parent Company||Industry and Trade|
|QNB Group||Investor||Finance||invests in||Adani Electricity Mumbai Ltd||Parent Company||Energy|
|QNB Group||Investor||Finance||invests in||Adaro Energy Tbk PT||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||AEDC Privatization||Client||Energy|
|QNB Group||Investor||Finance||invests in||Al Canal Sugar||Client||Agriculture and Forestry|
|QNB Group||Investor||Finance||invests in||Al Khaleej Sugar Co||Parent Company||Agriculture and Forestry|
|QNB Group||Investor||Finance||invests in||Bogazici Elektrik Dagitim AS||Parent Company||Energy|
|QNB Group||Investor||Finance||invests in||Camlibel Elektrik Dagitim AS||Client||Energy|
|QNB Group||Investor||Finance||invests in||Cengiz Holding AS||Parent Company||Energy|
|QNB Group||Investor||Finance||invests in||Conoco Pennzoil||Parent Company||Energy|
|QNB Group||Investor||Finance||invests in||Dongying Fangyuan Non-ferrous||Parent Company||Construction|
|QNB Group||Investor||Finance||invests in||Duqm Refinery||Client||Energy|
|QNB Group||Investor||Finance||invests in||Egyptian Fertilizers Co SAE||Client||Industry and Trade|
|QNB Group||Investor||Finance||invests in||Egyptian Gen Petro Corp||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Electricity Holding Co SAOC||Parent Company||Energy|
|QNB Group||Investor||Finance||invests in||Energy Capital Partners||Parent Company||Construction|
|QNB Group||Investor||Finance||invests in||Gajah Tunggal Tbk PT||Parent Company||Transport|
|QNB Group||Investor||Finance||invests in||Glenmark Pharmaceuticals Ltd||Parent Company||Education and Health|
|QNB Group||Investor||Finance||invests in||Immingham CHP||Client||Energy|
|QNB Group||Investor||Finance||invests in||Norsk Hydro ASA||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Oman Oil Co SAOC||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Oxley Holdings Ltd||Parent Company||Industry and Trade|
|QNB Group||Investor||Finance||invests in||Peugeot SA||Parent Company||Transport|
|QNB Group||Investor||Finance||invests in||Plaza Indonesia Realty Tbk PT||Parent Company||Industry and Trade|
|QNB Group||Investor||Finance||invests in||PT Delta Dunia Textile||Parent Company||Industry and Trade|
|QNB Group||Investor||Finance||invests in||Puma Energy||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Puma Energy Corporate Facility 2018||Client||Mining|
|QNB Group||Investor||Finance||invests in||Puma Energy Holdings Pte Ltd||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Qatar Aluminium QSC||Client||Mining|
|QNB Group||Investor||Finance||invests in||Salalah LPG||Client||Mining|
|QNB Group||Investor||Finance||invests in||Salalah Methanol Co LLC||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Saltend Combined-Cycle Gas||Client||Construction|
|QNB Group||Investor||Finance||invests in||SIS||Client||Mining|
|QNB Group||Investor||Finance||invests in||Turkiye Elektrik Dagitim AS||Parent Company||Energy|
|QNB Group||Investor||Finance||invests in||Uludag Elektrik Dagitim AS||Client||Energy|
|QNB Group||Investor||Finance||invests in||VIP Turkey Enerji AS||Client||Mining|
|QNB Group||Investor||Finance||invests in||Vitol Holding BV||Parent Company||Mining|
|QNB Group||Investor||Finance||invests in||Vitol Invest Partnership Ltd||Client||Mining|
|Turkiye Elektrik Dagitim AS||Parent Company||Energy||owns||Camlibel Elektrik Dagitim AS||Client||Energy|
|Turkiye Elektrik Dagitim AS||Parent Company||Energy||owns||Uludag Elektrik Dagitim AS||Client||Energy|
|Vitol Holding BV||Parent Company||Mining||owns||VIP Turkey Enerji AS||Client||Mining|
|Vitol Holding BV||Parent Company||Mining||owns||Vitol Invest Partnership Ltd||Client||Mining|
No contact information provided at the time of disclosure.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism