FinansL EE III (IFC-38496)

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
  • International Finance Corporation (IFC)
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
FI
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 21, 2016
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
FINANS FINANSAL KIRALAMA ANONIM SIRKETI
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.
Investment Amount (USD)
$ 50.00 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)
$ 50.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 21, 2018

Disclosed by Bank Oct 12, 2016

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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.

According to IFC website, the project consists of up to US$50 million senior loan for IFC’s own account and up to US$50 million senior parallel loan(s) to the Company. According to bank documents, the proceeds of the loans would be used to originate leases for small and medium enterprises to finance their energy efficiency, renewable energy and resource efficiency projects in Turkey that meet certain eligibility criteria to be established by IFC. Significant development impact is expected by:

1. supporting the expansion of SEF products to Turkish businesses and shoring up access to SME finance;

2. contributing to the reduction of SMEs energy costs through improved utilization of sustainable energy equipment; and

3. helping to improve local and global environment through reduced emissions of greenhouse gases and other conventional pollutants.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project includes a senior loan package of up to US$100 million to Finans Leasing comprising of: (i) a senior loan of up to US$50 million for IFC’s own account; and (ii) senior parallel loan(s) of up to US$50 million.

Finans Leasing is headquartered in Istanbul, Turkey and has 13 branches across the country. IFC’s investments will be used to finance the Company’s leasing operations for SMEs throughout the country.

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.

Finansbank A.S., owns 99.4% of Finans Leasing (81.41% through direct shareholding and 17.99% through Finansinvest, the bank’s wholly owned investment banking arm) as of June 30, 2016. The remaining 0.6% comprises free-float shares traded on Borsa Istanbul.

Finansbank A.S. was acquired by Qatar National Bank (“QNB”) from National Bank of Greece (“NBG”) in June 2016. QNB is 50% owned by Qatar Investment Authority, the sovereign wealth fund of the Government of Qatar, and 50% is free float. With US$190 billion in total assets as of June 30, 2016 QNB is the largest banking group in Middle East and Africa. It is present in over 30 countries in Middle East, Asia, Africa, and Europe.


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.

Project Contact: Ms. Semra Karsu 
Assistant General Manager/CFO, Finans Finansal Kiralama A.S.
Telephone: +90 212 349 11 11
Fax: +90212 350 6044 / +90 212 350 60 00

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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