This project provides a gender bond investment in Turkiye Garanti Bankasi A.S., the proceeds of which will be used to finance women-owned small enterprises in Turkey.

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.

Garanti Bank is the second largest private banking group in Turkey with total assets over US$94 billion as of December 31, 2017. As of February 2017, BBVA increased its stake to 49.85%. The remaining shares of Garanti Bank are listed and publicly traded on Borsa Istanbul.

BBVA, a global financial services group founded in 1857, is the largest financial institution in Spain and Mexico and it has leading franchises in South America, the Sunbelt Region of the United States and Turkey.                                               

Garanti Bank 
Mr. Deniz Caner Kurt 
Supervisor 
+90 (212) 318 17 32 
canerkurt@garanti.com.tr 
Nispetiye Mah. Aytar Cad. No. 2 Levent Besiktas Istanbul 
www.garanti.com.tr 

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/