• Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Jul 13, 2023
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.
Turkiye Is Bankasi A.S. (Isbank)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Humanitarian Response
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 60.00 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)
$ 60.00 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)
$ 149.18 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 75
Converted using 2023-07-13 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 13, 2024

Disclosed by Bank Jan 24, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 the IFC, the proposed financing package to Isbank consists of (i) IFC A Loans of up to US$60 million on own account (including US$10 million credit insurance); (ii) B1 Loans of up to EUR20 million and US$5 million, respectively, and (iii) parallel loans of up to EUR55 million.
The proposed investment is a part of IFC’s wider earthquake response project (FIG TUR-ER, Project #48230) which entails up to US$600 million to 5 Turkish banks. The tenor of the investment is 367 days in a so called “1+1+1 year” structure - if requested by Isbank, from date of 1st disbursement to be renewed annually for up to two additional extensions upon mutual agreement of IFC and the Bank.
The investment will support Isbank to meet the immediate liquidity needs Farmer/Retail/Micro/Small business loans in the Earthquake Region, and further support the Bank to extend new loans to the aforementioned segments in the Region, thus supporting post-earthquake relief and recovery efforts.

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 IFC categorized the project E&S risk as FI-3.

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 IFC, established in 1924, Isbank is the largest private sector bank in Türkiye. More than 90 percent of the assets of Isbank and its consolidated subsidiaries in financial services (Isbank Group) are in Türkiye. As of June 30, 2023, Isbank provides services to approximately 16 million active customers through a network of 1,113 branches, of which 1,091 are domestic branches, and 6,243 ATMs. Isbank has a credit rating of B- with a negative outlook from Fitch Ratings (February 2023) and B3 with a stable outlook from Moody’s Investor Services (August 2022).

Shareholding: As of June 30, 2023, IsBank’s supplementary employee pension fund, its largest shareholder, holds 38.20 percent of the shares. Another 33.71 percent of IsBank’s shares are listed on the Istanbul Stock Exchange (Borsa Istanbul) and traded on the London Stock Exchange and over-the-counter US markets. The remaining 28.09% shares belong to Atatürk and are represented by the Republican People’s Party (CHP) in accordance with Atatürk's will. When Atatürk died, representative rights of his shares were transferred to the CHP, the oldest political party in Türkiye. However, the CHP has no beneficial financial interest in these shares as dividends are assigned to be distributed to two non-profit organizations founded by Ataturk in the early 1930s, the Turkish Historical Society and the Turkish Language Association.

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Türkiye Is Bankasi A.S.:

Serhan Sisman - Unit Manager
Phone: +90 212 316 28 24
Email: Serhan.Sisman@isbank.com.tr
Address: Head Office Financial Institutions Division, Is Kuleleri Kule 1, Kat, 25, 34330 Levent, Besiktas, Istanbul, Türkiye
Website: www.isbank.com.tr


You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


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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How it works