QNBFL_SSL (IFC-49283)

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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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 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
QNB Finansal Kiralama 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
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)
$ 100.00 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)
$ 100.00 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 Nov 27, 2024

Disclosed by Bank Nov 11, 2024

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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.

As stated by the IFC, QNB Finansal Kiralama A.S. (“QNB Leasing”) is the second largest leasing company in Türkiye by leasing receivables with a market share of 11.6% and QNB Leasing has also a significant market share of 9.6% in terms of total assets as of June 30, 2024. QNB Leasing’s main shareholder QNB Bank A.S. and its subsidiaries were acquired by Qatar National Bank S.A.Q (QNB Group) in June 2016. QNB Leasing focuses on the investment demands of MSMEs, has a wide service network with 14 branches, and has demonstrated its commitment to sustainability with 13% of its leasing portfolio in sustainable projects. QNB Leasing has a comprehensive plan to significantly increase the share of sustainable projects in its portfolio in the next 5 years.

The IFC investment is an up to US$100 million senior unsecured up to 5-year amortizing loan to QNB Leasing, which may be provided directly by IFC and/or indirectly through additional funding of up to US$60 million from international private investors. QNB Leasing will use the proceeds of IFC’s investment to support sustainable energy financing (SEF) and blue finance for small, and medium enterprises (SMEs) in Türkiye.

The Project is to support sustainable energy and blue assets with SMEs in Türkiye. The key sectors are expected to be textile, manufacturing, construction, services, food production, additionally solar PV installations at multiples sectors might be supported.

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 assigned risk category FI-2 to the project.

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, QNB Bank A.S. is the majority shareholder with 99.4% stake while the remaining 0.6% is a free float traded on Borsa Istanbul. The company’s Board of directors comprises the chairman, the vice president, three board members, and three independent directors. 


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 - QNB Finansal Kiralama A.S.

Ms. Sevtap Ozturk- Group Manager, Finance Department
Phone: +90 212 349 11 34
Email: sevtap.ozturk@qnbleasing.com.tr
Address: QNB Bank, Esentepe Mah. Büyükdere Cad. Kristal Kule Binasi No:215 Kat:22 34394 Sisli/ISTANBUL
Website: www.qnbleasing.com.tr 

ACCESS TO INFORMATION

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.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works