Turkiye Green Export Project (WB-P181436)

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
  • World Bank (WB)
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
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
Feb 22, 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
Turkiye Ihracat Kredi Bankasi (Turk Eximbank) A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Energy
  • Finance
  • Industry and Trade
  • Infrastructure
  • Transport
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 654.90 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)
$ 1,091.50 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ WB website

Updated in EWS Apr 13, 2024

Disclosed by Bank Oct 6, 2023

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.

As stated by the World Bank, the development objective of the Green Export Project for Türkiye is to support Turkish exporters in their green transition and to expand green exports through longer-term financing. The project includes one component which will utilize the commercial financing raised by Eximbank with the support of the International Bank for Reconstruction and Development (IBRD) guarantee to directly extend sub-loans to eligible exporters exclusively for greening purposes. 

It is estimated that the following sectors will be eligible for financing, with details to be agreed during Project preparation:

(i) EOSMEs and EOMCEs operating in the six initial CBAM sectors: cement, iron and steel, aluminum, fertilizers, electricity, and hydrogen;
(ii) EOSMEs and EOMCEs operating in the sectors considered for the second and later stages of CBAM includes the following: manufacture of food products, textile products, chemicals and chemical products, rubber and plastic products, computers, electronic and optical products, electrical equipment manufacturing, construction, water transportation, and airways transportation.

The loan proceeds are expected to be used to finance energy and water efficient machinery and equipment. Beneficiary exporters will use the financing from Eximbank to replace machinery with more energy-efficient products or purchase machinery to produce
solar energy to become greener, among others, with the aim to reduce direct and indirect GHG emissions resulting from their operations. No new construction or production expansion will be financed.

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 World Bank categorized the project E&S risks as 'FI-2'.

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 o the company's website, in the early 1980s, traditional import substitution policies began being replaced by foreign oriented policies and thereafter exportation gained a high degree of importance to the Turkish economy. The task of supporting exports within this reorganization process was undertaken by Turk Eximbank, established in 1987 as Turkey's official export credit agency.

As a means of aiding export development, Turk Eximbank offers specialized financial services to exporters, export-oriented manufacturers, and overseas investors and contractors through a variety of short, medium, and long-term cash and non-cash credit, insurance, and guarantee programs.


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.

World Bank Team Leaders:

Gunhild Berg - Lead Financial Sector Specialist
Etkin Ozen - Senior Financial Sector Specialist
Rome Chavapricha - Senior Energy Specialist

No contacts provided at the time of disclosure.

Financial Intermediary - Turkiye Ihracat Kredi Bankasi (Turk Eximbank) A.S.:

Phone: +90 (216) 666 55 00
Fax: +90 (216) 666 55 99
Email: info@eximbank.gov.tr
Address: Inkilap Mah. Dr. Adnan, Buyukdeniz Cad. No:7B, 34768, Umraniye, Istanbul
Website: https://eximbank.gov.tr/en/

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works