GEFF II - QNB Bank A.S. Green Bond

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD has invested USD 50 million in the Green Bond issuance by QNB Bank A.S., a universal commercial bank incorporated in Türkiye. The bond is issued under Qatar National Bank`s ("QNB" or the "Parent") Sustainable Finance and Product Framework, aligned with the International Capital Market Association's Green Bond Principles (the "ICMA GBP"). The issuance benefits from a Second Party Opinion from Institutional Shareholder Services Inc., confirming its compliance with the ICMA GBP.

Project ID 55406

Status Signed

Location

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Engin Basaga
structured.funding@qnb.com.tr
+90-212 318 5683
90-212 318 5648
https://www.qnb.com.tr/en/
Buyukdere Caddesi No: 215 Gayrettepe Istanbul 34394 Turkiye

Project ID 55406

Status Signed

Location

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

17 Jul 2024

Disclosure date

17 Oct 2024

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project description

Project objectives

The Project promotes the transition to environmentally sustainable, low-carbon and climate-resilient economy in Türkiye,with 100 per cent of the EBRD financing allocated to GET-eligible investments. By adhering to established green bond framework and principles, the Project aims to channel funds towards eligible green projects and contribute to the further development of the green bond market in the country.

Transition impact

ETI Score:70

Project will contribute to Green Transition Impact quality underthe EBRD`s Türkiye GEFF II Framework, supporting the EBRD's GET approach in Türkiye by subscribing to QNB Bank A.S.'s Green Bond issued in line with the ICMA GBP.

Client information

QNB FINANSBANK AS

Founded in 1987 and currently owned by QNB (99.88%), QNB Bank A.S. is the 6th largest full-service universal bank in Türkiye by asset size as of June 2024. It is 99.88% owned by QNB, which is in turn 50% owned by Qatar Investment Authority, Qatar's sovereign wealth fund, with the rest of the shares being publicly traded.QNB Bank A.S. also provides leasing and factoring services through its two large subsidiaries: QNB Leasing and QNB Factoring.

EBRD Finance Summary

USD 50,000,000.00

USD 50 million

Total project cost

USD 100,000,000.00

USD 100 million

Additionality

Additionality stems from catalysing the development of the Green Bond market in Türkiye, promoting higher environmental standards, and supporting the integration of climate considerations into QNB Bank A.S.'s operations and lending practices, ultimately contributing to the goals of the Paris Agreement.

Environmental & Social Summary

Categorised FI (ESP 2019). QNB Bank A.S. is an existing client of the Bank and its performance on environmental and social management has been satisfactory. The bank will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9 including adherence to the EBRD E&S Exclusion List and Referral List with ESP 2019; continue to implement the applicable EBRD's E&S Risk Management Procedures for Financial Institutions; and submit Annual Environmental and Social Reports to the Bank. Sub-borrowers financed through QNB Bank A.S.'s loan will be required to comply with national environmental, health, safety, and labour (EHSL) requirements. The Project's use of proceeds may include solar sub-projects. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Engin Basaga
structured.funding@qnb.com.tr
+90-212 318 5683
90-212 318 5648
https://www.qnb.com.tr/en/
Buyukdere Caddesi No: 215 Gayrettepe Istanbul 34394 Turkiye

PSD last updated

17 Oct 2024

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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GEFF II - QNB Bank A.S. Green Bond

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)