DRF / TurWiB II - Turkiye - Isbank DPR 54580-54581

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD has provided USD 100 million financing to Turkiye Is Bankasi A.S. ("Isbank") under Isbank's existing Diversified Payment Rights ("DPR") programme. The proceeds of the financing are split between the Disaster Response Framework ("DRF"), USD 80 million and the Women in Business II ("TurWiB II"), USD 20 million ("The Project").

Project ID 54581

Status Signed

Location

Türkiye

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

Meryem Onel Walker
Meryem.Onel@isbank.com.tr
+90 212 316 28 41
www.isbank.com.tr
Türkiye Is Bankasi A.S. Financial Institutions Division Is Kuleleri Kule:1 Kat:25 34330 4.Levent - Istanbul

Project ID 54581

Status Signed

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Approval Date

31 May 2023

Disclosure date

06 Nov 2023

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.

DRF / TurWiB II - Turkiye - Isbank DPR 54580-54581 (Turkish) (PDF, 0.25MB)

Project description

Project objectives

The Project will enable Isbank to access long-term funding and diversify its funding sources.

DRF constitutes the first and immediate phase of EBRD's emergency crisis response to the devastating earthquakes in South-Eastern Turkiye. Isbank will channel EBRD funding to support reconstruction efforts in the provinces hit by the disaster as per the Window 2 of DRF. As such, the Framework reflects the goals of the EBRD's Equality of Opportunity Strategy 2021-2025 ("EOS") which recognises that shocks and crises, including natural disasters, have the potential to entrench and exacerbate existing inequality of opportunity, therefore requiring the EBRD to mitigate the impacts of such events on livelihoods and human capital. TurWiB II is an integrated and dedicated programme supporting women entrepreneurship and women-led SMEs. EBRD TurWiB II financing will be accompanied by first loss risk cover provided by the Turkish Credit Guarantee Fund ('CGF') and underwritten by the Turkish Treasury.

Transition impact

ETI Score:65

ETI 65 / TurWiB II ETI 70

The Project will contribute to Inclusive and Competitive TI qualities, strengthening the role of women-led SMEs in the economy, putting emphasis on under-served women entrepreneurs, including first-time borrowers and those based outside of main commercial centres in Turkiye. The Project also supports the private sector provision of crucial goods and services as part of reconstruction efforts in the disaster area, directly ensuring the preservation of livelihoods, entrepreneurial and human capital in the affected regions.

Client information

TURKIYE IS BANKASI AS

Isbank is the largest private bank in Türkiye with total assets of EUR 68,6bn (11.1% market share), operating through 1,113 domestic and foreign branches. Isbank is rated B-(Stable) by Fitch and B3 (Stable) by Moody's.

EBRD Finance Summary

USD 80,000,000.00

Total project cost

USD 80,000,000.00

Additionality

The additionality stems from i) financing structure that supports Isbank in acquiring longer term external financing, contributing to diversification of Isbank's funding ii) enhancing access to finance for women led SMEs, and iii) acting as a countercyclical lender during a time of shock and major uncertainty for financial institutions, sub-borrowers and the Turkish economy following the earthquakes in South-Eastern Turkiye.

Environmental & Social Summary

Categorised FI (ESP 2019). Isbank is an existing client and will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; continue to implement the applicable EBRD's Environmental and Social (E&S) Risk Management Procedures for Micro, SME and Corporate loans for Financial Institutions and submit Annual Environmental and Social Reports to EBRD. The project has defined uses of proceeds and is Paris aligned based on the application of the Bank's Paris alignment methodology for indirect finance.

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Meryem Onel Walker
Meryem.Onel@isbank.com.tr
+90 212 316 28 41
www.isbank.com.tr
Türkiye Is Bankasi A.S. Financial Institutions Division Is Kuleleri Kule:1 Kat:25 34330 4.Levent - Istanbul

Implementation summary

PSD last updated

06 Nov 2023

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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DRF / TurWiB II - Turkiye - Isbank DPR 54580-54581

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

Implementation summary

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)