36318 - Seker MSME

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Summary of Investment Information

Project Number

36318

Company Name

SEKERBANK TAS

Date SPI Disclosed

Mar 26, 2015

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Apr 30, 2015

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : May 27, 2015
Signed : Jul 13, 2015
Invested : Jul 29, 2015

Sector

Commercial Banking - Microfinance

Project Description

The proposed project involves providing a 5-year senior loan of up to US$75 million to Sekerbank T.A.S. (the “Bank” or “Sekerbank”). Proceeds of the proposed investment would provide medium and long-term financing to micro, small, and medium enterprises (“MSME”) in Turkey.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to Microfinance Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

(i) Greater financial inclusion: The Project would raise the level of financial inclusion in the country by helping to scale up Sekerbank''s lending capacity to MSMEs, an underserved market;
(ii) Catalyzing growth in the MSME sector: IFC''s MSME-focused long-term funding to Sekerbank would engender positive impact by boosting economic growth; and helping create and preserve jobs, as MSMEs are a major employment source;
(iii) Stimulating competition in the banking sector: This Project would help stimulate a competitive environment in the MSME segment of the Turkish banking sector.

(i) Long-term funding to MSMEs: Providing longer-term funding, not readily available in the market, to support a medium sized bank in Turkey in growing its MSME portfolio and help the bank manage maturity mismatches effectively;
(ii) Long-term partnership: IFC''s support will send an important signal to the Turkish banking sector that IFC has long-term confidence in this bank and is willing to accept long-term risk for such institution.

E&S Category Rationale / Risks and Mitigation

The project has been classified as category FI-2 according to the IFC Environmental and Social Review Procedure. Sekerbank’s MSME portfolio includes exposure to different sectors including some sectors with medium E&S risk such as manufacturing, agriculture and livestock, construction, and mining and quarry. For this particular project, IFC''s applicable requirements will be to ensure that the relevant asset class subject to this project in Bank''s portfolio is screened against the IFC Exclusion List, and the applicable environmental and social national laws and regulations. In addition Sekerbank will comply with the requirements of IFC’s PS2 on Labor and Working conditions.

Contacts

For Inquiries About the Project, Contact

Mr. Zeki Onder, EVP, Sekerbank International Division
Buyukdere Cad. No:171 Metrocity K:12
Levent 34330
Istanbul, Turkey

Tel:+90-212-344 0737
Fax: +90-212-319 7162
Email: mailto:zeki.onder@sekerbank.com.tr
http://www.sekerbank.com.tr

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Task Title & Description	Anticipated Completion Date
Formalize procedures	05/30/2015
Staff Training	05/30/2015
Provide IFC with an ESMS implementation report (due diligence and monitoring) for both bank and relevant subsidiaries	05/30/2015

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