PROJECT

Projects

Summary of Investment Information

Project Number

38496

Company Name

QNB FINANSAL KIRALAMA ANONIM SIRKETI

Date SPI Disclosed

Oct 12, 2016

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Nov 30, 2016

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Apr 24, 2022

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Dec 21, 2016
Signed : Apr 6, 2017
Invested : Apr 13, 2017

Sector

Leasing Services

Project Description

Finans Finansal Kiralama A.Ş. (“Finans Leasing” or the “Company”) is one of the leading leasing companies in Turkey and IFC’s longstanding partner. Finans Leasing commenced operations in 1990 and has a strong niche in the SME segment and a noticeable market share of 7.2% by new business generation in 1H 2016. The Company offers finance leases mainly to micro-, small and medium enterprises (“MSMEs”), which constitute 70% of all leases of the Company as of June 30, 2016.

The proposed project consists of up to US$50 million senior loan for IFC’s own account and up to US$50 million senior parallel loan(s) to the Company. The proceeds of the loans would be used to originate leases for small and medium enterprises (“SMEs”) to finance their energy efficiency, renewable energy and resource efficiency projects in Turkey that meet certain eligibility criteria to be established by IFC (the "Project").

The Project would be continuation of IFC’s support of the Company’s sustainable energy financing (“SEF”) program.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation