43845 - Women-inclusive Enterprises

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Summary of Investment Information

Project Number

43845

Company Name

TURKIYE SINAI KALKINMA BANKASI A.S.

Date SPI Disclosed

Nov 17, 2021

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Dec 16, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 14, 2022

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Dec 21, 2021
Signed : Mar 8, 2022
Invested : Dec 9, 2022

Sector

Development Finance Company

Project Description

The proposed senior loan of up to US$100 million to Turkiye Sinai Kalkinma Bankasi A.S. (TSKB, or the Bank) aims to support Bank’s lending to Women-inclusive Enterprises, which are private sector mid-cap companies in Turkey that meet an established gender equality criteria.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	100.0
Equity

Development Impact

- Increase in accessibility of finance for gender-inclusive businesses: IFC anticipates that the Project will support TSKB to increase access to finance for women inclusive businesses, with the whole IFC's proceeds earmarked for this purpose. - Improved outcomes for women employees of borrowing gender-inclusive businesses: IFC anticipates that the Project will support TSKB's women inclusive mid-caps to support women employment and to improve the gender score. - Inclusiveness: By promoting greater gender equality through wider use of gender certification tools by the Bank's customers, this project will contribute to an increased inclusiveness of the Turkish labor market.

Financial Additionality IFC's additionality is driven largely by its countercyclical provision of 3-year longer-term financing during the COVID-19 crisis, especially at a time when other lending institutions and investors' appetite is subdued, as well as use of proceeds focusing on financing of companies that support women's participation in employment and ensure gender equality in the workplace. Nonfinancial Additionality IFC is contributing by creating a comprehensive gender-inclusive businesses definition which incorporates the gender toolkit, the gender equality certificate, women ownership, and women leadership. Furthermore, IFC will aim to use its global expertise and experience in gender financing to develop the Bank's gender toolkit to fit best applicable international standards while funding mid-caps.

E&S Category Rationale / Risks and Mitigation

The project will support an existing client in Turkey with target assets being mid-cap enterprises which meet gender equality criteria (Women-inclusive Enterprises). The project is categorized as FI-2 in accordance with the 2012 IFC Sustainability Policy. The Project will not support IFC Exclusion List activities and/or borrowers involved in coal related and higher-risk business activities that may include: (i) involuntary resettlement, (ii) risk of adverse impacts on indigenous peoples, (iii) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or (iv) significant occupational health and safety risks. IFC's Applicable E&S requirements for this Project will be the IFC Exclusion List, E&S laws and regulations and IFC Performance Standards. In addition, the Bank will also be required to continue being in line with the Life and Fire Safety requirements and Performance Standard 2 on Labor and Working Conditions, and regularly report E&S performance and risks associated with the supported portfolio.

The Project's main risks & impacts are associated with the Bank's capacity to efficiently assess and monitor E&S risks in asset class' operations in line with the IFC's E&S requirements. TSKB is an existing IFC client and has an Environmental and Social Management System (ESMS) in place, which is the Bank's Sustainability Management System (SMS) designed in accordance with ISO 14001 and ISO 14064 standards. The system covers Bank's direct loan activities irrespective of sector or loan type, and incorporates standard due diligence and monitoring forms, checklists and reports, including ERET (a risk evaluation tool developed by TSKB to identify, assess, and manage E&S risks and impacts of the investment projects including working capital loans). ERET tool considers borrowers' historical performance, existing and future aspects, potential environmental and social impacts, legal and financial liabilities, HR policies as well as project specific questions in line with relevant applicable requirements. The findings and mitigation measures are taken into account by the Credit Committee in making decisions on loans and are incorporated into agreements signed with Bank's clients. External Communication Mechanism is part of the management system and includes communication of information about the Bank's ESMS and sustainability goals, regular reporting of bank's sustainability performance to the public, and a grievance mechanism. All sustainability-related activities at the Bank are coordinated by TSKB Sustainability Committee, which consists of 3 Board Members, CEO and 2 Executive Vice Presidents. The work of the Sustainability Committee is supported by the Sustainability Management Committee and working groups consisting of representatives of different departments to address particular issues including E&S risk management. The external and internal E&S trainings are regularly conducted, and the budget is allocated for the ESMS implementation. The Bank is largely aligned with the Life and Fire Safety requirements and IFC Performance Standard 2 on Labor and Working Conditions.

Contacts

For Inquiries About the Project, Contact

Turkiye Sinai Kalkinma Bankasi A.S.
Meral Murathan
Executive Vice President
+90-212-334-5036
MURATHANM@tskb.com.tr
Meclisi Mebusan Cad. 81, Findikli 34427 Istanbul
https://www.tskb.com.tr

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