PROJECT

Projects

Summary of Investment Information

Project Number

46006

Company Name

TURKIYE IS BANKASI ANONIM SIRKETI

Date SPI Disclosed

Jun 15, 2022

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Jul 15, 2022

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Sep 30, 2022

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Jul 15, 2022
Signed : Aug 23, 2022
Invested : Aug 25, 2022

Sector

Commercial Banking - Housing Finance

Project Description

The proposed project aims to provide a financing of up to US$100 million to Turkiye Is Bankasi A.S. (“Isbank” or “the Bank”), the largest private bank in Turkey and a long-standing IFC client, through an investment in Diversified Payment Rights (“DPR”) notes to be issued under Isbank’s existing DPR program. The proceeds of IFC’s investment would provide long-term financing to support Isbank’s financing of residential mortgage loans to individuals in Turkey, with potentially up to US$35 million to be earmarked for green mortgages (the Project).                                                  

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation