PROJECT

Projects

Summary of Investment Information

Project Number

46777

Company Name

Citibank Turkey

Date SPI Disclosed

Nov 15, 2022

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Dec 16, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Nov 28, 2022

Department

CFGPD - Global Industry, Financial Markets/Trade & Supply Chain, Products

Industry

Financial Markets

Previous Events

Invested : Nov 20, 2023

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The Project is a 39-month, funded risk sharing facility (the "Facility") whereby Citibank and its affiliates ("Citi") and IFC would share the risk, on an up to 50-50% basis, in a portfolio of up to US$200 million of senior trade loans that Citi provides to banks in Turkey. The project is part of a wider World Bank Group COVID-19 response, through which IFC plays a countercyclical role at a time when the appetite of lending institutions and other investors may be subdued due to the negative economic impacts of the global pandemic.

Associated Advisory Engagement

 N/A

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation