PROJECT

Projects

Summary of Investment Information

Project Number

46983

Company Name

AKBANK TURK ANONIM SIRKETI

Date SPI Disclosed

Apr 28, 2023

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Feb 24, 2023

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jul 27, 2023

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Feb 24, 2023
Signed : Jul 18, 2023
Invested : Jul 25, 2023

Sector

Commercial Banking - General

Project Description

The proposed project is an investment of up to US$75 million for IFC's own account in a Tier II Sustainability Bond to be issued by Akbank, the fourth largest private bank in Turkiye in terms of asset size and a long-standing IFC client. The bond will be a Basel III compliant Tier II with a maturity of 10 years, with a call option at the end of 5th year and would be issued under Akbank's Sustainable Finance Framework (SFF). IFC's investment will provide long-term capital that will enable the bank to continue supporting SMEs in Turkiye, including women-owned small and medium size enterprises (WSMEs) and climate activities.                                                                     

                                                  

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation