PROJECT

Projects

Summary of Investment Information

Project Number

48792

Company Name

TURKIYE IS BANKASI ANONIM SIRKETI

Date SPI Disclosed

Jan 24, 2024

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Jul 13, 2023

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Jan 29, 2024

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Jul 13, 2023
Signed : Dec 14, 2023
Invested : Dec 21, 2023

Sector

Commercial Banking - SME Finance

Project Description

The proposed financing package to Isbank consists of (i) IFC A Loans of up to US$60 million on own account (including US$10 million credit insurance); (ii) B1 Loans of up to EUR20 million and US$5 million, respectively, and (iii) parallel loans of up to EUR55 million.

The proposed investment is a part of IFC’s wider earthquake response project (FIG TUR-ER, Project #48230) which entails up to US$600 million to 5 Turkish banks. The tenor of the investment is 367 days in a so called “1+1+1 year” structure - if requested by Isbank, from date of 1st disbursement to be renewed annually for up to two additional extensions upon mutual agreement of IFC and the Bank. The investment will support Isbank to meet the immediate liquidity needs Farmer/Retail/Micro/Small business loans in the Earthquake Region, and further support the Bank to extend new loans to the aforementioned segments in the Region, thus supporting post-earthquake relief and recovery efforts.                                

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation