49724 - TSKB_Women Inclusive Enterprises II

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Summary of Investment Information

Project Number

49724

Company Name

TURKIYE SINAI KALKINMA BANKASI A.S.

Date SPI Disclosed

Nov 18, 2024

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Dec 20, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 1, 2025

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Dec 20, 2024
Signed : Dec 24, 2024
Invested : Feb 27, 2025

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 provide access to finance to Women-inclusive Enterprises (WiEs), which are private sector mid-cap companies in Türkiye that meet certain gender equality criteria.

Associated Advisory Engagement

Sponsor / Cost / Location

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

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Syndications	Long Term Loans to Corporates
Straight Senior Loan	Long Term Loans to Corporates

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Stakeholder effects: - Increase in accessibility of finance for Women-inclusive Enterprises (WiEs): IFC anticipates that the Project will support TSKB to increase access to finance for WiEs which are operating in Türkiye (women-inclusive mid-caps) that meet certain gender equality criteria. TSKB aims to allocate the funds to finance WiEs that have been affected directly or indirectly by the February 6th, 2023 earthquake in Türkiye or for lending specifically targeted towards earthquake-affected areas on a best effort basis. - Improved outcomes for women employees of borrowing WiEs: IFC anticipates that the Project will support TSKB’s WiEs to support women employment and/or improve the gender score, whichever is applicable. Contribution to Market Creation : Inclusiveness. The investment will promote awareness of the mid-caps on creating gender inclusive workplace in the market and support TSKB’s gender finance efforts in Türkiye. The proposed financing will build upon IFC’s efforts in developing such priorities in Türkiye.

i) Financial additionality: The Project will provide the Bank with a senior loan of US$100 million with the tenor of three-years. The Project will provide a funding enabling the Bank to continue providing sustainable financing to mid-cap enterprises that support women’s participation in employment and ensure the gender equality in the workplace. ii) Non-Financial Additionality: Knowledge, Innovation and Capacity Building: IFC will leverage its global expertise in gender financing to enhance support for financing women-inclusive enterprises. This will be achieved through the utilization of the Gender Equality Toolkit developed by TSKB, which facilitates the design of action plans to improve recruitment, retention, and promotion practices for female employees, as well as some other selection criteria for women owned/managed companies or companies possessing eligible gender certifications.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans	loans	A subsegment of this indicator, number of outstanding loans for women-led mid-cap companies, will be also monitored (baseline 124 and target 155)	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
Value Of Outstanding Loans	USDMill	A subsegment of this indicator, volumeof outstanding loans for women-led mid-cap companies, will be also monitored (baseline 299 and target 495)	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment

E&S Category Rationale / Risks and Mitigation

The project is a senior unsecured loan to TSKB, an IFC existing client, to provide access to finance to women-inclusive mid-cap enterprises. The project is categorized as FI-2 in accordance with the IFC Environmental and Social 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, (iv) significant retrenchment or (v) significant occupational health and safety risks. IFC’s applicable E&S requirements for this project are the IFC Exclusion List, national and local E&S laws and regulations and IFC Performance Standards. In addition, TKSB will also be required to continue being in line with Life and Fire Safety requirements and Labor and Working Conditions (Performance Standard 2), 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 implemented an E&S Management System (ESMS). The TSKB Board approved ESMS has been incorporated into the Bank’s management system and is designed in accordance with ISO 14001 and ISO 14064 standards. The ESMS covers Bank’s direct loan activities irrespective of sector or loan type, and incorporates standard due diligence and monitoring forms, checklists and reports, including Environmental and Social Risk Evaluation (ERET), which is a risk evaluation tool to identify, assess, and manage E&S risks and impacts of the Bank's borrowers. The ERET tool was developed by TKSB and 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 clients. An External Communication Mechanism (ECM) is part of the management system and includes communication of information about the Bank’s ESMS and sustainability goals, regular reporting of the Bank’s sustainability performance to the public, and a grievance mechanism.
All sustainability-related activities at the Bank are coordinated by the TSKB Sustainability Committee, which consists of Board Members, CEO, Vice Chairperson of the Board of Directors and Executive Vice Presidents. The Sustainability Committee has a Sustainability Management Committee consisting of members from different departments that directly reports to the Main Committee. TSKB Climate Change and Sustainability Management Department carries out the coordination and agenda of the entire sustainability management structure including E&S impacts on the basis of bank activities. The external and internal E&S trainings are regularly conducted, and the budget is allocated for the ESMS implementation.

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 Istanbu
https://www.tskb.com.tr

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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