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Overview: about the EBRD
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- EBRD invests US$ 100 million in green bond issuance by DenizBank
- Transaction will increase access to green finance in Türkiye and deepen capital markets
- DenizBank’s total green bond issuance is approximately US$ 350 million
The European Bank for Reconstruction and Development (EBRD) has invested US$ 100 million (€86.4 million) in a green bond issuance by Türkiye’s DenizBank in a bid to increase access to green finance in the country.
The total size of this bond issuance is approximately US$ 270 million (€233.2 million). The proceeds will be used to finance eligible green projects in the private sector, including renewable energy projects, energy efficiency initiatives and green buildings.
The green bond is being issued under DenizBank’s Sustainable Finance Framework (which complies with the International Capital Market Association’s Green Bond Principles) and is one of a number of such issuances by the bank, which total approximately US$ 350 million (€302.3 million) across various tranches.
The EBRD supports innovative green finance instruments in its economies of operation, seeking to increase access to green funding while supporting the deepening of capital markets in those economies.
The EBRD’s participation in DenizBank’s issuance is aimed at fostering growth in Türkiye’s green bond market and helping to attract international capital. It also aims to encourage Turkish banks to expand their sustainable lending portfolios and adopt innovative green finance products.
Oksana Yavorskaya, the EBRD’s Deputy Head of Türkiye, said: “The EBRD fully supports its partners in leveraging a diverse range of funding instruments aligned with their green ambitions. This project stands as a strong example of that approach, and we are proud to support DenizBank in its quest to advance green opportunities in the country.”
Bora Böcügöz, Executive Vice President of DenizBank’s Treasury, Financial Institutions and Investment Group, said: “We at DenizBank have made it our corporate priority to produce financial solutions that support both economic development and environmental sustainability. Through this green bond issuance, we are channelling resources into the investments Türkiye needs for its transition to a low-carbon economy, providing long-term financing support to projects that mitigate climate change risks. We will continue to integrate sustainability into our financial products and services, working in the interests of the environment, society and the future.”
The EBRD is one of Türkiye’s key investors, with more than €22 billion committed through 495 projects and trade finance limits since 2009, mostly in the private sector.