QNB Finansbank Green Bond



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

14 Apr 2021



PSD disclosed:

14 Jun 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

An investment of USD 50 million with 3-year tenor in the first Green Bond issuance by QNB Finansbank A.S ("QNBFB", "QNB Finansbank" or "the Issuer"), a universal commercial bank incorporated in Turkey. The bonds are issued in accordance with QNB's Green, Social and Sustainability Bond Framework and benefit from a Second Party Opinion by S&P. The Green Bonds will be aligned with the International Capital Market Association's Green Bond Principles.

Project Objectives

This investment supports the first Green Bond issuance of QNB Finansbank and is EBRD's first investment in a green bond issued by a Turkish bank. The Bank's assistance to QNB Finansbank in issuing their first Green Bonds is particularly important as the proceeds will be used to address the green economy needs, supporting the delivery of the Bank's medium term green agenda in Turkey.

Transition Impact

ETI score: 70

ETI 70. The operation will contribute to the objectives of FI Green and Sustainability Bond Framework by supporting the Green and Resilient transition qualities by enabling the lender to access medium-term funding and diversify its funding sources, while ensuring transparency and adherence to high standard green credentials.

Client Information


QNB Finansbank is Turkey's fifth largest private bank (8th when state banks are included) by asset size. It is 99.88% owned by Qatar National Bank Q.P.S.C. (QNB), which is in turn 50% owned by Qatar Investment Authority,Qatar's sovereign wealth fund, (QIA) with the rest of the shares being publicly traded. QNB Finansbank also provides leasing and factoring services through its two large subsidiaries: Finans Leasing and Finans Factoring.

EBRD Finance Summary

USD 50,000,000.00

An investment of USD 50 million in Green Bond issuance by QNBFB.


Total Project Cost

USD 50,000,000.00

USD 50 million.


Additionality mainly stems from i) supporting QNB Finansbank in setting up the structure for a debut issuance of a Green Bond, which is expected to set a precedent and build confidence for potential subsequent issuances and ii) providing the lender with medium-term external funding, which is scarce in a distorted market environment.

Environmental and Social Summary

Categorised FI (ESP 2019): QNB Finansbank is an existing client. The Environmental and Social (E&S) Due Diligence has been undertaken within the limitations of capital market rules. The client will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9 and continue to implement the applicable EBRD's E&S Risk Management Procedures for Financial Institutions and submit Annual Environmental and Social Reports to the Bank. The Green Bonds will be aligned with EBRD's Framework Environmental and Social Governance criteria and the bank will submit impact reporting to the Bank. Potential renewable energy investments under the bond issuance will need to follow the EBRD E&S Eligibility Criteria for wind, solar, bioenergy, geothermal or hydro projects, as applicable.

Technical Cooperation and Grant Financing


Company Contact Information

Kubra Aksoy Kain
+90 212 318 5642
+90 212 318 5648
Buyukdere Caddesi No: 215 Gayrettepe Istanbul 34394 TURKEY

PSD last updated

14 Jun 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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