Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

08 Dec 2021



PSD disclosed:

22 Dec 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

The EBRD is providing USD 50 million financing to Yapi ve Kredi Bankasi A.S. ("YKB") under YKB's existing Diversified Payment Rights ("DPR") programme. The proceeds of the financing will be used for on-lending to women-led SMEs under Turkey Women in Business II ("TurWiB II") programme.

Project Objectives

TurWiB II is an integrated and dedicated programme supporting women entrepreneurship and women-led SMEs. EBRD financing will be accompanied by (i) a technical cooperation programme to help YKB to build their internal capacity to better serve this segment, and (ii) a risk sharing mechanism supported by the Turkish Credit Guarantee Fund ("CGF") to stimulate lending on a sustainable basis. In addition, women entrepreneurs will be provided with advisory, mentorship and networking opportunities, facilitating their access to know-how and non-financial development services, as well as access to markets.

Transition Impact

ETI score: 70

The Project will contribute to Inclusive and Competitive transition impact qualities. It supports strengthening the role of women-led SMEs in the economy, putting emphasis on under-served women entrepreneurs, including first-time borrowers and those based outside of main commercial centres in Turkey.

Client Information


YKB is the third largest private bank in Turkey by asset size, with total assets of EUR 57bn and equity of EUR 5.4bn at 9M21. YKB is rated B2 negative by Moody's and B+ negative by Fitch.

The main shareholder is Koc Holding A.S. with 49.97% stake, followed by UniCredit S.P.A. with 18.00%, with the remaining 32.3% of shares publicly traded on the Borsa Istanbul (BIST).

EBRD Finance Summary

USD 50,000,000.00

Total Project Cost

USD 50,000,000.00


The additionality stems from i) financing structure that supports YKB in acquiring longer-term external financing, ii) supporting YKB in improving lending practices and build capacity for enhancing access to finance for women led SMEs.

Environmental and Social Summary

Categorised FI (ESP 2019). YKB is an existing client and will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; continue to implement the applicable EBRD's Environmental and Social (E&S) Risk Management Procedures for Financial Institutions and submit Annual Environmental and Social Reports to EBRD. The overall risk level of the sub-loans under this transaction are deemed as low to medium risk, and the client has an Environmental and Social Management System in place to manage such exposures appropriately.

Technical Cooperation and Grant Financing

TurWiB II is supported by a TC programme for a total amount of up to EUR 4.13 million funded by the EU-EBRD Private Sector Support Facility, EBRD SSF and Turkey-EBRD Cooperation Fund Account.

Company Contact Information

Ezgi Bezel
+90 212 339 7358
+90 212 339 60 60
Levent Mah. Büyükdere Cad. Çamlik Sok. Yapi Kredi Plaza D Blok, Levent, Besiktas, Istanbul, Turkey

PSD last updated

22 Dec 2021

Understanding Transition

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

Business opportunities

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Tel: +44 20 7338 7168

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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 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 to get guidance and more information on IPAM and how to submit a request.


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