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.
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.
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.
YAPI KREDI DIVERSIFIED PAYMENT RIGHTS FINANCE COMPANY
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
Total Project Cost
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
+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
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