Denizbank DPR TurSEFF III/TurWiB II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD is providing USD 100 million financing to DenizBank A.S. ("DenizBank" or the "Bank") under DenizBank's existing Diversified Payment Rights ("DPR") programme. The proceeds of the financing is split equally between the Turkey Sustainable Energy Financing Facility III ("TurSEFF III") and the Women in Business II ("TurWiB II").

Project ID 51846

Status Repaying

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Nimet Sinem Yahsi
StructuredFinance@denizbank.com
+90 212 348 5453
www.denizbank.com
Büyükdere Cad. No: 141 Esentepe, Istanbul, Turkey

Project ID 51846

Status Repaying

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

04 Nov 2020

Disclosure date

19 Feb 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.

Denizbank DPR TurSEFF III/TurWiB II (Turkish) (PDF, 0.24MB)

Project description

Project objectives

The Project supports diversification of investor base and provides long term funding for the Bank.

TurSEFF III aims to (i) further increase financial intermediation for small scale (unlicensed) renewable energy investments and a broader range of resource efficiency investments, including energy efficiency, waste minimisation and water savings; (ii) include public sector investments; and (iii) further improve the financial institutions' skills in recognizing and assessing a wider range of sustainable energy and resource efficiency projects.

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 DenizBank 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:75

Project will contribute to Green, Inclusive and Competitive transition impact qualities. It supports building green economy and 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.

The Project further supports the market recovery in the wake of Covid-19 outbreak.

Client information

DENIZBANK AS DPR

DenizBank is the fifth largest private bank in Turkey with circa 4% market share by consolidated assets as of 3Q2020. DenizBank is rated B3 (negative) by Moody`s and B+ (negative) by Fitch. The bank is wholly owned by Emirates NBD Bank PJSC (ENBD), which is rated A3 (Negative) by Moody's and A+ (Stable) by Fitch. Listed on the Dubai Financial Market, ENBD is 56% owned by the state-owned Investment Corporation of Dubai, 5% by Capital Assets LLC, with 39% being free float.

EBRD Finance Summary

USD 100,000,000.00

Total project cost

USD 435,000,000.00

Additionality

The additionality stems from i) financing structure that supports DenizBank in acquiring longer-term external financing, contributing to diversification of DenizBank's funding, ii) supporting higher energy efficiency standards and enhancing access to finance for women led SMEs.

Environmental & Social Summary

Categorised FI (ESP 2019). DenizBank 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. For Energy Efficiency and Renewable Energy sub-loans under TurSEFF III, an independent Project Consultant will be in place to ensure that all these comply with the national EHSL requirements, Green Energy Transition exclusions, and the EBRD's eligibility criteria for wind, solar, geothermal, bioenergy and hydro projects, as applicable.

Technical Cooperation and Grant Financing

TurSEFF III is supported by a Technical Cooperation ("TC") programme in the amount of EUR 5.5 million. Funding for the programme is provided by the European Union under two contribution agreements "Enhancement of Turkish Energy Sector in line with EU Energy Strategies" and "EU Instrument for Pre-Accession Assistance (IPA) 2009 Turkey Private Sector Support Facility", and by the Republic of Turkey Ministry of Treasury and Finance under the "Turkey - EBRD Cooperation Fund".

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

Nimet Sinem Yahsi
StructuredFinance@denizbank.com
+90 212 348 5453
www.denizbank.com
Büyükdere Cad. No: 141 Esentepe, Istanbul, Turkey

PSD last updated

19 Feb 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 the 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 its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) 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 also requires its clients to disclose information, as appropriate, about the risks and impacts of 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 of the Bank's activities 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 EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either 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. OCCO will follow-up all matters reported. It will review all matters reported. 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, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. 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 (for example, 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 the 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 and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Denizbank DPR TurSEFF III/TurWiB II

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)