The EBRD is providing a senior unsecured loan of up to EUR 50 million (or its USD equivalent) to Akbank T.A.S. ("Akbank") under the Turkey Women in Business II ("TurWiB II"), a blended programme established under the Financial Intermediaries Framework ("FIF") to support financing for women led small and medium-sized enterprises (SMEs) to promote women entrepreneurship in Turkey.
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 Akbank 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
ETI Score: 70
The Project will contribute to Inclusive and Competitive transition impact qualities. The financing will promote and strengthen 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.
Akbank is the 7th largest bank in Turkey by asset size (4th largest amongst private and foreign banks), with total consolidated assets of EUR 53 billion as of December 2020. Akbank is currently rated B2 by Moody's and B+ by Fitch. Sabanci Holding and affiliated institutions and individuals own 48.9% of Akbank and the remaining shares (51.1%) are listed on Borsa Istanbul.
EBRD Finance Summary
The loan will be provided in two tranches with the first tranche (up to EUR 40 million) provided on committed and the second tranche (up to EUR 10 million) on uncommitted basis.
Total Project Cost
The additionality stems from standard-setting by helping projects and clients to achieve higher standards. Transaction is expected to support Akbank to undertake demonstrable changes in delivery mechanisms, adapt sub-loan terms and to roll out new products to better meet the needs of women-led SMEs, improving access to finance.
Environmental and Social Summary
Categorised FI (ESP 2019). Akbank is an existing client and will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; and submit Annual Environmental and Social Reports to the Bank. The EBRD's use of proceeds will finance predominantly Turkish SMEs, for which the overall environmental and social risk level is expected to be low to medium. Akbank has an adequate Environmental and Social Management System in place to manage the risks arising from such portfolio and will have to make sure to implement the EBRD's Environmental and Social Risk Management Procedures for Micro, SME and Corporate Lending which are applicable to this portfolio.
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
Akbank Dis Kaynaklar
+90 212 385 62 38
+90 212 281 81 88
Sabanci Center 4. Levent Istanbul 34330
PSD last updated
17 Jun 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Independent Project Accountability Mechanism (IPAM)
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