GEFF - Turkey - QNB Finans Leasing

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

A senior unsecured loan of up to EUR 25 million, with a 2-year tenor and bullet principal repayment, available for QNB Finans Finansal Kiralama A.S. ("QNB Finans Leasing" or "the Company") under the Green Economy Financing Facility Turkey ("GEFF Turkey") Framework.

Project ID 53841

Status Complete

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

Gülsün Atmaca
Gulsun.Atmaca@qnbfl.com
www.qnbfl.com
Büyükdere Cad. No:215 Kat:22 QNB Finansbank Kristal Kule, 34394 Istanbul Turkiye

Project ID 53841

Status Complete

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

13 Sep 2022

Disclosure date

13 Sep 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

GEFF - Turkey - QNB Finans Leasing (Turkish) (PDF, 0.54MB)

Project description

Project objectives

The proceeds of the Bank`s investment will be used to finance eligible sub-projects, selected according to the technical, financial and environmental eligibility criteria as per the GEFF Turkey Policy Statement. The project aims to support green economy investments including among others energy efficiency, renewable energy and climate resilience measures. Funds may also be on-lent to vendors and producers of eligible material and equipment covered by the Green Technology Selector for Turkey.

The proposed facility builds on the Company's successful utilization of the previous line signed in 2018 under TurSEFF III framework, the predecessor to GEFF. Green investments are one of the focus areas of the Company. The proposed facility will help the Company to continue to expand its on-lending to private sector SMEs, both women and men-led, for energy efficiency and small-scale renewable energy investments, promoting female entrepreneurs' access to green technologies. The facility will also aim to help set higher standards and build capacity in the market by better instilling climate risk factors into the Company's leasing practices as the 3rd largest player in the market.

Transition impact

ETI Score:70

Transition impact is expected to derive from the Green and Well-governed qualities of GEFF Turkey.

Green: the project will promote the transition to environmentally sustainable, low-carbon and climate-resilient economies in Turkey.

Well-governed: the project will contribute toward QNB Finans Leasing's corporate climate governance practices.

Client information

QNB FINANS FINANSAL KIRALAMA AS

QNB Finans Finansal Kiralama A.S . ("FL" or "the Company"), an existing client of EBRD, was established in 1990 as a subsidiary of QNB Finansbank A.S. and is today the 3rd largest leasing company in Turkey by leasing receivables (12.1% market share) as of 1H22. The Company has a strong market position with a primary focus on Micro and SME clients. It is rated B- (negative) by Fitch in line with its parent, QNB Finansbank's rating.

EBRD Finance Summary

EUR 25,000,000.00

A senior unsecured loan of up to EUR 25 million

Total project cost

EUR 25,000,000.00

Additionality

Key sources of additionality under the project are:

(i) innovative financing structures and/or instruments (financing instrument that integrates climate and ESG standards);

ii) standard setting: helping project and clients achieve higher standards (help women and men sub-borrowers build their resilience in the face of a changing climate);

(iii) risk mitigation (helping the Company to manage climate-related risks at a more advanced level); and

iv) financing structure of the facility providing the Company with medium-term financing to support diversification of the funding base.

Environmental & Social Summary

Categorised FI (ESP 2019). QNB Finans Leasing is an existing client of the Bank and environmental and social due diligence included a review of the annual environmental and social report (the AESR-2021). The Company 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 in the context of the GEFF Loan.

Technical Cooperation and Grant Financing

The project will be supported by a TC package for the engagement of the Facility Consultant (FC), responsible for overseeing the general operation of the project, for origination, review and approval of sub-projects; and for providing policy dialogue and other services to help achieve EBRD's aims for the project. Funding source: Clean Technology Fund (CTF), Turkey-EBRD Cooperation Fund, SSF, and potentially other bilateral donors.

Company Contact Information

Gülsün Atmaca
Gulsun.Atmaca@qnbfl.com
www.qnbfl.com
Büyükdere Cad. No:215 Kat:22 QNB Finansbank Kristal Kule, 34394 Istanbul Turkiye

PSD last updated

13 Sep 2022

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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GEFF - Turkey - QNB Finans Leasing

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)