Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Turkey
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Approved
Bank Risk Rating: FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-06-22
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: AKBANK T.A.S.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
  • Finance
Investment Amount (USD): $ 110.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 110.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-05-08
Disclosure Date: 2016-06-30
Akbank III - MidSEFF III
EBRD-48249

Project Description
EBRD has provided USD 110 million to Akbank T.A.S ("Akbank") under the Turkey Mid-Size Sustainable Energy Financing Facility III ("MidSEFF III") for on-lending to private sector borrowers for renewable energy (RE) and resource efficiency (ResE) investments. This is a follow-up transaction with Akbank under MidSEFF III and builds on the Company's successful implementation of the previous phases of MIDSEFF launched by the EBRD in Turkey.
Investment Description
Akbank is the fourth largest bank in Turkey by total assets (third largest private bank) with total consolidated assets of EUR 80.7 billion as of March 2016. Akbank is currently rated Baa3 by Moody's (negative) and BBB- (stable) 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. MidSEFF III is accompanied by a comprehensive TC support programme in the amount of €1.9 million provided by the European Union under the action entitled "Enhancement of Turkish Energy Sector in line with EU Energy Strategies.
Contact Information
Akbank Dis Kaynaklar diskaynaklar@akbank.com +90 212 385 62 38 +90 212 281 81 88 www.akbank.com Sabanci Center 4. Levent Istanbul 34330 ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.
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