The European Bank for Reconstruction and Development (EBRD) has given the green light to a senior unsecured loan of up to €25 million for QNB Finans Leasing in Turkey.
The funding, available in either EUR or Turkish lira, is earmarked to bolster green economy investments, encompassing energy efficiency, renewable energy, and climate resilience measures, as part of the Turkey Green Economy Financing Facility II (GEFF II).
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QNB Finans Leasing will utilise the funds to offer lease financing to sub-borrowers committed to green economy investments aligned with the GEFF II Framework’s technical eligibility criteria.
This includes financing vendors and producers of eligible technologies covered by the green technology selector for Turkey, as well as supporting sub-borrowers certified according to recognised sustainability certification systems.
The project is anticipated to yield a significant transition impact, boasting an ETI score of 70. It is poised to drive the transition towards an environmentally sustainable, low-carbon, and climate-resilient economy in Turkey.
As a subsidiary of QNB Finansbank, QNB Finans Leasing is already a client of the EBRD and ranks as the third-largest leasing company in Turkiye by asset size. The company operates across various sectors, with a particular focus on commercial and SME clients.
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By GlobalDataEBRD’s financing will add value through innovative financing structures and instruments, setting standards, mitigating risks, and providing medium-term financing to diversify the funding base.
Environmental and social considerations take precedence, with QNB Finans Leasing mandated to adhere to EBRD’s Performance Requirements and implement applicable Environmental and Social Risk Management Procedures.
Technical cooperation will fortify the project, engaging a Facility Consultant responsible for overseeing its general operation, origination, review, and approval of sub-projects in line with eligibility requirements.
This initiative underscores EBRD’s unwavering commitment to supporting green economy investments and nurturing sustainable development in Turkey.
Founded in 1990, Finans Finansal Kiralama A.Ş. is among Turkey’s top five leasing companies. In 2016, Qatar National Bank S.A.Q (QNB Group) acquired the company, leading to QNB Finansbank rebranding.
