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Turkey: supporting regions affected by the earthquake
Project
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Signature date
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Location
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Turkey
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Financing tool
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Financing amount (Euro)
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63451776
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Financing details
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USD 70m loan
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Customer
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DFS Funding Corp.
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Type of customer
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Financial institution
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Country of headquarters
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Cayman Islands
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Project number
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PTR1084
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Environmental and social ranking
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IF-A
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Climate co-benefits
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Project with climate co-benefits
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is supporting the reconstruction of regions affected by the earthquake in Turkey with EUR 70m of financing allocated to DenizBank. This financing will also contribute to financing the country’s energy transition.
Client presentation
DenizBank is one of the leading private banks in Turkey, with more than 16 million clients and nearly 15,000 employees. It is also the fifth largest private bank in Turkey in terms of consolidated assets. The bank has developed its activity over high-impact segments such as agriculture, support for SMEs and renewable energies. In 2022, DenizBank established an enhanced environmental and social risk management system for its project finance activities.
Project description
Proparco is providing DenizBank with USD 70m of financing under a Diversified Payment Rights (DPR) securitization of around USD 610m also gathering the EBRD (European Bank for Reconstruction and Development) and IFC (International Finance Corporation). The bank will thereby be able to contribute to the reconstruction of regions affected by the earthquake in February 2023, as well as to energy transition projects (wind, solar and energy efficiency projects). Proparco is also offering the bank technical assistance on E&S issues.
It is Proparco’s second operation with DenizBank, following a EUR 45m bilateral loan signed in July 2022.
Project impact
80% of the credit line allocated is certified as having climate co-benefits. Proparco is assisting DenizBank with the development of its portfolio with climate co-benefits and is thereby helping strengthen the development of climate finance in Turkey. Furthermore, this financing will allow DenizBank to build its expertise in energy efficiency projects, which are still new for the bank.