QNB Finansleasing, Turkey’s 4th largest leasing institution, is a company specialized in financing movable and immovable property via leasing and sale and lease-back operations with a client base of local microenterprises and SMEs. QNB Finansleasing is a company listed on the Istanbul Stock Exchange. It is 99% owned by QNB Finansbank, which is itself over 99% owned by Qatar National Bank (QNB).
Following a first operation with QNB Finansleasing in 2017, PROPARCO is providing an additional EUR 20m earmarked to finance Turkish microenterprises and SMEs and to finance energy efficiency and renewable energy projects. Indeed, the underlying projects will be required to meet predefined environmental eligibility criteria. The portfolio dedicated to financing sustainable energy projects currently accounts for 40% of the outstanding amount of QNB Finansleasing.
On the economic level, the project will support financing for microenterprises and SMEs in Anatolia (Istanbul only accounts for 41% of Finansleasing’s loan portfolio) and will thereby contribute to providing access to the banking system in the country (rate of 57% according to the World Bank). The project will support the extension of products to finance sustainable energy for Turkish companies and will increase access to financing for SMEs.
This financing is also making up for the lack of long-term foreign-currency resources on the Turkish market.
Finally, by reducing greenhouse gas emissions and other conventional pollutants, this operation is in line with France and Turkey’s commitments to the Paris Agreement.