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Supporting green projects and women’s entrepreneurship in Turkey
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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47143126
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Financing details
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USD 50m loan
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Customer
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AKBANK T.A.S.
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Type of customer
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Financial institution
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Country of headquarters
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Turkey
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Project number
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PTR1079
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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 has partnered with Akbank, a Turkish bank committed to sustainable development.
Client presentation
Akbank is a leading financial institution in Turkey. It is implementing an ambitious sustainable development strategy based on three lines of action: a target amount for sustainable finance for 2030 (TRY 200bn of assets financed, or EUR 11bn), a net zero target (by 2025 for the bank’s operational emissions and by 2050 for all its activities), and the commitment to publish its first TCFD (Task-Force on Climate Related Financial Disclosure) report by the end of the year.
Project description
The project aims to develop financing for SMEs on climate issues (70% for renewable energy and energy efficiency projects) and women’s entrepreneurship (30%), through a dedicated USD 50m credit facility allocated to Akbank.
Project impact
The expected development impacts of this project are:
- 29,600 jobs supported over the next 5 years (mainly indirect jobs in the companies financed)
- Support for women’s entrepreneurship with 30% of Proparco’s financing dedicated to companies that meet the criteria of the 2X Challenge, an initiative to reduce gender inequality
This project will contribute to the achievement of SDG 5 (“Gender equality”), SDG 8 (“Decent work and economic growth”) and SDG 13 (“Climate action”).