Share the page
TERP: Supporting communities affected by the earthquake
Project
-
Signature date
-
-
Location
-
Turkey
-
Financing tool
-
Financing amount (Euro)
-
105000000
-
Financing details
-
EUR 35m loan - EUR 35m loan - EUR 35m loan
-
Customer
-
DENIZBANK - FINANSBANK - Turkiye IS BANKASI
-
Type of customer
-
Financial institution
-
Country of headquarters
-
Turkey
-
Project number
-
PTR1087/PTR1088/PTR1089
-
Environmental and social ranking
-
IF-A
This information is given at the time of signature, without prejudice to any developments in the operation/project.
By participating in the IFC initiative, Proparco aims to support local communities and economic recovery in regions affected by the earthquake in February 2023.
Client presentation
Denizbank is a private Turkish bank owned by Emirates NBD Bank.
QNB Finansbank A.S. was founded in 1987. It is today Turkey’s fifth largest private bank with a 5% market share at end-December 2022.
Isbank was founded in 1924 by Atatürk and is the country’s leading private bank with about 10% of market share (third when including public banks).
Project description
The Turkey Earthquake Response Program (TERP) is a financing program structured by IFC following the earthquakes in southeastern Turkey and northern Syria on 6 February 2023. Proparco has decided to join the initiative and provide EUR 105m of co-financing. This amount is equally divided between three Turkish banks: QNB Finansbank, Denizbank and Isbank.
The program aims to support communities and the local economic fabric by providing banks with additional liquidity so that they can continue to lend to individuals and local SMEs.
Project impact
The main expected impacts are increased access to financing for the retail and MSMEs segments in the regions affected. This program directly aims to support households, small businesses and farmers.