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Development and Investment Bank of Türkiye Issues EUR 100 Million Sustainable Eurobond

Development and Investment Bank of Türkiye Issues EUR 100 Million Sustainable Eurobond

September 22, 2022

Supporting Türkiye’s sustainable development and transition to a low-carbon economy through resources secured from international development finance institutions, Development and Investment Bank of Türkiye completed its first sustainable Eurobond issuance. Agence Française de Développement (AFD) invested EUR 100 million in the first sustainable Eurobond issued by Development and Investment Bank of Türkiye.

Development and Investment Bank of Türkiye Issues EUR 100 Million Sustainable Eurobond

Development and Investment Bank of Türkiye (TKYB) added another foreign resource to those it has secured in the field of sustainability by completing its first sustainable Eurobond issuance, amounting to EUR 100 million. The proceeds from the 11-year issuance financed by AFD will be used to support investments aimed at combating climate change and social projects.

Under the Bank’s Sustainable Finance Framework, at least 75% of the proceeds from the Eurobond issuance will be allocated to financing green projects that contribute to combating climate change in Türkiye, while the remaining portion will be directed to social projects. Under the issuance, the Bank will also benefit from AFD’s technical assistance programme for initiatives aimed at increasing women’s participation in the economy.

Stating that the Bank supports Türkiye’s transition to a low-carbon economy through the financing opportunities it provides for sustainable investments, TKYB CEO İbrahim Öztop said: “We are proud to have broken new ground for our Bank through this Eurobond issuance completed with AFD’s support. This financing is the first sustainable Eurobond issuance in our Bank’s 47-year history. The Eurobond is highly important to our Bank in terms of resource diversification and supports our objective of reaching a broader investor network in the future. We are very pleased with the contribution this issuance will make to our country’s sustainable development and green transition. We thank AFD for its confidence in our Bank and hope our cooperation will continue to grow.”

Oliver Gauvin, Consul General of France in Istanbul, said: “Greening financial systems has become a priority in order to strengthen the transition to low-carbon and climate-resilient economies and achieve the objectives of the Paris Agreement. TKYB’s first sustainable bond issuance, supported by AFD, reminds us of the excellent cooperation between France and Türkiye, particularly in Türkiye’s transition to low-carbon energy aligned with the Paris Agreement.”

AFD Regional Director for Eurasia Cécile Couperie said: “AFD is fully committed to greening global finance. We are pleased to renew our cooperation with TKYB through this new financial instrument, which complements our traditional credit lines. The technical assistance package signed today will also support TKYB’s initiatives to increase women’s employment in the projects it finances.”