TSKB in the Saddle at the International Development Finance Club

15 January 2020
- 3 min Read

TSKB continues to bolster its efficient presence at the International Development Finance Club (IDFC), which embraces the world's leading development banks as its members. Joining the IDFC Steering Group during IDFC's CEO meeting in Washington D.C., TSKB also signed a memorandum of understanding (MoU) that reinforced its cooperation with the AFD. Established in 2011 by its founding members including TSKB, IDFC works to encourage sustainable development investments worldwide.

The Industrial Development Bank of Turkey (TSKB) contributes to the "United Nations Sustainable Development Goals" through its integrated development approach and strengthens this mission via its cooperation with international initiatives. The Bank is among the founding members of the International Development Finance Club (IDFC) established in 2011 and actively supports this platform, all the while assuming additional responsibilities.

IDFC's primary mission is to support strategic cooperation on sustainable development banking among national, international and regional development finance institutions. It has 26 national, international and regional development banks as its members. Among the current priorities of IDFC are compliance with the Paris Climate Agreement as well as the United Nations Sustainable Development Goals (SDG).

TSKB-IDFC Cooperation Improves

During the IDFC CEO meeting held in Washington D.C., TSKB joined the IDFC Steering Group. TSKB became the 10th member of the Steering Group, which already included some of the world's leading development banks, namely the AFD (French Development Agency), KfW (German Development Bank), BNDES (Brazilian Development Bank), CAF (Development Bank of Latin America), CDB (China Development Bank), CDG (Caisse de Dépôt et de gestion), DBSA (Development Bank of Southern Africa), ICD (Islamic Corporation for the Development of the Private Sector) and JICA (Japan International Cooperation Agency).

In addition, a Memorandum of Understanding (MoU) was signed between AFD and TSKB to strengthen cooperation within IDFC. This statement enabled the two institutions to declare their desire to improve their existing cooperation under IDFC, to create new areas of cooperation and to strengthen information exchange between institutions, as well as their bilateral relations.

Suat İnce: "We will continue to strengthen our cooperation"

TSKB CEO Suat İnce underlined that TSKB had been supporting Turkey's development through its work on sustainability and inclusiveness since its establishment in 1950. “Our deep-rooted partnerships with international initiatives on sustainability are an important complement to our relevant banking approach. Through these initiatives including IDFC, we have the opportunity to both share and expand our experience in sustainability. This enables us to launch and implement a greater number of innovative practices in the field of sustainable and inclusive finance in Turkey. The innovative and complementary instruments we offer to our customers through our agile business model are among the most important factors that differentiate us. To that end, we consider our joining the IDFC Steering Group to be important in terms of bringing global development finance trends to our country. We will continue to strengthen our cooperation with our valuable stakeholders at IDFC, while continuing to support both the IDFC Gender Equality Working Group, which we coordinate, and the IDFC Climate Facility as well as other working groups.”

Declaration on Gender Equality and Justice

In addition to combating climate change, another important goal in terms of ''Sustainable Development Goals'' was the establishment of the Gender Equality Working Group, coordinated by TSKB, within IDFC in 2017. The Group pursues its activities under the guidance of TSKB, a pioneer in Turkey via the funding for equal opportunities as well as advisory support. Accordingly, a joint declaration was signed with a focus on gender equality and justice, which had been recently adopted as a commitment by IDFC members.

United in Combating Climate Change

IDFC members realized green financing worth USD 700 billion in the last four years. IDFC has also recently created the "Climate Facility" joint initiative. The TSKB representative is appointed as the coordination director for this initiative, which aims to unite the parties involved around global goals guided by collective wisdom and also share experience in the fields of combating climate change and adaptation.