TSKB Secures USD 109 Million in Sustainability-Linked Syndicated Loan

26 July 2022
- 3 min. Read

Industrial Development Bank of Turkey (TSKB) signed its third sustainability-linked syndicated loan agreement. Aiming to make tangible contribution to the environment, climate and social issues in our country with the funds it raises, TSKB will continue to create value for sustainable and inclusive development.

Continuing its activities with the goal of making qualified and tangible contribution to Turkey's sustainable and inclusive development for 72 years, TSKB renewed its syndicated loan, which was linked to sustainability criteria in the previous years, for the third time this year with differentiated criteria. Signed on July 25, the loan agreement amounted to USD 109 million with the participation of 8 banks from 8 different countries from Europe, America, Asia and the Middle East.

The participants of the loan, Coordinated by Commerzbank and Sustainability Coordinated by ING Bank NV and Sumitomo Mitsui Banking Corporation, include ABC International Bank plc, BNP Paribas, Commerzbank, Citibank, N.A., ING Bank NV, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and Intesa Sanpaolo S.p.A. The syndicated loan, provided in two separate tranches of USD 17.5 million and EUR 90 million, has a maturity of 367 days.

"We will work meticulously to ensure that the new resources we provide turn into permanent value in our country’s economy"

Commenting on the syndicated loan, TSKB CEO Murat Bilgiç said, “We are pleased that our Bank, which has strong ties with global development finance institutions and operates with the understanding of creating value at international standards, is supported by the world’s distinguished banks. We will work meticulously to ensure that this new resource, which we have obtained linked to sustainability criteria, turns into permanent value in our country’s economy. TSKB is a bank that contributes directly and indirectly to all of the UN Sustainable Development Goals. We add value to our customers’ transformation journeys with our climate, environment, women’s employment and social inclusion themed loans and the qualified consultancy services we offer to the Turkish real sector. In this process, the rapid development and concrete steps taken by our companies in support of sustainable development further magnify the impact we create. In the coming period, managing climate-related risks and opportunities, transition to a carbon-free economy, circular economy, inclusive development, women’s employment and technological investments will constitute some of our strategic priorities. In addition to our credit facilities, we will continue to be the closest business partner of our customers with our investment banking and consultancy services. I would like to thank the institutions that participate in the syndicated loan for their confidence in our country and our Bank. I believe that our cooperation will continue to evolve further.”