New funding for İşbank for green transformation and sustainability

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Within the scope of the securitization program based on foreign remittance flows (“Diversified Payment Rights”), İşbank obtained a total of USD 227 million of new funds from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) with a final maturity of 5 years.

The USD 127 million funding provided by the EBRD will be used to finance women-led businesses as well as renewable energy and resource efficiency investments. The USD 100 million fund provided by the IFC, on the other hand, will be used to finance mortgages, including green mortgages.

In his statement, İşbank CEO Hakan Aran pointed out that the effects of the global climate change have clearly demonstrated the need to accelerate the transition to a green economy. 

“Banks play an important role in green transformation”

Underlining that banks and financial institutions play an important role in the green transformation of all sectors through lending processes in terms of serving as the main source of financing, Aran went on to add, “We believe that sustainable development can only be materialized through continued and increased support for green finance, the participation of more women-led businesses in the economy and an increase in the female workforce. Accordingly, one of our main priorities is to offer the funds we have obtained to our customers through sustainability-themed products and services and to support our customers’ green transformation processes. The funds obtained through the new securitization transaction we have successfully completed will contribute to the diversification and extension of the maturity of our financing sources and to the financing of sustainability. We are very pleased to further strengthen our cooperation with EBRD and IFC with this transaction coinciding with our Bank’s 98th anniversary this year. We will continue to support the driving and transformative areas of the economy with our responsible banking approach and contribute to the creation of a green and sustainable economy.”