100 million Euro Sustainable Eurobond Issuance from Turkish Development and Investment Bank

18 Sep 2022

Turkish Development and Investment Bank, which supports Turkey's sustainable development and transition to a low-carbon economy with the resources it provides from international development finance institutions, made its first sustainable Eurobond issuance. Agence Française de Développement (AFD) invested 100 million Euros in the first sustainable Eurobond issued by the Development and Investment Bank of Türkiye.

Turkish Development and Investment Bank (TKYB) added a new one to the foreign resources it provides in the field of sustainability, and realized the first sustainable Eurobond issuance of 100 million Euros. The funds obtained from the 11-year maturity issue financed by AFD will be used to support investments and social projects aimed at combating climate change.

At least 75 percent of the funds to be obtained from the Eurobond issuance carried out within the scope of the Bank's Sustainable Finance Framework will be allocated for the financing of green projects that contribute to the fight against climate change in Türkiye, while the remaining part will be directed to social projects. Within the scope of this issuance, the bank will benefit from AFD's technical support program for studies aimed at increasing the female workforce in the economy.

Indicating that they support our country's transition to a low-carbon economy with the financing opportunities they provide for sustainable investments, İbrahim Öztop, General Manager of the Development and Investment Bank of Turkey, said, "We are proud to break new ground on behalf of our Bank with the Eurobond issuance we carried out with the support of AFD. This funding is the first sustainable Eurobond issuance of our Bank, which has a history of 47 years. Eurobond is of great importance for our Bank in terms of the resource diversity it brings and will attract a wider range of investors in the future." "We are very happy for the contribution we will make to the sustainable development and green transformation of our country with this export. I thank AFD for its trust in our Bank and hope that our cooperation will continue to increase." he said.

Oliver Gauvin, Consul General of France in Istanbul, said, "Greening financial systems has become a priority to strengthen the transition to low-carbon and climate-resilient economies and achieve the goals of the Paris Agreement. This first sustainable bond issuance of TKYB, supported by AFD, reminds us of the excellent cooperation between France and Turkey, and especially Türkiye's in the field of low-carbon energy transition compatible with the Paris Agreement."

AFD Eurasia Regional Director Ms. Cécile COUPERIE said, "AFD is fully committed to greening global finance. We are happy to renew our cooperation with TKYB with this new financial instrument, which is complementary to our traditional credit lines. Again, the technical support package signed today will support TKYB's initiatives to increase women's employment in the projects financed." he said.

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