GREEN FOR GROWTH FUND, SOUTHEAST
Status: Completed investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Fibabanka A.S., owned by Fiba Holding A.S., is a bank in Turkey offering corporate, commercial, SME, retail and private banking services through a network of 66 branches and 1,214 employees. As of June 2014 Fibabank's total assets amount to TL7.3 billion. FMO has provided a EUR25 million greenline to Fibabank for on lending to eligible projects/clients for energy efficiency (EE) investments. The loan will be provided in parallel to a EUR10 million loan from the Green for Growth Fund (GGF). FMO aims to follow GGF's measuring, monitoring and reporting methodology, and as such will support GGF's technical assistance facility through our own Capacity Development (CD) Program.
What is our funding objective?
FMO's CD funding will support GGF in assigning a local service provider to perform energy audits, which are needed to monitor and report the primary energy savings and CO2 emission reduction effects of non-standard EE investments and large loans. Using GGF's e-save tool for monitoring and reporting, FMO will have access to data on how much energy and CO2 emissions have been saved as a result of the investments made under our greenline.
Why do we fund this investment?
Through our CD support we build local knowledge on EE and step up our partnership with GGF. The transaction fits very well in the FMO's development strategy by supporting EE financing and thus making a 20-50% reduction in CO2 emissions at the end-client level.
More investments
- Region
- Europe & Central Asia
- Country
- Europe & Central Asia
- Sector
- Financial Institutions
- Effective date
- 11/14/2014
- End date
- 1/30/2019
- Total FMO financing
- EUR 0.09 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B