Project detail - GREEN FOR GROWTH FUND, SOUTHEAST

GREEN FOR GROWTH FUND, SOUTHEAST

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Who is our client

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.

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 we fund this project

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

Date Total FMO financing
11/15/2018 EUR 10.00 MLN
11/15/2018 EUR 10.00 MLN
1/8/2015 USD 17.06 MLN
1/8/2015 EUR 3.01 MLN
10/23/2012 EUR 20.60 MLN
10/23/2012 EUR 4.65 MLN
Region
Europe & Central Asia
Country
Europe & Central Asia
Sector
Financial Institutions
Signing date
11/14/2014
Total FMO financing
EUR 0.09 MLN
Fund
FMO
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