TÜRKIYE IS BANKASI İşbank has signed a sustainability-linked syndicated loan deal on a 367-day maturity worth EUR 562.7 million and USD 442 million.
Under the syndicated loan to be disbursed for financing foreign trade, the amount of cash loans to be extended to small and medium-sized women entrepreneurs as well as smallholder farmers was set as sustainability performance criteria.
For the loan agreement, Abu Dhabi Commercial Bank PJSC, Emirates NDB Capital Limited and Standard Chartered Bank acted as joint coordinators, ING Bank N.V., Mashreqbank PSC and Standard Chartered Bank acted as joint sustainability coordinators and Emirates NBD Bank (P.J.S.C) acted as agent bank.
48 banks from 21 countries in the Americas, Europe, the Middle East and Asia, including 18 new banks, participated in the loan transaction.
The all-in cost of the highest participating ticket size was Euribor + 2.25% for the Euro tranche and SOFR + 2.50% for the US Dollar tranche.
"This loan strengthens our commitment to both agricultural development and the role of women"
Emphasizing that İşbank -which celebrates its centennial anniversary this year- continues to fulfill its responsibility for contributing to economic and social development, İşbank CEO Hakan Aran said in his statement on the syndicated loan: "While we repaid our debt of EUR 388 million and USD 224 million last year, we have secured approximately EUR 563 million and USD 442 million under this new agreement. Our rollover ratio stands at 163%, which translates into approximately USD 400 million of new funding inflows. Along our journey to build a stronger future in cooperation with all our stakeholders, we will continue to provide our support to strengthen the place of women in society." He also emphasized that Isbank considers sustainability-themed funding as an integral part of its strategic goals.
Hakan Aran stated that, through the new syndicated loan, Isbank will maintain its sustenance to the financing of foreign trade transactions for the Bank's customers while also having strengthened their commitment to the development of agriculture in Türkiye and to the strengthening of the place of women in society and the role of women in the economy through the sustainability performance criteria defined based on the amount of cash loans to be extended to small and medium-sized women entrepreneurs as well as smallholder farmers.
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Turkiye Is Bankasi AS published this content on 12 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 June 2024 11:08:10 UTC.
