Türkiye’s second-largest bank, Vakıflar Bankası (Vakifbank), has signed an $870 million sustainable term loan to finance sustainable operations, assets and projects.
UAE banks Abu Dhabi Commercial Bank ( ADCB) and Emirates NBD Capital acted as joint coordinators, as well as mandated lead arrangers and bookrunners on the transaction.
Emirates NBD Capital, First Abu Dhabi Bank, ING Bank and Mashreq were appointed sustainability coordinators on the financing deal.
Following strong global demand from 45 institutes in America, Europe, Asia, the Middle East, and Africa, the facilities were oversubscribed to over 166% of the original launch amount.
Vakifbank choose to scale back and signed the Facilities at $870 million equivalent, underscoring the strength of the bank’s relationships and credit strength as well as the market’s acknowledgement of its sustainability efforts.
VakıfBank updated its Sustainable Finance Framework in 2023, which was first created in 2020. The Turkish bank has identified its asset pool to allocate the proceeds from sustainable financing instruments issued under this framework.
The proceeds will be directed toward financing eligible green and/or social loans that align with the established green and social eligibility criteria. VakıfBank commits to publishing annual allocation reports detailing the use of the net proceeds.
