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EBRD injects $100mn into DenizBank’s green bond in Turkey

The European Bank for Reconstruction and Development invests $100mn in a DenizBank green bond to expand sustainable financing access and support capital markets in Turkey.

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The European Bank for Reconstruction and Development (EBRD) has invested $100mn (€86.4mn) in a green bond issuance by Turkish lender DenizBank, as part of an effort to expand access to green financing in Turkey. The total issuance amounts to $270mn (€233.2mn), aimed at supporting environmental projects in the private sector.

The proceeds from this bond will be allocated to eligible initiatives, including renewable energy projects, energy efficiency measures, and green buildings. DenizBank structured the issuance under its Sustainable Finance Framework, aligned with the International Capital Market Association’s (ICMA) Green Bond Principles.

An expanding market for Turkish green bonds

DenizBank’s total green bond issuances now stand at approximately $350mn (€302.3mn) across several tranches. This expansion highlights the growing role of Turkish financial institutions in mobilising capital for sustainable finance.

The EBRD’s investment reflects its broader strategy to back innovative financing instruments across its economies of operation. In Turkey, the goal is also to deepen the bond market by reinforcing the confidence of international investors.

Strengthening the banking sector’s sustainable finance offering

Through this participation, the EBRD aims to encourage other financial institutions to broaden their sustainable lending portfolios. By supporting DenizBank, it seeks to foster the adoption of similar mechanisms by other banks active in the country.

Turkey remains one of the EBRD’s key markets, with more than €22bn committed since 2009 across 495 projects, mostly in the private sector. This transaction marks another step in embedding environmental criteria into the financing strategies of Turkish lenders.

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