Turkcell And ING Signed The Longest Average-maturity Corporate Green Loan Agreement of 50 Million Euros
March 11 2020 - 10:27AM
Business Wire
Turkcell (NYSE:TKC) (BIST:TCELL) and ING European Financial
Services plc, %100 affiliate of ING in Turkey, have signed a ‘Green
Loan’ agreement of 50 million Euros with a 5-year term. The
transaction marks the longest average-maturity corporate finance
deal in green loan format in Turkey. Turkcell, last year, had
incorporated its sustainability approach into its financing
activities with a 3-year term Sustainability Linked Loan of 50
million Euros. Likewise, ING was among the first six banks in
Turkey to sign Principles for Responsible Banking thanks to its
end-to-end sustainability approach.
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Turkcell and ING European Financial
Services plc, %100 affiliate of ING in Turkey, have signed a ‘Green
Loan’ agreement of 50 million Euros with a 5-year term. (Photo:
Turkcell)
As part of the agreement, Turkcell will utilize the loan
facility to finance its sustainable investments - such as renewable
energy, energy efficiency, green digital services and green
buildings - under the internationally recognized Green Loan
Principles. The loan will be repaid at one go at the end of the
5-year term.
“We are diversifying our financing resources with
sustainability focus”
Emphasizing Turkcell’s continued focus on sustainable financing
alternatives, “Following the 3-year term Sustainability Linked Loan
signed last year, we are now extending maturity further with this
5-year term Green Loan which will be used to finance our
sustainable investments. We are proud to sign this corporate Green
Loan facility which has the longest average-maturity in the country
and diversifies our funding resources with sustainability focus.
The Green Loan facility also stands out with its Euribor+1.95%
annual interest cost. As we develop our business model with a
sustainability approach, we care about sustainability as much as
the cost of our financial activities,” says Osman Yilmaz,
Turkcell CFO. “As a founding member of the CFO Taskforce
initiative established by the UN Global Compact, we are working
with other members towards identifying Sustainable Development
Goals, encouraging sustainable investments and supporting the use
of sustainable financing products.”
“We believe in the transformative force banking sector holds
for transitioning into a sustainable world”
Stating that ING in Turkey will increasingly broaden its
sustainable financing practices, “At ING Group, we believe in the
transformative force banking sector holds for transitioning into a
sustainable world. We put sustainability into practice on our
business and on customer level to make long-term positive
contribution to businesses and the society backed by our leading
bank role,” says Aysegul Akay, Wholesale Banking Executive Vice
President, at ING in Turkey. “ING Group is one of the 30
founding signatories of the Principles for Responsible Banking,
initiated by UNEP FI. As ING Group, we have provided 6.4 billion
Euros worth of sustainable loans in 2019 which is more than doubled
compared to 2018. As ING, we are one of the first 6 banks to commit
to put Principles for Responsible Banking into practice in Turkey.
Today, we are proud to sign the first corporate green loan
agreement in Turkey with Turkcell.”
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version on businesswire.com: https://www.businesswire.com/news/home/20200311005556/en/
Ismail Ozbayraktar Turkcell Corporate Communications Director
ismail.ozbayraktar@turkcell.com.tr
Ali Karakaya Turkcell Corporate Communications Manager
ali.karakaya@turkcell.com.tr
Bugra Kaya Turkcell Corporate Communications Expert
bugra.kaya@turkcell.com.tr
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