DenizBank issues Inaugural $270 Million Green Bond

DenizBank, Emirates NBD’s Turkish unit which it acquired in 201, in collaboration with the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and Proparco, on Monday said that it has issued $270 million funding as part of the first green bond issuance in Turkey involving the joint participation of three international financial institutions.

The 5-year term bond will be used to finance investments such as renewable energy, energy and resource efficiency, green building investments, emission reduction, water and waste management and sustainable transportation projects in line with the Bank’s Sustainable Finance Framework.

DenizBank Treasury, Financial Institutions and Investment Group Executive Vice President Bora Bocugoz said that they were pleased to enter into a new partnership with long-standing and well respected international financial institutions such as EBRD, IFC, and Proparco.

Emphasizing that this collaboration will significantly contribute to Turkiye’s green transformation and decarbonisation efforts, he said that extreme weather events, food security threats, water scarcity and biodiversity loss pose significant risks not only in terms of the environment but also in economic and social terms.

“The responsibility that falls on the financial sector in the face of this picture is greater than ever. As DenizBank, we have made it our corporate priority to produce financial solutions that support economic development and environmental sustainability together,” he said.

With this green bond issuance, the DenizBank was directing resources worth $270 million to qualified investments that Turkiye needs throughout the transition process to a low-carbon economy, and transferring these as long-term financing support to projects that serve to reduce risks arising from climate change. In coming days, we will continue to work for the environment, society and the future by further integrating sustainability into our financial products and services with a responsible banking approach,” he added.

Advancing Sustainable Finance

IFC Director for Turkiye and Central Asia Wiebke Schloemer said that their investment in DenizBank’s green bond marks a significant milestone in advancing sustainable finance in Turkiye. This initiative not only strengthens climate resilience but also drives economic growth by creating new jobs.

“IFC remains committed to supporting the country’s transition to a low-carbon economy, ensuring that environmental sustainability and employment opportunities go hand in hand,” Schloemer added.

EBRD Turkiye’s Deputy Head Oksana Yavorskaya said that EBRD fully supports its partners in leveraging a diverse range of funding instruments aligned with green ambitions. This project stands as a strong example of that approach, and they were proud to support DenizBank’s journey in advancing green opportunities in the country.

Emmanuelle Riedel Drouin, Director of Financing at Proparco, said that this new milestone also marks Proparco’s first green bond subscription in Turkiye, alongside their trusted partners EBRD and IFC. This transaction reflects Proparco’s deep commitment to protecting the planet and plays a key role in strengthening the local green bond market.

“We are confident that it will help scale up climate-aligned investments and support DenizBank in advancing its ambitious sustainability agenda. The bond will enable DenizBank to further expand its green lending activity, aligned with the objectives of the Paris Agreement, thus contributing to the country’s transition to a low-carbon economy and to the strengthening of the domestic green bond market,” Drouin added.