The investment bank extended $80mn under its €600mn Disaster Response Framework (DRF), part of a €1.5bn overall earthquake response recovery package, and $20mn was extended under its €600mn Turkey Women in Business II (TurWib II) programme.
Fitch Ratings has assigned a BB+ rating, one notch below investment grade, to the facility.
In parallel with local peers, Isbank, the fourth largest bank in Turkey with Turkish lira (TRY) 1.9 trillion ($68bn) of assets at end-June, has a B-/Stable (one notch below Turkey’s sovereign rating and six notches below investment grade) from Fitch Ratings and a B3/Stable (six notches below investment grade in line with Turkey’s sovereign rating) from Moody’s Investors Service.
In 2022, Isbank obtained a $127mn loan from the EBRD and a $100mn loan from the World Bank Group’s International Finance Corporation (IFC). Both loans have a maturity of five years and were extended under Isbank’s DPR programme.
Chart: Isbank’s loans from investment banks.
Chart: Isbank’s securitisation deals under its DPR programme.
The EBRD is the largest single-entity creditor and institutional investor in Turkey. Since 2009, it has invested €18bn in the country. Its outstanding portfolio valued at €7bn in Turkey is the largest portfolio the EBRD has in terms of the 38 economies in which the bank invests.
In 2022, the development bank invested a total of €1.6bn in Turkey. As a result, Turkey was the lender's top investment destination for the third year running.
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