GCK Partners with IFC on its subscription of Türkiye’s first blue bond issuance
GCK Partners and White & Case advised IFC – International Finance Corporation in its subscription of Türkiye’s first blue bond US$125 million issuance by QNB Türkiye, alongside QNB Türkiye’s green bond issuance. This landmark project aims to address the impacts of climate change in Türkiye while promoting the blue economy.
GCK Partners and White & Case’s team
The team comprised White & Case’s partner Sebastian Buss (pictured left), together with partner Gokce Uluc (pictured right) and counsel Derin Altan, along with associates Sehriban Unlu and Goktug Yigiter (all from GCK Partners)
About the investment
The two issuances comprise up to $25 million in a blue bond, in which IFC is the sole investor, and up to $100 million in a green bond, in which IFC and the European Bank for Reconstruction and Development (EBRD) are investing equal amounts (up to $50 million each). Both bonds will have a five-year tenor with a two-year grace period.
“We are proud to lead Türkiye’s first blue bond, alongside an additional green bond issuance, in partnership with IFC. This landmark transaction underscores our commitment to safeguarding vital water resources and supporting the transition towards a sustainable blue and green economy,” said Ömür Tan (pictured left), CEO of QNB Türkiye. “Our collaboration with IFC reinforces QNB Türkiye’s leadership in sustainable finance and highlights our role in driving climate-smart investments that create lasting economic and environmental value.”
More about the project
The project is expected to enhance access to climate finance for both small and medium enterprises (SMEs) and larger companies in Türkiye. It will support green projects in renewable energy and energy efficiency to help reduce the country’s carbon footprint, as well as blue projects supporting biodiversity, sustainable fisheries, and sustainable tourism, sectors crucial for Türkiye’s coastal economy.
To strengthen QNB Türkiye’s sustainable finance capacity, IFC also supported the bank in refining its definition of blue finance, identifying blue assets in its portfolio according to IFC Guidelines for Blue Finance, and enhancing its compliance with environmental and social standards.
