QNB issues Turkey’s first blue bond: QNB Türkiye issued the country’s first blue bond worth USD 25 mn along with a green bond issuance — the bank’s first — of up to USD 100 mn, according to a statement. Both bonds will have a tenor of five years and a grace period of two years.

Who’s backing the issuances? The IFC — a major backer of Turkey with a USD 5.2 bn financing portfolio — will be the sole investor in the blue bond. The IFC and the European Bank for Reconstruction and Development will also support the bank’s green bond issuance with USD 50 mn each, according to an IFC statement.

Where will the money go? The bonds will support small and medium enterprises and big companies’ projects in energy efficiency, biodiversity, sustainable fisheries, and sustainable tourism. They will provide long-term financing for renewable energy and low-carbon projects to align with Turkey’s 2053 net zero target — a goal that will require USD 10 bn in financing annually through 2030.

That’s not all: The IFC also plans to support QNB Türkiye’s blue portfolio by helping it standardize its definition of blue financing, identify blue assets in its possession, and improve ESG compliance.

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