European bank invests $50M in Turkish QNB Finansbank’s 1st green bond

The European Bank for Reconstruction and Development (EBRD) on Monday said it invested $50 million in a green bond issued by QNB Finansbank, a major Turkish lender.

It is the EBRD's first green bond investment in a bank in Turkey.

"The bonds have a three-year term and are aligned with the International Capital Market Association's (ICMA) green bond principles and the sustainability bond guidelines," the EBRD said.

QNB Finansbank will use the proceeds to finance internationally certified green building projects in its portfolio, according to the EBRD.

The EBRD, a leading institutional investor in Turkey, has invested almost €13 billion ($15.77 billion) in the country to date through 337 projects, with 96% of them in the private sector.