ING Türkiye has sealed a €176mn sustainability-linked loan from a syndicate of 31 banks, with proceeds to be used for trade finance purposes. 

Announced on July 23, the 367-day loan renews an existing facility and is the fourth sustainability-linked syndicated loan clinched by ING Türkiye, says chief executive Alper Gökgöz.

Pricing is improved if the bank achieves key performance indicators around asset generation in green and social loans, and improves its Organizational Health Index score – a rating system maintained by management consultancy McKinsey. 

ING Bank and Emirates NBD Capital Limited are sustainability coordinators on the deal, while Emirates NBD Bank acts as agent. ING Türkiye has not listed all 31 banks involved, but says they hail from 18 countries and that demand was 2.5 times larger than the facility’s initial target. 

Gökgöz says that as well as prioritising sustainability within its own operations, ING is also seeking to help sustainability-focused customers “gain access to international loan and debt capital markets”. 

“We believe the proceeds of this transaction, which will be used for general trade finance purposes, will contribute to both our customers and the domestic Turkish economy,” he adds. 

Hitesh Asarpota, chief executive at Emirates NBD Capital, says: “This successful syndication underscores our commitment to supporting sustainable finance initiatives and highlights our expertise in structuring complex financing solutions that align with our clients’ strategic objectives.  

“Our involvement demonstrates our dedication to fostering sustainable economic growth across the Menat region.”