Simmons & Simmons has successfully advised ING Bank, a branch of ING DiBa AG, Standard Chartered Bank and BNP Paribas on a €300 million IBRD covered syndicated financing (second tranche) for Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB), a leading Turkish development and investment bank.
The financing is 60% guaranteed by the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group, and counter guaranteed by the Ministry of Treasury and Finance of Türkiye.
This transaction represents the second tranche of IBRD covered financing provided to TSKB. Simmons & Simmons also acted as legal adviser to the same group of lenders in connection with the first tranche, which closed in October 2025.
The proceeds of the financing will be used by TSKB to extend sub loans to eligible enterprises supporting climate adaptation and resilience investments in Türkiye, further facilitating the deployment of climate focused capital through multilateral backed structures.
The transaction was led by Sergei Kabanov, Partner, with primary support from Louise Mackenzie, Managing Associate, Emma Prime, Associate, and Nick Milne, Trainee, all from the ENRIC team.
John Sayers, Partner, and Jeremy Arscott, Consultant, from the Banking team advised the lenders on the EU Capital Requirements Regulation in the context of the IBRD cover.
Sergei Kabanov commented: “This second tranche financing further demonstrates the important role that IBRD covered structures play in mobilising capital for climate adaptation and resilience investments. We are pleased to have supported the lenders once again on this transaction, drawing on our experience in advising on complex, cross border financings involving multilaterals and public sector risk mitigation.”
