On April 06, 2023 OJSC Xalq Bank (Azerbaijan) participated in Turkey's Ziraat Bank Sustainability Linked syndicated loan project totalling $1.3 billion to be used according to ESG criteria. Loans extended within the Earthquake Support Packages to relieve the effects of the earthquake in February, were determined as the sustainability performance criteria.
The syndicated loan involved 53 banks from 24 countries. The
participation of Xalq Bank (Azerbaijan) in this project is of great
importance in terms of strengthening inter-bank relationships and
providing for sustainable development of cooperation with banks in
the Republic of Turkey.
A syndicated loan is a financing tool offered by a group of lenders
referred to as a syndicate to provide funds for a single
borrower.
In 2023, OJSC Xalq Bank also participated in Turkey's Ziraat Bank $1.24 billion syndicated loan project with ESG criteria. ESG refers to social responsibility principles included as environmental, social and governance criteria.
Ziraat Bank is a state-owned bank in Turkey has been operating since 1863 and has 116 offices in 17 countries all over the world.
Xalq Bank, founded in 2004, is one of the three largest private banks in Azerbaijan in terms of key balance sheet indicators.