Transaction represents IBB’s first-ever foreign currency syndicated financing that incorporates a Shari’ah-compliant structure, reinforcing Emirates NBD’s leadership in innovative financing solutions

Emirates NBD Capital acted as the Sole Coordinator, Initial Mandated Lead Arranger, and Bookrunner

Dubai, UAE: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced the successful arrangement of USD 75 million and EUR 20 million syndicated Conventional and Shari’ah-Compliant Term Financing Facilities (“Facilities”) on behalf of Istanbul Büyükşehir Belediyesi (“Istanbul Metropolitan Municipality” or “IBB”), signed on 20 October 2025. Emirates NBD Bank (P.J.S.C.) served as the Facility Agent.

Istanbul Metropolitan Municipality is the local public authority of Istanbul, providing essential social, economic and cultural services to the city. It is the largest local administration in Türkiye and is a major global city for business within the country acting as a major economic hub bridging Europe and Asia.

The five-year syndicated term facility marks IBB's entry into the Islamic syndicated loan market, setting a precedent for its future financings and a new benchmark in the Turkish municipal finance market. Proceeds of the Facility will be utilised in financing the development of an ongoing strategic infrastructure project in Istanbul. The Facility includes a hybrid structure, incorporating both Islamic (Shari’ah-compliant) and conventional tranches in dual currencies.

Hitesh Asarpota, CEO of Emirates NBD Capital, said: “We are honoured to partner with Istanbul Metropolitan Municipality on this landmark debut syndicated loan facility, an achievement that sets a new benchmark for Turkish municipal finance. This pioneering transaction not only underscores IBB’s forward-looking vision and financial strength but also highlights the trust and confidence that regional and international investors place in both IBB and Emirates NBD’s market-leading syndication platform. We look forward to supporting Istanbul’s continued growth and facilitating innovative financing solutions across the region.”

Emre Yeşilördek, CFO of Istanbul Metropolitan Municipality, added: “We are delighted to collaborate with Emirates NBD and the participatory banks on Istanbul Metropolitan Municipality’s landmark debut syndicated loan facility. This successful transaction reflects our commitment to transparent, sustainable, and innovative municipal financing, while demonstrating the strong confidence that both regional and international lenders place in Istanbul and in our long-term strategy. We will continue to pursue financing structures that support Istanbul’s resilience, sustainable growth, and global competitiveness.”

Amidst regional and market challenges, the transaction attracted liquidity from regional and international banks. This milestone transaction underscores IBB’s strong market standing and the continued confidence of the investors.

The primary significance of this transaction extends beyond the immediate funding boost for Istanbul and is a breakthrough in local governance finance for Türkiye, providing a crucial bankable template to tap the syndicated loan market. Through these facilities, IBB is diversifying its funding opportunities away from reliance on domestic banks and treasury support, linking local infrastructure projects directly to global capital.

Participating Banks
• Emirates NBD Bank (P.J.S.C.)
• AL AHLI BANK OF KUWAIT K.S.C.P. (DIFC BRANCH)
• INTESA SANPAOLO S.P.A. – DUBAI BRANCH
• SHARJAH ISLAMIC BANK PJSC.

About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 30th September 2025, total assets were AED 1.139 trillion, (equivalent to approx. USD 310.1 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 797 branches and 4,526 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion.  

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

About IBB
Istanbul, with a population of around 16 million, is Türkiye’s largest city and Europe’s largest municipality. Known for its transcontinental location and 8,500 years of history, Istanbul serves as Türkiye’s economic hub, hosting numerous corporate headquarters and contributing approximately one-third of the country’s GDP.

Istanbul Metropolitan Municipality, together with its 2 affiliates and 30 subsidiaries, delivers modern local services in line with 21st-century governance standards, while preserving the city’s cultural identity and advancing objectives such as resilience, accessibility, environmental sustainability, and innovative, participatory management. As of 30 September 2025, IMM’s total assets amounted to TRY 1.461 billion (approx. USD 35.2 billion) on a solo basis, and TRY 2.356 billion (approx. USD 56.6 billion) including its affiliates and subsidiaries.

The Municipality finances its infrastructure and superstructure projects through a range of financial instruments, including bonds, loans, and murabaha facilities. The Municipality works with a broad network of financial institutions across Europe, the Americas, Asia, and the Middle East. To date, the Municipality has partnered with over 20 multinational lenders and development finance institutions to support the financing of major superstructure projects, reflecting its commitment to transparent financial management, sustainable urban development, and the continued growth and resilience of Istanbul.