Emirates NBD Leads Landmark Syndicated Financing for Istanbul Metropolitan Municipality, Its First-Ever Multi-currency, Dual Structure Syndication

2 Min | 16 December 2025

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, 16 December 2025: 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.

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