Emirates NBD leads financing facilities for the Istanbul Municipality

Yesterday, Emirates NBD Bank announced its success in arranging joint financing facilities with a traditional dual structure and compatible with the provisions of Islamic Sharia, worth $75 million and 20 million euros, on behalf of the Greater Istanbul Municipality, and it was signed on October 20, 2025, indicating that it acted as an agent for these facilities.

The bank stated, in a statement, that these five-year joint financing facilities represent the entry of the Greater Istanbul Municipality into the joint Islamic loan market, which sets a precedent for its future financing and a new standard in the Turkish municipal financing market.

He added that the proceeds from this financing will be used to develop one of the existing strategic infrastructure projects in Istanbul, pointing out that the financing includes a hybrid structure that combines Islamic segments (compatible with the provisions of Islamic Sharia) and traditional segments in two currencies.

Hitesh Asarputta, CEO of Emirates NBD Capital, said: “This deal confirms the forward-looking vision of the Greater Istanbul Municipality and its financial strength, and also highlights the confidence of regional and international investors in the Istanbul Municipality and the leading syndicated financing platform of Emirates NBD. We look forward to supporting the continued growth of Istanbul and facilitating innovative financing solutions in the region.”

For his part, the Chief Financial Officer of the Greater Istanbul Municipality, Emre Yesilurdak, said: “We are pleased to cooperate with Emirates NBD and the participating banks in the first joint loan facility for the Greater Istanbul Municipality, which represents a major achievement. This successful deal reflects our commitment to transparent, sustainable and innovative municipal financing, as well as highlighting the great confidence that regional and international lenders have in Istanbul and our long-term strategy.”

Emirates NBD, Al Ahli Bank of Kuwait (DIFC Branch), Intesa Sanpaolo S.P.A. (Dubai Branch), and Sharjah Islamic Bank participated in arranging the financing.