Istanbul, June 29, 2026 — Türkiye Vakıflar Bankası T.A.O. (VakıfBank) has secured $250 million in trade finance facilities guaranteed by the Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, with J.P. Morgan acting as the sole funding bank. The facilities will increase access to trade finance for Türkiye’s export-oriented sustainable steel and renewable energy sectors, bolstering the country’s sustainable development ambitions while creating and protecting jobs.
With this transaction, VakıfBank will become the first commercial bank in Türkiye to obtain a trade finance guarantee from MIGA.
The new facility, which is 95% covered by a MIGA Trade Finance Guarantee, is intended to finance the import of recyclable steel scrap used in the production of sustainable steel by Electric Arc Furnaces in Türkiye, which account for most of the country’s steel production, as well as the import of wind turbines and related components to support the country’s energy transition.
The transaction follows a landmark EUR 1.5 billion, 10-year financing facility secured in March 2026 by VakıfBank from international financial institutions, which was backed by a partial guarantee from the International Bank for Reconstruction and Development, another member of the World Bank Group. The facility will increase access to finance for micro, small and medium enterprises and support job creation across Türkiye, with a strong focus on women and youth.
Osman Arslan, Chief Executive Officer of VakıfBank, said: “I would like to thank MIGA and J.P. Morgan colleagues for their valuable contributions to both VakıfBank and the Turkish economy in this important milestone. Through this transaction, which is in line with our development-oriented value banking vision, we aim to support the financing of export and renewable energy-focused sectors that will contribute to Türkiye’s economic growth objectives.
“When shaping our international funding strategy, we not only focus on securing new funding sources, but also on developing new and strong partnerships with a diverse range of institutions, while at the same time concentrating on solutions that support our customers operating in value-added sectors in every aspect. As one of the largest partners of the World Bank Group in Türkiye, we are particularly pleased to have established this cooperation with MIGA, another member of the same group. VakıfBank will continue to participate in various projects supporting the country’s sustainable growth in line with its development-oriented value banking vision.”
Tsutomu Yamamoto, Managing Director of MIGA, said: “We are excited to collaborate with VakıfBank and J.P. Morgan on this impactful project. Türkiye is a top 10 steel producer globally, with most of its output being less energy-intensive than traditional steel production methods, and the country also has big ambitions to increase its renewable energy capacity. This makes financing imports of recyclable steel scrap, as well as wind turbines and related components, crucial to supporting Türkiye in achieving its sustainable development ambitions while creating and protecting jobs in critical sectors.”
Mustafa Bagriacik, Senior Country Officer for Türkiye, J.P. Morgan, said, “J.P. Morgan is pleased to act as sole funding bank on Vakifbank’s USD 250 million transaction under MIGA’s Trade Finance Guarantee Program. This collaboration with MIGA and Vakifbank helps mobilize cross-border financing and support the flow of trade, reinforcing our commitment to Turkish clients as well as the strength of J.P. Morgan’s robust execution capability and global reach.”
Laura Galvin, Global Head of Export and Agency Finance at J.P. Morgan, added, “We are pleased to support VakifBank with this milestone project to enhance the financing of export and renewable energy-focused sectors that will contribute to Türkiye’s economic growth objectives. We look forward to continuing to collaborate with members of the World Bank Group to drive a development-oriented value banking strategy.”
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
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Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org