BBVA has served as Co-Sustainability Structuring Advisor to the Türkiye Wealth Fund (TWF) on the development of its inaugural Sustainable Finance Framework.
The newly established framework provides TWF with a unified capital-allocation architecture to channel debt financing towards environmental and social projects, both at the fund level and across its broader portfolio. The structure will enable TWF to issue, arrange, guarantee, or support bonds, loans, and other sustainable finance instruments.
As part of the advisory mandate, BBVA supported TWF in identifying eligible uses of proceeds, drafting the framework, and managing the Second Party Opinion (SPO) verification process with Sustainable Fitch.
The Sustainable Finance Framework defines six green project categories and one social project category:
- Green Categories: Clean transportation, sustainable water and wastewater management, pollution prevention and control, green buildings, renewable energy, and energy efficiency.
- Social Category: Access to essential services, specifically focusing on emergency preparedness, disaster response, and recovery infrastructure.
The SPO issued by Sustainable Fitch confirms the framework’s alignment with international market standards, including the ICMA Green Bond Principles 2025, Social Bond Principles 2025, and Sustainability Bond Guidelines 2021; the LMA, LSTA, and APLMA Green Loan Principles 2025 and Social Loan Principles 2025; alongside the IFC Guidelines for Blue Finance 2.0 (2025).
Iván Poza, Global Head of Public Sector at BBVA CIB, stated: “This inaugural Sustainable Finance Framework marks an important milestone in Türkiye Wealth Fund’s sustainability journey and strengthens its ability to channel capital towards initiatives with tangible environmental and social impact. Supporting Türkiye Wealth Fund in its development reflects BBVA’s role as a strategic sustainability partner, helping clients translate their priorities into robust and credible financing solutions while meeting investors’ and lenders’ growing expectations around rigour and transparency.”
Dr Mahmut Kayacık, Executive Director and Chief Financial Officer at Türkiye Wealth Fund, added: “Establishing TWF’s Sustainable Finance Framework has been a key priority for the Fund, reflecting our ambition to support Türkiye’s sustainability objectives as the country’s sole sovereign wealth fund. We are pleased that the Framework provides a strong foundation for TWF’s sustainable transformation, enabling us to further align our investments and capital mobilization efforts with international best practices. We are also pleased to have partnered with BBVA, our Co-Sustainability Structuring Advisor, throughout this important initiative.”
The transaction expands BBVA’s ongoing advisory work with sovereign wealth entities and public sector clients structuring sustainable capital market instruments.
