BBVA acted as Co-Sustainability Structuring Advisor to Türkiye Wealth Fund on the development of its first Sustainable Finance Framework, which will provide the basis for the sovereign wealth fund to issue, arrange, guarantee or support bonds, loans and other sustainable finance instruments across the fund and its portfolio companies. The framework received a Second Party Opinion from Sustainable Fitch confirming its alignment with international sustainable finance standards, including the ICMA Green Bond Principles 2025, Social Bond Principles 2025 and Sustainability Bond Guidelines 2021, the LMA, LSTA and APLMA Green and Social Loan Principles 2025, and the IFC Guidelines for Blue Finance 2.0.
The framework covers six eligible green project categories, clean transportation, sustainable water and wastewater management, pollution prevention and control, green buildings, renewable energy, and energy efficiency, alongside one social category covering access to essential services related to emergency preparedness, disaster response and recovery infrastructure. As part of its advisory role, BBVA supported Türkiye Wealth Fund in identifying and assessing eligible uses of proceeds across the institution and its portfolio, structuring and drafting the framework itself, and liaising with Sustainable Fitch throughout the Second Party Opinion process.
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Iván Poza, Global Head of Public Sector at BBVA CIB, said the 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." Dr. Mahmut Kayacık, Executive Director and CFO at Türkiye Wealth Fund, said establishing the framework "has been a key priority for the Fund," describing it as providing "a strong foundation for TWF's sustainable transformation" that will enable the fund "to further align our investments and capital mobilization efforts with international best practices."
Source: BBVA
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Ankit Palan
Sustainability Content Strategist
Ankit Palan is a Canada based writer who has been writing about sustainability for the past four years. He focuses on making topics like climate change, ESG, and responsible business easier to understand and more relatable. His work looks at how sustainability plays out in the real world, across businesses, finance, and everyday decisions, without overcomplicating it.
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