Türkiye Wealth Fund publishes Sustainable Finance Framework
The Türkiye Wealth Fund (TWF), the sovereign wealth fund of the Republic of Türkiye, has published its Sustainable Finance Framework and the Second-Party Opinion (SPO) prepared for the framework.[1]
The framework will provide the basis for the issuance of various “Green, Social and Sustainable Financing Instruments” by TWF, including bonds, sukuk, loans, guarantees, project finance facilities and other financing instruments to be issued, arranged, guaranteed or supported by the fund.
Under the framework, TWF plans to use the proceeds it raises to finance or refinance eligible green and social projects that support Türkiye’s sustainable development goals and generate positive environmental and/or social outcomes.
The framework identifies clean energy, transportation, sustainable water and wastewater management, pollution prevention and control, green buildings, renewable energy and energy efficiency among the areas eligible for investment.
The objectives of these investments will be to deliver measurable environmental and social benefits; support Türkiye’s Green Development Vision, climate transition and sustainable development goals; strengthen sustainable and resilient infrastructure across Türkiye; facilitate access to diversified sources of sustainable capital; expand cooperation with international sustainable finance investors; and reinforce the fund’s commitment to responsible investment and long-term value creation.
Fund’s assets valued at $443 billion
Sustainable Fitch’s Second-Party Opinion on the framework assigned it an overall assessment of “Excellent.”
The opinion was prepared in accordance with the International Capital Market Association’s (ICMA) 2025 Green Bond Principles, 2025 Social Bond Principles and 2021 Sustainability Bond Guidelines, as well as the Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA) and Asia Pacific Loan Market Association (APLMA) 2025 Green Loan Principles and 2025 Social Loan Principles, and the International Finance Corporation’s (IFC) 2025 Blue Finance 2.0 Guidelines.
The report describes Türkiye Wealth Fund, established in 2016, as a strategic development fund seeking to deepen domestic markets through direct investment and strengthen economic independence in critical sectors.
According to the report, the fund had total assets of 19 trillion Turkish liras (approximately $443 billion) at the end of 2025. Its portfolio currently comprises 36 companies operating across seven strategic sectors, as well as two licenses and various real estate assets.
Financial services account for 74.83 percent of the fund’s total assets, followed by transportation and logistics at 10.65 percent, energy at 8.87 percent, technology and telecommunications at 3.53 percent, real estate at 0.91 percent and agriculture at 0.91 percent.
Spanish financial institution BBVA also said in a statement that it had served as Sustainability Structuring Joint Advisor for the project. In this capacity, and as part of its strategic advisory role, BBVA supported TWF in identifying and assessing eligible uses of proceeds, structuring and drafting the framework, and working jointly with Sustainable Fitch throughout the Second-Party Opinion (SPO) process.