News | 02 September 2026
BBVA advises Türkiye Wealth Fund on its inaugural Sustainable Finance Framework
Türkiye’s sovereign wealth fund (TWF) has established the framework for future bond, loans and other sustainable debt instruments to finance eligible green, blue and social projects. Developed with BBVA’s strategic advice as Co-Sustainability Structuring Advisor, the framework has received a Second Party Opinion (SPO) from Sustainable Fitch, confirming its alignment with leading international sustainable finance principles and guidelines.
BBVA advised Türkiye Wealth Fund (TWF) on the development of its inaugural Sustainable Finance Framework, acting as Co-Sustainability Structuring Advisor. The new framework provides TWF with a common architecture to channel financing towards projects with environmental and social impact, both at fund level and across its portfolio. It will serve as the basis for TWF to issue, arrange, guarantee or support bonds, loans and other sustainable finance instruments, providing flexibility to mobilise sustainable financing across TWF and its portfolio.
As part of its strategic advisory role, BBVA supported TWF in identifying and assessing eligible uses of proceeds across the Turkish institution and its portfolio, structuring and drafting the framework, and liaising with Sustainable Fitch throughout the Second Party Opinion (SPO) process.
The Sustainable Finance Framework includes six categories of eligible green projects and one social category. These cover clean transportation; sustainable water and wastewater management; pollution prevention and control; green buildings; renewable energy; and energy efficiency, as well as access to essential services related to emergency preparedness, disaster response and recovery infrastructure and services. Together, these categories provide TWF with a broad platform to mobilise sustainable financing across its diversified portfolio.
The SPO issued by Sustainable Fitch confirms the framework’s alignment with leading international sustainable finance principles and guidelines, 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; and the IFC Guidelines for Blue Finance 2.0 (2025). The framework is underpinned by high standards of transparency, integrity and quality, in line with international market practice and investor expectations.
“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”, says Iván Poza, Global Head of Public sector at BBVA CIB.
“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. This collaboration has once again demonstrated the value of working with the right business partners as we continue to advance our sustainable finance agenda and contribute to Türkiye’s long-term sustainability goals”, says Dr. Mahmut Kayacık.
Through this mandate, BBVA further strengthens its long-standing relationship with Türkiye Wealth Fund and reinforces its position as a trusted strategic partner for institutions seeking to integrate sustainability into their financing strategies. The transaction also demonstrates BBVA’s end-to-end capabilities in this area, supporting clients from the identification of eligible investments and the development of dedicated frameworks through to their implementation in capital markets and loan transactions.