The European Bank for Reconstruction and Development has provided a EUR 53.5m loan to the Industrial Development Bank of Turkey (TSKB). The loan will be used for investments in Turkish companies working on climate change solutions.
The loan, granted within the frame of the EBRD’s Green Economic Financing Facilities (GEFF), will also be used for technologies and services supporting the move to a green economy.
“TSKB is the first institution that received funding within the frame of the GEFF in Turkey,” said Arvid Tuerkner, Turkey Managing Director for the EBRD.
The TSKB financing will also be supported by the U.S.-based World Bank’s Clean Technology Fund (CTF).
“The shift of the real sector to sustainable business models, which we call ‘green transformation,’ is of critical importance for efficient management of climate-linked risks and opportunities. Impact-oriented development finance instruments enable the transformation of all sectors. With this loan, we’ll provide additional resources for sustainable investments,” said Murat Bilgic, General Manager of TSKB.
The EUR 53.5m in financing aims to support green economy investments, including energy efficiency and renewable energy. The loan will be invested by companies in Turkey towards the fight against climate change.