TSKB and EBRD sign first loan agreement under the Green Economy Financing Fund
Within the framework of the EUR 53.5-million Green Economy Financing Fund provided to TSKB by the EBRD, technology and services for green transformation throughout Turkey will be financed.
TSKB (Turkish Industrial Development Bank) and EBRD (European Bank for Reconstruction and Development) have signed a new loan agreement that supports the green economy. Within the framework of the Green Economy Financing Fund (“GEFF”) with a total amount of 53.5 million Euros provided to TSKB by the EBRD, technology and services for green transformation in Turkey will be financed.
With the loan, it is aimed to support the energy efficiency and renewable energy investments of companies within the scope of combating climate change. TSKB had previously secured a USD 220-million loan from the Japan Bank for International Cooperation (JBIC) as we reported.
TSKB General Manager Murat Bilgic said: “For the effective management of climate-related risks and opportunities, the transition of the real sector to sustainable business models, which we refer to as green transformation, is critical. In this transition, impact-oriented development finance tools enable a transformation that covers all sectors. We, as TSKB, play an effective role in this area with our financing models based on sustainability criteria. We are happy to provide additional resources for sustainable investments with this new loan agreement that we signed with our esteemed business partner, the EBRD, which strengthens our decisive steps towards the green economy”.
Arvid Tuerkner, EBRD Turkey Director, said: “As the EBRD, we are very pleased that TSKB is the first recipient of funds under the innovative GEFF framework, which aims to improve corporate climate governance practices of Turkish financial institutions and increase the sustainability of their operations, in addition to providing green financing to companies.”