Turkish bank gets funding to mitigate impacts of climate change on food security: The International Islamic Trade Finance Corporation (ITFC) advanced USD 100 mn in financing to the Development and Investment Bank of Türkiye to boost food security in Turkey, according to a statement published last week. The funding aims to enhance the agricultural and food sectors, addressing supply chain disruptions caused by climate change and the 2023 earthquake.

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The details: The financing, which has backing from the Ministry of Treasury and Finance, will support businesses in their import and export activities, contributing to food security and economic recovery in the regions impacted by climate change and natural disasters.

ITFC has been active in the climate sector: ITFC and the Regional Voluntary Carbon Market Company signed an MoU to support sustainability goals in the Maldives by assessing the feasibility of blue carbon credits in May.

Turkey has been upping green-finance game: Dutch-based ING Bank NV’s Turkey unit ING Türkiye secured a EUR 176 mn sustainability-linked loan last month. The facility includes sustainability performance criteria, allowing for improved pricing if ING Türkiye meets targets for green and social loans and enhances its Organization Health Index score. Turkey’s largest public food manufacturing company Ulker landed USD 90 mn investment from EBRD for its first sustainability-linked Eurobond issuance earlier this month.

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