EBRD extends a EUR 25 mn loan to boost Turkey’s green economy

EBRD gives Turkey’s green economy financing ecosystem a boost: The European Bank for Reconstruction and Development (EBRD) is extending a EUR 25 mn loan to Turkey’s QNBFinansleasing to support onlending for green economy initiatives, according to a press release.

Where’s the money going? The funds will be channeled towards energy efficiency, renewable energy, and climate resilience projects, the statement notes. The loan falls under the Turkey Green Economy Financing Facility II (GEFF II) which aims to promote green finance in the country.

EBRD ? Turkey: The EBRD extended a USD 60 mn (EUR 55 mn) loan to Turkish renewable energy firm Borusan EnBW Enerji last month for building a 116 MW onshore wind energy project in Sivas and Tekirdağ. Earlier in August, the Turkish multinational snack manufacturer Ulker received USD 90 mn from EBRD in its first sustainability-linked Eurobond issuance. The bank also provided a USD 25 mn loan to Turkish leasing firm Garanti Finansal Kiralama last year for on-lending to green businesses. Turkey’s Galata Wind also secured a USD 45 mn loan from the bank in November 2022 to finance up to 50 MW of capacity expansions in two wind power plant projects in Mersin and Balikesir. According to figures by the bank, its total investments in the country since 2009 has hit the EUR 20 bn mark.