{"id":87770,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/05\/ifc-backs-turkish-cement-maker-with-usd-70-mn-decarbonization-loan\/"},"modified":"2024-11-05T00:00:00","modified_gmt":"2024-11-05T00:00:00","slug":"ifc-backs-turkish-cement-maker-with-usd-70-mn-decarbonization-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/05\/ifc-backs-turkish-cement-maker-with-usd-70-mn-decarbonization-loan\/","title":{"rendered":"IFC backs Turkish cement maker with USD 70 mn decarbonization loan"},"content":{"rendered":"

Another USD 70 mn green loan for Turkey: <\/strong>The IFC agreed to loan Turkish cement manufacturer \u00c7imsa \u00c7imento USD 70 mn to aid its decarbonization plans, according to a press release<\/a>. The money will help the energy-intensive company increase its use of renewable energy to 20% by 2025 while reducing its emissions by 10%. Turkey is the world\u2019s second-largest cement exporter, with \u00c7imsa making a significant contribution. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What are \u00c7imsa\u2019s decarbonization plans? <\/strong>The company\u2019s decarbonization efforts will include increasing energy efficiency, installing solar PV panels, improving waste heat recovery systems, and increasing the share of power generated from renewables. The IFC will also support \u00c7imsa with its Cement Decarbonization Tool Advisory Service, which helps companies in the hard-to-abate sector identify where their operations can be optimized. <\/p>\n

IFC ? Turkey: <\/strong>The IFC is a major backer<\/a> of Turkey with a USD 5.2 bn financing portfolio. Last month, the IFC backed QNB T\u00fcrkiye\u2019s blue and green bond issuance. The corporation also injected EUR 100<\/a>mn<\/a> into the private bank T\u00fcrk Ekonomi Bankas\u0131 A.\u015e. in May to fund women-owned SMEs that are geared towards climate mitigation and adaptation as well as agribusinesses. In October 2023<\/a> , the IFC said it would invest USD 125 mn in Diversified Payment Rights (DPR) to Turkey\u2019s state-owned bank Yap\u0131 Kredi, with at least 35% of the funds earmarked for SMEs focused on energy efficiency and renewables. <\/p>\n

ICYMI- <\/strong>Just last week, the Climate Investment Funds also announced USD 70 mn<\/a> in the country\u2019s power transmission infrastructure to support expansion. CIF, alongside the European Bank for Reconstruction and Development and the World Bank Group, hopes that this initial investment would help galvanize more than USD 1 bn more funding from other partners to support grid expansion efforts.<\/p>\n","protected":false},"excerpt":{"rendered":"

The money will go towards \u00c7imsa \u00c7imento\u2019s decarbonization efforts<\/p>\n","protected":false},"author":1,"featured_media":87771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,74,11,164,162,191],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-decarbonization","tag-enterpriseclimate","tag-green-finance","tag-ifc","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"1c0ce3b9-4c54-4d82-a254-a6d5d1222426","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/345.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IFC backs Turkish cement producer with USD 70 mn decarbonization loan","related_issue":[87765],"teaser":"The money will go towards \u00c7imsa \u00c7imento\u2019s decarbonization efforts","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.227d78c6-cf24-4714-a37e-8e58302dd18a.mp3"},"yoast_head":"\nIFC backs Turkish cement maker with USD 70 mn decarbonization loan - 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