SOFIA (Bulgaria), September 19 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) has announced that it has awarded 50 million euros ($49.9 million) to Turkish company Yapi Kredi Leasing, which is part of the public banking group Yapi Kredi, to lend to stimulate investment in energy efficiency, renewable energy and the decarbonisation of the country’s economy.
The loan, which is provided by the European lender’s Green Economy Financing Facility (GEFF), will enable the recipient to offer financing to sub-borrowers for green economy investments across a range of sustainable measures, including energy efficiency, renewable energy and climate resilience. , the EBRD said in a statement last week.
As part of this agreement, Yapi Kredi Leasing will receive a technical assistance package to facilitate its leasing activities and expand access to green financing.
The loan has a maturity of two years, the Turkish leasing company said in a separate statement.
The GEFF launched a €500 million program for Turkey in April, to help the country meet its climate goals and accelerate investment in green technologies.
This will be the second line of credit granted to Turkey under the programme, and the first to a leasing company in the country, after the EBRD announced a loan of 53.5 million euros to Turkiye Sinai Kalkinma Bankasi (TSKB) earlier this year.
The latest funding will come in the form of grants from the EBRD and the Clean Technology Fund (CTF), a $5.3 billion unit of the Climate Investment Funds (CIF) that supports low-carbon economy initiatives in 19 countries in Asia, the Middle East and Africa. and Latin America. The CIF, a multi-donor trust fund supported by the World Bank, was established in 2008 to promote climate action through four different funds, including the CTF.
“Despite ambitious targets, Turkey remains a carbon-intensive economy with vulnerabilities related to the climate crisis. The EBRD is firmly committed to accelerating the country’s transition to a green future, while increasing inclusiveness and resilience of the Turkish economy,” the European Development Bank said. said.
Earlier this month, the EBRD unveiled a loan of up to $100 million to support the development of 203 MW of wind and solar projects in Turkey.
Istanbul-based Yapi Kredi Leasing operates through 14 branches across Turkey, in addition to Yapi Kredi’s bank branches, and has financed a portfolio of 650 MW to date.
($ = 1.00210 euros)