BAKU, Azerbaijan, December 29. The European Bank for Reconstruction and Development (EBRD) has provided 15.4 million euros to Türkiye's Kutes metal casting company to support the deployment of solar power plants and sustainable practices, Trend reports.
The loan is provided through the EBRD's Risk Sharing Framework (RSF). Under the agreement, the EBRD is taking on half of Türkiye Sinai Kalkinma Bankasi (TSKB) development bank's credit risk for the transaction.
Kutes decided to invest in 26 MW of solar power plants in Kirklareli and Edirne in Türkiye. This EBRD funding will help Kutes meet the energy needs of its casting facility and reduce more than 80 percent of its electricity use.
The RSF is a key financial tool in the EBRD's Small Business Initiative, aimed at helping local private companies grow. The bank supports partner banks by providing funding or risk participation in foreign or local currency. This involves co-financing and guaranteeing loans from partner banks to eligible companies.
So far, the EBRD has put over €19 billion into the Turkish economy, with a focus on supporting private businesses.