Azerbaijan, Baku, 29 June / Trend E. Aliyev /
The European Bank for Reconstruction and Development (EBRD) has allocated a loan of $80 million to Turkish bank Yapı Kredi, according to the report released by EBRD.
The loan aims to further promote energy efficiency and renewable energy investments among Turkey's small and medium-sized enterprises (SMEs).
The loan is provided under the EBRD's Turkish Sustainable Energy Financing Facility (TurSEFF) - a dedicated finance facility aimed at supporting Turkey's long-term energy strategy. Launched in July 2010, the US$ 284.2 million TurSEFF, supported by an EU grant, was extended by another US$ 265 million in early 2013 to meet the growing demand for business energy efficiency and renewable energy investment among Turkey's SMEs.
"The EBRD makes financing more accessible for businesses that want to invest in new technologies, helping them save energy and cut bills," said Francis Malige, the EBRD's Director for Financial Institutions in Turkey and the Southern and Eastern Mediterranean.
"We are particularly delighted to welcome Yapi Kredi as a new party to this joint effort of helping Turkey become a low-carbon economy," he added.
Sustainable energy is a key priority of the EBRD in Turkey. To date the Bank has invested more than €1.2 billion in Turkey's sustainable energy - almost half of its total portfolio in the country.
Since the beginning of its operations in Turkey in 2009, the EBRD has invested more than €3.0 billion in the country, both in direct deals and through credit lines. Last year Turkey became the EBRD's second-largest country of operations, with €1 billion in new investments in 2012 alone.