IFC, a member of the World Bank Group, said it is providing a USD 60 million (EUR 52.62 million) loan to Finans Leasing, a leading Turkish leasing company, to boost lending to small and medium enterprises (SMEs) for sustainable energy efficiency projects that will cut costs and help protect the environment.
IFC will lend USD 40 million from its own resources, and mobilize the remaining USD 20 million from its new Managed Co-Lending Portfolio Program, which offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
Finans Leasing is the fourth largest leasing company in Turkey with wide geographical coverage across the country, the press release said.
Edward Strawderman, IFC Regional Head for Financial Institutions Group for Europe, Middle East, and North Africa, said, “There is still a big gap in Turkey between the substantial potential of sustainable energy projects and their realization. Our partnership with Finans Leasing aims to address this and help small and medium enterprises use Turkey’s rich renewable energy resources to mitigate climate change.”
IFC said it has been supporting private sector development in Turkey for the last 50 years. With a USD 4.3 billion outstanding, Turkey is the third-largest country in its global portfolio, the press release said.
In line with the World Bank Group Turkey Country Partnership Strategy for fiscal years 2012 to 2016, IFC has so far invested approximately USD 2.8 billion in private sector projects in Turkey over the last three years.
With a USD 4.3 billion outstanding, Turkey is the third-largest country in IFC’s global portfolio.
