International Finance Corporation, a member of the World Bank Group, said it was providing a USD 75 million (EUR 66.28 million) loan to the Industrial Development Bank of Turkey (TSKB), the country’s largest private investment and development bank, to boost lending for renewable energy and resource efficiency projects.
The loan is expected to help develop sustainable finance and energy investment projects across all sectors in the country, and cut greenhouse gas emissions. It will also help reduce Turkey’s dependence on fossil fuel and natural gas imports, IFC’s press release said.
With the line from IFC, total TSKB’s loan volume for sustainable projects in Turkey reached EUR 556.8 million last year, said Özcan Türkakın, board member and chief executive. With this project, IFC’s climate change–related finance through financial institutions in Turkey, including mobilization, surpasses EUR 880 million, the statement said. IFC has supported private sector development in Turkey for 50 years. With a portfolio of EUR 3.8 billion, Turkey is its third-largest country exposure, the press release adds.