European bank backs Turkey’s green investments

By Gokhan Ergocun

ISTANBUL (AA) – The European Bank for Reconstruction and Development (EBRD) has provided a fund of €40 million (over $47.9 million) to boost Turkey’s resource efficiency and renewable energy projects.

In its first transaction with Turkish leasing firm Is Finansal Kiralama, the bank is providing loan to finance investments in green projects, according to a press release issued on Friday.

“Greening the Turkish economy is one of the EBRD’s main goals in the country,” read the statement.

The loan has been provided under the Turkey Sustainable Energy Financing Facility backed by the EU and funds from Turkey’s Ministry of Treasury and Finance, it said.

“Launched in 2010, the credit line has provided €666 million [over $798 million] to finance more than 1,800 projects, helping to install a total of 582 MW of renewable energy capacity in the country,” the EBRD said.

Is Finansal Kiralama, a subsidiary of Turkish private lender IsBank, is the second-largest leasing firm in the country.

The EBRD, a leading institutional investor in Turkey, has invested almost €13 billion (over $15.5 billion) in the country, the statement said.