Japanese bank provides $200M loan to Turkish lender for energy projects

By Gokhan Ergocun

ISTANBUL (AA) - The Japan Bank for International Cooperation (JBIC) has extended a $200 million credit to the Development and Investment Bank of Türkiye (TKYB) for energy projects.

The credit, under a theme named "Green 4," is intended to finance energy and energy efficiency projects, the Turkish bank said on Thursday.

While JBIC served as the primary financier, the Bank of Tokyo-Mitsubishi UFJ and Resona Bank were among the financiers.

The 12-year-term loan will be utilized for renewable energy and energy efficiency projects in Türkiye.

Ibrahim Oztop, the general manager of TKYB said: "This fourth green-themed 'Green 4' agreement with JBIC represents the strong cooperation between our organizations and the international trust in Türkiye."

Ryuta Suzuki, the general manager of JBIC's energy department, stressed: "The existing Green 3 loan signed in March 2021 was JBIC's first energy efficiency incentive program."

"The successful implementation of the Green 3 loan demonstrates the importance of energy efficiency projects in achieving a carbon-free future without disrupting economic growth."