TSKB and EBRD Sign the Second Loan Agreement under the Green Economy Financing Facility (GEFF)

TSKB and EBRD signed the second loan agreement under EBRD’s Green Economy Financing Facility (GEFF) to support green economy investments in Türkiye. EBRD’s loan facility to TSKB amounts to a total of EUR 100 million and will be used to finance green investments such as energy efficiency, renewable energy and climate resilience measures. Gender responsive criteria will be considered while identifying beneficiaries.

For years now, TSKB (Industrial Development Bank of Türkiye) has had a proven track record of actively supporting Türkiye’s transition to a low carbon economy with a vision of sustainable development. TSKB has recently signed a second loan agreement (GEFF II) amounting to EUR 100 million with EBRD (European Bank for Reconstruction and Development) under the Green Economy Financing Facility to support climate-friendly projects around Türkiye.

TSKB had signed GEFF I loan agreement in April 2022, thus emerging as the first institution securing EBRD funds as part of the Green Economy Financing Facility (GEFF). The GEFF II agreement is the continuation of the first agreement and addresses gender responsive criteria in addition to the goals in the initial agreement.

The funds to be disbursed under GEFF II will be used to finance green economy investments such as energy efficiency, renewable energy and climate resilience measures in addition to nature and biodiversity, blue economy, sustainable transportation and tourism investments.

Commenting on the loan obtained from the EBRD, TSKB CEO Murat Bilgiç said: “At TSKB, we have long been developing projects to transform the future for our country’s economic, social and cultural development. Following the establishment of our esteemed business partner, EBRD’s Türkiye office, we have initiated our collaboration right away with them and signed seven agreements in the fields such as agricultural financing, energy and resource efficiency and renewable energy, including co-financing agreements. In 2022, we signed a loan agreement with EBRD under the Green Economy Financing Facility (GEFF) and became the first implementer of the project in Türkiye. GEFF II is the continuation of GEFF I and highlights gender responsiveness as a key criterion in addition to climate goals. By this means, we intend to contribute to inclusive transformation. Now we will proactively keep supporting climate risk mitigation and climate adaptation investments in line with our emission targets, and we will maintain an inclusive approach in persistently enhancing our support to Türkiye’s green transformation with our loan portfolio which has been tailored with a focus on Sustainable Development Goals (SDGs) through the years.” 

EBRD First Vice President, Jürgen Rigterink said: “We are very happy to partner once again with TSKB to promote energy efficiency and inclusion in Türkiye. Providing dedicated finance is key to advancing the green transition in the country.