TSKB obtains US$ 40 mln Citi loan

Industrial Development Bank of Turkey (TSKB) obtained a $ 40 million loan from Citi. Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, guarantees $ 30 million of the loan that will be used to finance energy efficiency and renewable energy projects and the SME Clients.

Industrial Development Bank of Turkey (TSKB) and Citi signed the loan agreement amounting USD 40 million that will be used for financing the SME Clients and supporting energy efficiency and renewable energy projects on September, 25 2014. USD 30 million of the loan is provided with the guaranty of Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution.

CEO of TSKB, Mr. Özcan Türkakın noted that including this new loan agreement, total amount of the loans that the Bank obtained from IFIs for financing renewable energy, energy efficiency, and SME investments has reached to USD 510 million within the year 2014.

Türkakın said: ”SME Clients represent almost 80% of employment in manufacturing and service industry in our country and 65% of total turnover and total exports are driven by them. Given the fact that manufacturing industry is the largest energy consumer in our economy, investments in renewable energy and energy efficiency projects play a key role for a sustainable development. We are pleased to provide additional loans to SME Clients , renewable energy and energy efficiency projects which are vital to our economy with the collaboration of Citi.”