TSKB secures € 50 million line of credit from AFD to finance renewable energy and energy efficiency investments

7 October 2009
- 3 min Read

On October 6th 2009, within the framework of bilateral cooperation between France and Turkey, Turkiye Sınai Kalkınma Bankası (TSKB) secured a line of credit of € 50 million, from the French Development Agency (AFD). The signatories where represented by their respective Chief Executive Officers, Jean Michel Severino for AFD and Halil Eroglu for TSKB. The ceremony was witnessed by French General Consul to Turkey Hervé Magro.

This line of credit aim at making long term financial resources available to foster the development of renewable energy and energy efficiency projects in Turkey in order to reduce greenhouse gas emissions. The agreement also includes specific technical assistance and training program to develop awareness around renewable energy and energy efficiency and to support TSKB’s customers in this regard. Carbon dioxide emissions reduction, as well as carbon assets generated and energy saving achieved will be monitored.

“Building low carbon economies is a strategic focus for the AFD Group. The agreement we are signing today with our longstanding partner TSKB is part of a major program our Group is embarking-in to foster the development of renewable energy and energy efficiency investments. All together, that is € 200 million that the AFD Group will allocate during 2009 in Turkey to tackle climate change. This program falls under the umbrella of the memorandum of understanding, aiming at supporting investment that contribute to the reduction of greenhouse gas emissions, signed last April between AFD and the Ministry of Environment and Forestry of the Republic of Turkey” says AFD’s Chief Executive Officer Jean Michel Severino.

“Financing of renewable energy and energy efficiency projects is a priority area for TSKB. In a period of five years we have provided finance to 79 renewable energy projects in Turkey. We are committed to finance sustainable development projects. The new facility we are securing from AFD will be used to this effect. We are very happy with our flourishing cooperation with AFD and will use this facility to finance innovative energy efficiency and renewable energy projects” says TSKB’s CEO Halil Eroglu.