TSKB Signs a USD 220 Million Loan Agreement with JBIC

10 Fabruary 2022
- 3 min Read

Standing out with its green transformation-oriented activities in Turkey's development, TSKB has signed a USD 220 million loan agreement with JBIC. Under this loan, TSKB will finance renewable energy and energy efficiency investments intended for reducing greenhouse gas emissions in Turkey.

Industrial Development Bank of Turkey (TSKB) has signed a green-themed loan agreement with the Japan Bank for International Cooperation (JBIC) at a total amount of USD 220 million. This loan is the continuation of the USD 150 million loan which TSKB obtained from JBIC in March 2015. Through this new fund, TSKB will finance renewable energy and energy efficiency investments intended for reducing greenhouse gas emissions throughout Turkey as well as advanced technology-supported projects in this area. Sumitomo Mitsui Banking Corporation (SMBC) supported the loan with the biggest share after the JBIC as a participating bank.

Commenting on the loan obtained under the repayment guarantee of the Republic of Turkey Ministry of Treasury and Finance, TSKB CEO Ece Börü said, “In line with our sustainable development-oriented banking mission, we have been offering financing and consultancy opportunities for investments regarding transition to a low-carbon economy since the early 2000s. 387 renewable energy projects which we have supported until the end of 2021 correspond to 15% of our country’s installed power in this field. Through 149 efficiency investments we have supported in energy and resource-intensive industries, we contribute to our country’s annual carbon emissions reduction by 15,8 million tons.

As a bank the loan portfolio of which consists of investments related to UN Sustainable Development Goals (SDGs) by 90%, we are very happy to create additional funds for our country's investors with the second phase of the green-themed loan agreement we signed with JBIC. We believe that this important agreement signed through our long-standing cooperation with JBIC is an indicator of the trust in our bank and our country.”

JBIC’s Istanbul Representative Ryuta Suzuki said, In the global decarbonization trend, energy conservation projects are becoming more important than ever in Turkey as well. Especially in Turkey, which is a manufacturing and export base for Europe, promoting energy conservation in the industrial sector is an urgent issue. We believe that by collaborating with TSKB, which supports Turkey's industrial sector, it will be possible to strengthen the export competitiveness of Turkish companies and contribute to the sustainable growth of Turkey at the same time.