Türkiye Green Fund Invests EUR 30 Million in Sapro, with TSKB as the Principal Investor of the Fund
Türkiye Green Fund, the first loan-backed venture capital investment fund in Türkiye and in the world focusing on emissions reduction and inclusive transformation, completed its second investment. Türkiye Green Fund invested EUR 30 million in Sapro.
TSKB (Industrial Development Bank of Türkiye) made its second investment of EUR 30 million in Sapro under Türkiye Green Fund, which was established with funds obtained from the World Bank under the guarantee of the Ministry of Treasury and Finance of the Republic of Türkiye. Provided entirely through capital increase, the investment aims to support Sapro's green transformation and growth strategies and contributes concretely to nature-positive production.
Türkiye Green Fund aims to reduce greenhouse gas emissions and support the green and inclusive transformation of the Turkish economy by making medium-term and long-term investments in companies that offer added value in areas with a potential for growth and development in line with Türkiye's development plan. To that end, an active role will be assumed in the deepening and diversification of capital markets with a focus on climate finance, thus mobilizing private equity.
As part of this collaboration, Sapro, one of Europe's leading wet wipe manufacturers, will implement environmental transformation plans such as reducing carbon footprint, renewable energy investments, efficiency projects, waste and water management. The investment also intends to accelerate inclusive and green industrial transformation in line with Türkiye's 2053 Net Zero target.
Commenting on the agreement, TSKB CEO Ozan Uyar said, "As a bank that has been working for Türkiye's multidimensional development for over 75 years, we are happy to realize our second investment under the Türkiye Green Fund, which we established by combining our deep expertise in development banking with our investment banking operations. Türkiye Green Fund is a strong reflection of our long-standing relationship with the World Bank, and we are expanding our support for development by undertaking initiatives that will further advance our partnership. This collaboration with Sapro is a strategic step that will not only accelerate the green transformation of our industry but also strengthen the compliance of our domestic production with global standards. I hope this valuable collaboration will be auspicious for all our stakeholders, particularly Sapro, and for our country."
Stating that the investment in Sapro by Türkiye Green Fund, a fund originating from the World Bank, was in line with their sustainability vision, Sapro Chairperson Ceyhun Zincirkıran said, "Today, baby care is a major reason for using wet wipes. Caring for babies - the most cherished members of every family - is of great importance to us as well. Since the day we were founded, we have been developing products that will not harm babies - our most precious asset - and designing sustainable products for the future of our world. As Türkiye's largest private label wet wipes producer and one of the four largest producers in Europe, we continue to focus on developing natural ingredients. We serve globally through our investment in wet wipe fabric, which we produce from 100% recyclable, biodegradable, compostable, 100% plant-based natural fiber, and we are among the Turkish companies that make the highest level of sustainability investments in their respective field of operation. We would like to thank Türkiye Green Fund for its valuable contribution to our company and for creating the ecosystem that provides the relevant investment needs of our country."
Maxis Venture Capital CEO Özgür Temel stated that Türkiye Green Fund continued to support the green transformation processes of companies in line with decarbonization and inclusive transformation targets. "This investment we have made in Sapro is the second investment. Sapro has been operating for almost three decades and has a well-established position in its sector thanks to a strong export capability and a broad customer base. The company has a strong starting point in terms of transformation through its advanced technology and efficiency-oriented production infrastructure. While this investment constitutes a strong example of Türkiye Green Fund's approach to supporting green transformation in the industry with concrete and measurable steps, the funds provided through Türkiye Green Fund will be used to reduce the company's carbon footprint and increase operational efficiency."
Humberto Lopez, World Bank Country Director for Türkiye, said, "Türkiye Green Fund is proof that public funds can mobilize private equity to accelerate industrial transformation and decarbonization. The investment in Sapro signals the emergence of a scalable financing model for low carbon production in Türkiye. The World Bank is committed to supporting platforms that increase competitiveness, accelerate industrial innovation and mobilize private investments."
