IFC Partners with TSKB to Promote Renewable Energy and Energy Efficiency Lending in Turkey

IFC, a member of the World Bank Group, is providing a $75 million loan to Industrial Development Bank of Turkey (TSKB) to help finance renewable energy and energy efficiency projects in Turkey.

Over the last decade, TSKB has become the leading provider of renewable energy finance in Turkey. With this transaction, IFC is supporting TSKB to develop lending for energy efficiency finance, which is still nascent in Turkey.

“IFC is one of our key partners in scaling up energy efficiency lending,” said Fevzi Onat, CEO of TSKB. “We are targeting companies in the manufacturing, agriculture, construction sectors who want to upgrade machinery and equipment in order to save energy and reduce green house gas emissions.“

K. Aftab Ahmed, IFC Director, Financial Markets, for Europe and Central Asia, said, “Climate change and other environmental risks created by rapid industrialization present a growing challenge. Our long-term partner, TSKB, is helping meet that challenge with pioneering approaches to energy efficiency and renewable energy finance.”

Development of energy projects is fundamental to sustainable development and poverty reduction in developing countries. However, investments today and in the future need to integrate measures that mitigate adverse effects, whether climate-related or otherwise.

Türkiye Sınai Kalkınma BankasıTurkey’s comprehensive environmental portal cevreciyiz.com is supported by TSKB.