TSKB Secures USD 420 million Loan From The World Bank

In order to finance investments to produce renewable energy and increase energy efficiency TSKB, Turkey’s first private equity investment and development bank, has secured a 420 million dollar loan from the World Bank.

The Renewable Energy and Energy Efficiency Loan agreement between the Turkish Industrial Development Bank (TSKB) and the World Bank was signed on the 9th of June 2009 in Ankara.

The 420 million dollar loan secured under the guarantee of the Turkish Undersecretariat of Treasury will be used in the financing of investments made by companies in the private sector to produce and efficiently use renewable energy sources.

TSKB obtained 350 of the 420 million US dollar (210 million US dollar and 109.6 million Euro) loan through the World Bank, while obtaining the remaining 70 million US dollars from the Clean Technology Fund-CTF obtained by the mediation of the World Bank.

Support to investments in Turkey from the Clean Technology Fund

Developed countries are contributing to the Clean Technology Fund-CT, aimed to manage the negative effects resulting from climate change. On the other hand, the investments supported by the fund are carried out in developing countries. Turkey is one of the mentioned countries supported by the fund.

TSKB General Manager Halil Eroğlu, “With this loan, TSKB will increase its sustainable support to the renewable energy sector and will pioneer investment financing for energy efficiency.”

TSKB received the “Sustainable Bank of the Year” award for a second time

With the belief that a more livable world is only possible through taking responsible steps in regards to the environment and climate change, TSKB crowned this principle with receiving yet another award.

TSKB received the “Sustainable Emerging Markets Bank of the Year” award for Eastern Europe during the “2009 Financial Times Sustainable Banking Awards”, held with the collaboration of Financial Times and the International Finance Corporation, for a second time this year in the competition’s four year history.

TSKB General Manager Halil Eroğlu stated that TSKB is continuing its environmental operations without losing steam and said::

“In the bank’s 59 year history, TSKB has brought to life pioneering projects. In terms of the environment we are the first bank to offset its carbon footprint and be certified to the ISO-14001 Environmental Management System Standard. Within the last couple of months we have become Turkey’s first bank to become a member of the UN Environment Program Finance Initiative (UNEP FI). The “Sustainable Emerging Markets Bank of the Year” award we received for a second time this year is a symbol of our serious approach to the environment. We are very proud and content to have received this award for a second time.”

Underlining TSKB’s leading role in the financing of renewable energy and environment investments, Eroğlu states that they will be continuing to follow through with sustainable projects and support renewable energy investments.

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