- EBRD providing $25 million loan to Garanti BBVA Leasing
- Financing under TurSEFF III expands local enterprises’ access to climate finance
- Catalysing green investments and supporting small businesses
Reconfirming its commitment to supporting Turkey’s green transition, the European Bank for Reconstruction and Development (EBRD) is providing a US$ 25 million loan to Garanti BBVA Leasing for on-lending to eligible companies looking to invest in greater sustainability.
The new financing for the leasing firm follows a previous EBRD loan of TRY 270.5 million (€50 million equivalent) which has been fully utilised, benefiting almost 600 companies. Investments included projects for energy and water efficiency, waste minimisation and generation of renewable energy at small scale.
The new loan is extended under the third phase of the Turkey Sustainable Energy Financing Facility (TurSEFF) backed by technical cooperation funded by the European Union and the Republic of Turkey’s Ministry of Treasury and Finance. The programme provides financing of €400 million to commercial banks and leasing companies for on-lending to private sector small businesses as well as public sector beneficiaries for sustainable energy investments.
In Turkey, the EBRD is a major institutional investor and to date has invested more than €14 billion in various sectors of the economy through 351 projects, with 95 per cent of these in the private sector. Sustainability is at the heart of its work.