EBRD financing up to EUR 500 million combined with Clean Technology Fund ("CTF") concessional co-financing of c. EUR 20 million (only in respect of the Corporate Climate Governance Programme) to be provided in the form of loans or capital market instruments to partner financial institutions ("PFI") for financing corporate, public and residential sectors under the Bank's Green Economy Transition ("GET") Approach in Turkey.
The project aims to support green economy investments including among others energy efficiency, renewable energy and climate resilience measures. Funds may also be on-lent to vendors and producers of eligible material and equipment covered by the Green Technology Selector for Turkey. The loans will be supported by Technical Cooperation ("TC") and by incentive payments, as envisaged by the Green Economy Financing Facility ("GEFF") Framework. Concessional financing will also be available to support the Turkish corporate and financial sectors to integrate climate change into their corporate governance approach.
The Green Direct Track is chosen as this concerns a GEFF. All of the funding allocated to PFIs under this Framework will have to be used in respect of projects that qualify for 100% GET.
Approximately 10 PFIs (both existing and new) are expected to be privately owned banks and/or leasing companies in Turkey.
EBRD Finance Summary
Total Project Cost
Including c. EUR 20 million concessional co-financing.
The proposed framework should enable PFIs to access longer-term (above one year) financing which is not available from commercial sources, to finance green investments. Corporate climate governance will be promoted into PFIs' lending strategies, processes and practices for the first time in the country, alongside climate mitigation investments to further advance the transition to an environmentally sustainable, low-carbon and climate-resilient economy.
Environmental and Social Summary
Categorised: FI (ESP 2019). It is anticipated that the PFIs under this Framework which are existing clients of the Bank will already be familiar with EBRD's environmental and social ("E&S") requirements applicable to FIs. Any new PFIs that might participate under this Framework will have to complete the E&S Due Diligence questionnaire to be returned to ESD for review. Beneficiaries financed under this facility will be required to comply with national requirements for environment, health and safety and labour standards and the E&S eligibility criteria for Renewable Energy projects, where applicable, as well as other GET eligibility criteria as per the GET Policy Statement. This will be confirmed to PFIs by a Facility Consultant engaged by the EBRD. All PFIs under the Framework will be required to comply with EBRD's Performance Requirements 2, 4 and 9, adopt and implement the EBRD's E&S Risk Management Procedures for Micro, SME and Corporate Lending and submit Annual Environmental and Social Reports to the Bank, including reporting on sub-projects and their GET benefits.
EBRD funding will not be used for financing solar PV technologies produced by manufacturers with evident links to forced labour allegations.
Technical Cooperation and Grant Financing
Approximately EUR 7.1 million for technical cooperation ("TC").
Company Contact Information
PSD last updated
28 Sep 2021
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More information on the EBRD’s practices in this regard is set out in the ESP.
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Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.