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Development and Investment Bank of Türkiye Contributes USD 417 Million to Carbon-Emissions Reduction

Development and Investment Bank of Türkiye Contributes USD 417 Million to Carbon-Emissions Reduction

April 19, 2024

Development and Investment Bank of Türkiye (TKYB) signed loan agreements for USD 200 million and EUR 200 million with the International Bank for Reconstruction and Development (IBRD), under the guarantee of the Republic of Türkiye Ministry of Treasury and Finance, to support carbon-emissions reduction projects in Türkiye’s industrial sector.

The loan provided by IBRD aims to provide long-term financing for projects designed to reduce carbon emissions at industrial companies in Türkiye. By supporting emissions-reduction investments in high-emitting sectors, the agreement is intended to contribute directly to Türkiye’s 2053 net-zero emissions target.

Development and Investment Bank of Türkiye Contributes USD 417 Million to Carbon-Emissions Reduction

Development and Investment Bank of Türkiye Contributes USD 417 Million to Carbon-Emissions Reduction

Stating that the loan agreement represented major cooperation on behalf of Türkiye, TKYB CEO İbrahim Öztop said: “Through this agreement with IBRD, we will support investments in high-emitting industries, particularly metals, chemicals and cement, with long-term financing. We believe that this project, which we will implement in consultation with the Republic of Türkiye Ministry of Environment, Urbanisation and Climate Change, will contribute to our country’s objectives of improving air quality and reducing greenhouse-gas emissions, while also increasing the international competitiveness of our companies. We will continue taking responsibility in Türkiye’s net-zero emissions and sustainable development journey and supporting high value-added projects.”

World Bank Country Director for Türkiye J. Humberto Lopez stated that the World Bank was pleased to work with TKYB in support of Türkiye’s sustainable development objectives: “On April 9, the World Bank Group’s Board approved a new Country Partnership Framework for Türkiye. This project is part of the World Bank’s broad support for Türkiye’s green transition across various sectors. It will help Turkish industries reduce air pollution and greenhouse-gas emissions and create new opportunities over the long term.”

Kerem Dönmez, Director General of Foreign Economic Relations at the Republic of Türkiye Ministry of Treasury and Finance, said: “Through this project, we aim to reduce air pollution and greenhouse-gas emissions originating from the industrial sector in line with our country’s net-zero carbon objective. In this context, we will provide our companies with financing on favourable terms for projects involving technologies and processes that reduce air pollution and greenhouse-gas emissions. In this way, we promote green and efficient production systems. TKYB’s sectoral expertise and experience in implementing projects financed by international institutions will be among the most important factors in ensuring the project achieves successful results.”