EUR 110 Million from Development and Investment Bank of Türkiye to Combat Climate Change
Climate Finance Loan and Grant Agreements totalling EUR 110 million were signed between Development and Investment Bank of Türkiye (TKYB), the German development bank KfW and the Republic of Türkiye Ministry of Treasury and Finance.
The EUR 100 million loan to be disbursed by Development and Investment Bank of Türkiye will finance investments in renewable energy, energy storage solutions, energy efficiency and e-mobility as part of efforts to combat climate change.
In addition to the Climate Finance Loan, investors will also be able to apply to Development and Investment Bank of Türkiye for EUR 10 million in grant support.
The loan agreement, which will finance projects in areas such as renewable energy, energy storage, energy efficiency and e-mobility, aims to reduce greenhouse-gas emissions and support sustainable development in Türkiye.
Drawing attention to the importance of combating climate change, particularly through renewable energy, in Türkiye’s development, TKYB CEO İbrahim Öztop said: “We take responsibility for the net-zero carbon objective under the Paris Agreement, to which our country is a signatory. We have financed nearly 300 energy projects with approximately 4,000 MW of installed renewable energy capacity. Around half of our portfolio consists of renewable energy, while 79% consists of sustainability-themed loans. Through our actions in both financial and business processes, we contribute directly or indirectly to 15 of the 17 Sustainable Development Goals. We are proud to contribute to our country’s green future by making the EUR 100 million Climate Finance Loan provided to our Bank by KfW through an on-lending arrangement from the Ministry of Treasury and Finance, together with an additional EUR 10 million grant funded by the German Government, available to investors. As we have done to date, we will continue working for our country’s development.”