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USD 200 Million “Green 4” Loan from JBIC to Development and Investment Bank of Türkiye

USD 200 Million “Green 4” Loan from JBIC to Development and Investment Bank of Türkiye

December 21, 2023

Continuing to expand its support for renewable energy and energy-efficiency projects, Development and Investment Bank of Türkiye signed a USD 200 million “Green 4”-themed loan agreement with the Japan Bank for International Cooperation (JBIC).

Development and Investment Bank of Türkiye signed a USD 200 million “Green 4”-themed loan agreement with the Japan Bank for International Cooperation (JBIC) to increase its support for renewable energy and energy-efficiency projects. JBIC acted as the principal financier, while MUFG and Resona Bank participated as additional financiers.

USD 200 Million “Green 4” Loan from JBIC to Development and Investment Bank of Türkiye

The loan, secured under a Treasury repayment guarantee and carrying a total maturity of 12 years, will be used to finance renewable energy and energy-efficiency projects in Türkiye. The “Green 4” loan will contribute to TKYB’s activities in these areas, with 47% of its loan portfolio allocated to renewable energy and approximately 80% linked to sustainability themes.

TKYB CEO İbrahim Öztop said: “This fourth green-themed ‘Green 4’ agreement signed with JBIC represents the strong cooperation between our institutions and international confidence in Türkiye. The loan will support our objectives under Türkiye’s 12th Development Plan to reduce the energy sector’s external dependence and will also pave the way for new investments in combating climate change, representing an important step in Türkiye’s net-zero emissions and sustainable development journey.”

JBIC representative Ryuta Suzuki said: “The existing Green 3 loan signed in March 2021 was JBIC’s first energy-efficiency promotion programme. This achievement was made possible by TKYB’s strategic perspective on energy conservation and its recognition of the importance of this issue. The successful implementation of the Green 3 loan demonstrates how important energy-efficiency projects are in achieving a decarbonised future without disrupting economic growth. At JBIC, in cooperation with TKYB, we aim to further strengthen the international competitiveness of Turkish industry through the deployment of advanced Japanese energy-efficiency technologies.”

Kerem Dönmez, Director General of Foreign Economic Relations at the Republic of Türkiye Ministry of Treasury and Finance, stated: “Our country continues its efforts to secure external financing on favourable terms from international institutions, government agencies, export-credit agencies and commercial lenders for numerous sectors, including energy. In this context, our cooperation with JBIC has advanced rapidly in recent years. Through the agreement signed between JBIC and TKYB on December 21, 2023 under a Treasury repayment guarantee, important steps will be taken to finance renewable energy and energy-efficiency projects.”