EBRD Boosts Turkish Transition to Green Economy with €25M Loan to GarantiBBVA Leasing

A farmer woman examining harvest in a farm in front of wind turbines on a brightly lit da

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has granted a €25 million loan to GarantiBBVA Leasing in Türkiye to support lending to businesses for energy efficiency and renewable energy projects. The loan will provide lease financing to companies making green economy investments. The project also aims to fund women entrepreneurs with green investment plans. This investment will help Turkish businesses access green funds, enabling a faster transition to a green economy. The loan is part of the EBRD’s €500 million Green Economy Finance Facility for Türkiye initiative.

(PRESS RELEASE) LONDON, 31-Jan-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, has granted a €25 million loan to GarantiBBVA Leasing in Türkiye, aimed at supporting its lending to businesses for energy efficiency and small-scale renewable energy projects.

The loan, which falls under the EBRD’s Green Economy Finance Facility for Türkiye (GEFF Türkiye), will be used to provide lease financing to companies making green economy investments to improve energy efficiency, boost renewable energy production, and increase climate resilience. The project also prioritizes funding for women entrepreneurs with green investment plans.

This investment will help Turkish businesses access green funds, enabling a faster transition to a green economy as energy costs rise. GarantiBBVA Leasing, established in 1990 and a subsidiary of one of Türkiye’s largest financial institutions, Garanti BBVA, will play a key role in achieving this goal.

The loan also includes a technical cooperation package focusing on gender equality in climate finance, including a gender baseline assessment and awareness-raising efforts to address gender-specific barriers in the supply and demand for funding.

The EBRD has been a major institutional investor in Türkiye since 2009, investing over €16.9 billion in various sectors of the country’s economy with an emphasis on the private sector. The GEFF Türkiye framework, launched in 2022, is a €500 million initiative to finance Türkiye’s transition to a green, low-carbon, and sustainable economy.

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Email: press@ebrd.com

SOURCE: EBRD