EBRD Provides €25 Million Loan to AKLease in Turkey for Green Investments

EBRD Provides €25 Million Loan to AKLease in Turkey for Green Investments

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is providing a €25 million loan to Ak Finansal Kiralama (AKLease) in Turkey. This loan, part of the EBRD’s Green Economy Financing Facility (GEFF), is aimed at supporting green and sustainable projects. AKLease will use the loan to offer lease financing to sub-borrowers involved in a range of green economy investments, including energy efficiency, renewable energy, and climate resilience measures. AKLease is known for its focus on financing sustainable projects and is expanding its green portfolio with EBRD’s support. Turkey, while heavily reliant on high-carbon operations, has set a target of achieving a net-zero economy by 2053. The EBRD aims to increase financing opportunities for the Turkish private sector to promote a greener and more climate-resilient economy.

(PRESS RELEASE) LONDON, 8-Sep-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is providing a €25 million loan to Ak Finansal Kiralama (AKLease) in Türkiye to on-lend to borrowers for green investments.

The loan is part of the Bank’s Green Economy Financing Facility (GEFF), which seeks to accelerate the green transition in the economies where it invests by supporting businesses willing to invest in green and sustainable projects.

The proceeds of the loan will be used to provide lease financing to sub-borrowers implementing a variety of green economy investments, including energy efficiency, renewable energy and climate resilience measures.

AKLease is a leader in its field. One of its focus areas is financing sustainable projects. Back in 2021, it became the first leasing company in the country to launch a dedicated green product for companies seeking funding for investments in renewable energy, resource efficiency, waste management and water conservation projects. An existing EBRD client, the current facility will allow the company to expand its green portfolio.

Türkiye remains heavily dependent on high-carbon operations, and has set a target of 2053 to become a net zero economy. The EBRD is committed to expanding financing opportunities for the country’s private sector, which plays a crucial role in ensuring a greener, more climate-resilient economy.

To date, the EBRD has invested more than €18 billion in various sectors of the Turkish economy, largely in the private sector.

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SOURCE: EBRD