Istanbul, Turkey, May 14, 2015 -
IFC, a member of the World Bank Group, is providing a $60 million loan to Finans Leasing, a leading Turkish leasing company, to boost lending to small and medium enterprises (SMEs) for sustainable energy efficiency projects that will cut costs and help protect the environment.
IFC will lend $40 million from its own resources, and mobilize the remaining $20 million from its new Managed Co-Lending Portfolio Program, which offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio. Finans Leasing is the fourth largest leasing company in Turkey with wide geographical coverage across the country.
“Working with our strategic partner IFC will enable us to expand lending to our SME clients for energy efficiency projects. It will also help us create innovative products and additional opportunities to develop and promote sustainable energy investment across Turkey,” said Murat Alacakaptan, General Manager of Finans Leasing.
Energy efficiency has been a key focus for IFC in Turkey. SMEs make up about 90 percent of Turkey’s economy and helping SMEs become more energy efficient will help decrease carbon emissions, increase eco-friendly production processes, and spur growth in the long term. As of 2014, IFC has provided around $600 million in financing for such investments.
Edward Strawderman, IFC Regional Head for Financial Institutions Group for Europe, Middle East, and North Africa, said, “There is still a big gap in Turkey between the substantial potential of sustainable energy projects and their realization. Our partnership with Finans Leasing aims to address this and help small and medium enterprises use Turkey’s rich renewable energy resources to mitigate climate change.”
IFC has supported private sector development in Turkey for 50 years. With a $4.3 billion outstanding portfolio, Turkey is the third-largest country in IFC’s global portfolio. In line with the World Bank Group Turkey Country Partnership Strategy for fiscal years 2012 to 2016, IFC has so far invested approximately $2.8 billion in private sector projects in Turkey over the last three years.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
.
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About Finans Leasing
Established in 1990 and Headquartered in Istanbul, as Turkey’s fifth leasing company, Finans Leasing is an important player in the country’s leasing sector. Finans Leasing continues its presence as one of the leading companies in the leasing sector in terms of high profitability, high growth rates and efficiency. For more information, visit
www.finansleasing.com.tr
.
