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Istanbul, Turkey, May 31, 2013 —
IFC, a member of the World Bank Group, is providing a $75 million loan to the Industrial Development Bank of Turkey (TSKB), the country’s largest private development and investment bank, to fund pollution reduction and energy efficiency projects in Turkey.
The project is expected to cut Turkey’s annual carbon dioxide emissions by 103,000 tons, significantly improving the local environment.
TSKB is Turkey’s leading provider of energy efficiency finance, setting a positive example for the country’s other banks. With this transaction, IFC helps the bank develop pollution abatement and energy efficiency finance, which are in the early stages of development in Turkey.
“IFC is one of our key partners in scaling up energy efficiency lending,” said Orhan Beþkök, TSKB Senior Executive Vice President. “We are playing a significant role in Turkey in extending medium to long-term credits for investment projects and project financing, with a strong focus on environmental protection and sustainable energy.”
Ed Strawderman, IFC ECA Financial Markets Director, said: “Through reduced emissions of conventional pollutants, this project is expected to generate a range of environmental and economic benefits for the country. This investment is in line with IFC’s strategy in Turkey, which is to contribute to the country’s goal of fast, sustainable, and inclusive growth that respects the environment.”
Energy projects are fundamental to sustainable development and poverty reduction in developing countries. Investments today and in the future need to integrate measures that mitigate adverse effects, climate-related and otherwise.
IFC has supported private sector development in Turkey for over 45 years. Today, Turkey represents the second-largest country commitment in IFC’s global portfolio. In 2013, IFC has already invested $500 million in Turkey, mainly in priority areas: supporting exporters, SMEs, renewable energy and energy efficiency, cleaner production and energy security, urban infrastructure, trade finance, and helping Turkish companies expand.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About TSKB
Beginning its activities in 1950, TSKB was the first private development and investment bank in Turkey. Privately-owned and listed on the Istanbul Stock Exchange, TSKB plays a significant role in extending medium to long-term credit for investment projects and project financing with particular focus on the environmental and renewable energy sector. With total assets of $5.016 billion, TSKB also offers investment banking along with capital market intermediary and portfolio management services. TSKB has an excellent track record in terms of working on sustainable finance projects and has always received the appreciation and support of the local and foreign stakeholders with the economical, environmental and social achievements it has attained. Receiving ISO 14001 Environmental Management System Standard in 2006 and removing its carbon footprint by 2009, TSKB has implemented several firsts in the Turkish banking sector in both fields. TSKB has also received ISO 14064-1 certificate, which is a standard established for limiting the greenhouse concentrations in earth’s atmosphere. In 2010, and twice before, TSKB was chosen as “Sustainable Bank of the Year” in Southern Europe at an event jointly organized by IFC and the Financial Times. To learn more about TSKB, visit
www.tskb.com
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