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Istanbul, Turkey, March 27, 2012
- IFC, a member of the World Bank Group, is providing a $75 million loan to the Industrial Development Bank of Turkey (TSKB) to help finance renewable energy and energy efficiency projects in Turkey.
Over the last decade, TSKB has become the leading provider of renewable energy finance in Turkey. With this transaction, IFC will help TSKB develop energy efficiency finance, which is still nascent in Turkey.
“IFC is one of our key partners in scaling up energy efficiency lending,” said Fevzi Onat, CEO of TSKB. “We are targeting companies in the manufacturing, agriculture, construction sectors who want to upgrade machinery and equipment in order to save energy and reduce green house gas emissions.“
K. Aftab Ahmed, IFC Director of Financial Markets for Europe and Central Asia, said, “Climate change and other environmental risks created by rapid industrialization present a growing challenge. Our long-term partner, TSKB, is helping meet that challenge with pioneering approaches to energy efficiency and renewable energy finance.”
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.
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities - all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About TSKB
Beginning its activities in 1950, TSKB was the first private investment and development 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. 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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