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
“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.
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.
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, visitwww.tskb.com.