The European Investment Bank (EIB) has signed a EUR 75 million agreement with Turkiye Vakiflar Bankasi A.S for financing climate change related investments carried out by small businesses and midcap companies throughout Turkey.
The funding is provided within the framework of a joint financing programme, the Mid-size Sustainable Energy Financing Facility (“MidSEFF”), jointly provided with the European Bank for Reconstruction and Development (EBRD). This is the result of the fruitful cooperation between the EIB and the EBRD and comes as the third operation signed within MidSEFF. The facility includes a Technical Assistance component funded by the European Commission from IPA funds.
This loan will facilitate the support of a series of small and medium sized private sector investments in renewable energy, industrial energy efficiency and waste-to-energy projects in Turkey, which contribute to the country’s security of energy supply, while supporting the European climate change policies, falling thus within an EIB priority objective. It demonstrates the EIB’s sustained commitment to smart growth in Turkey, as it helps Turkey to reach its target of 30% energy generation from renewables by 2023.