European Bank to provide €50m financial package to promote energy efficiency in Turkey
The European Bank for Reconstruction and Development will offer Turkey a €50m worth financial package to strengthen its low carbon market economy and promote energy-efficiency in the country.
Funds will be made available to Turkish Finansbank that will in turn fund private companies investing in renewable energy, industrial energy efficiency and waste-to-energy projects.
EBRD will provide the funds under the €700m Mid-size Sustainable Energy Financing Facility (MidSEFF), coordinated alongside the European Investment Bank.
Commenting on the underlining factors behind the funding EBR director for insurance and financial services Noel Edison termed green energy as a profitable energy.
"By further securing funding to the private sector we ease the burden of initial investments into energy efficiency that in the long run will considerably lower energy bills for businesses.
"We are particularly pleased to welcome Finansbank to the group of our partner banks in Turkey that finances sustainable energy projects," added Edison.
EBRD assistance is expected to be further accelerating investments in the Turkish renewable space, emissions reductions and raise environmental standards in the country.