April 18 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said that it will provide a 53.5 million euro ($57.8 million) loan to Turkey's investment and development bank Turkiye Sinai Kalkinma Bankasi (TSKB) under the new Green Economy Financing Facility (GEFF) Turkey.
The loan will help TSKB extend green credit lines to companies to enhance their energy efficiency, renewable energy, and climate resilience measures, the EBRD said in a statement last week.
This loan is the first green credit line under the newly-established GEFF Turkey.
"In addition, TSKB will receive a technical assistance package to support its corporate climate governance and on-lending practices," the EBRD noted.
The new GEFF facility consists of concessional financing from the Clean Technology Fund (CTF) and grants from the CTF and Turkey–EBRD Cooperation Fund.
Istanbul-headquartered TSKB is Turkey’s first privately-owned development and investment bank. Through financial subsidiaries offering real estate and sustainability solutions, TSKB also adds value to its customers’ investments, according to information published on the bank's website.
(1 euro = 1.95583 levs)