March 12 (SeeNews) - Turkey's mobile phone operator Turkcell Iletisim Hizmetleri A.S. [IST:TCELL] said it has signed a green loan agreement worth 50 million euro ($56.2 million) with ING European Financial Services, a 100% affiliate of global financial institution ING's arm in Turkey.
The mobile phone operator will use the loan facility, which has a term of five years, to finance its sustainable investments, including renewable energy, energy efficiency, green digital services and green buildings, the company said in a statement on Wednesday.
The loan will be repaid in one lump at the end of the term.
"We are proud to sign this corporate Green Loan facility which has the longest average-maturity in the country and diversifies our funding resources with sustainability focus. The Green Loan facility also stands out with its Euribor+1.95% annual interest cost," Osman Yilmaz, Turkcell CFO, said in the statement.
In May 2019 Turkcell signed an agreement with French lender BNP Paribas for a 50 million euro sustainability linked loan with a three-year term.
($ = 0.8896 euro)