European bank provides green loans to Turkey's Garanti BBVA Leasing

November 24 2021 07:00:18

European bank provides green loans to Turkey's Garanti BBVA Leasing

ANKARA

The European Bank for Reconstruction and Development (EBRD) on Nov. 22 provided a $25 million loan to Garanti BBVA Leasing for on-lending to eligible companies looking to invest in greater sustainability.

According to a statement by the European bank, the new financing for the leasing firm followed a previous EBRD loan of 270.5 million Turkish Lira (€50 million) which has been fully used, benefiting almost 600 companies. 

The new loan is expanded under the third phase of the Turkey Sustainable Energy Financing Facility (TurSEFF) backed by technical cooperation funded by the EU and Turkey’s Ministry of Treasury and Finance.

The program enables financing of €400 million ($450 million) to commercial banks and leasing companies for on-lending to private sector small businesses as well as public sector beneficiaries for sustainable energy investments.

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