EBRD & ING Türkiye Forge Green Financing Alliance

EBRD
EBRDImage Source: EBRD

Synopsis:

EBRD partners with ING Türkiye, extending a €100 million funding package, bolstered by $ 5 million from CTF, targeting green investments and women-led SMEs. The financing supports Turkey's green transition via ING's funding allocation for green economy initiatives and women entrepreneurship under EBRD's programs.

Article:

EBRD, in tandem with ING Türkiye, sanctions a substantial €100 million financing package alongside a US$ 5 million supplement from the Clean Technology Fund (CTF). This capital infusion is directed toward bolstering green investments and supporting women-led small and medium-sized enterprises (SMEs) in Turkey.

ING Türkiye, leveraging €80 million from EBRD and US$ 5 million from CTF, will extend financing to sub-borrowers, targeting green economy initiatives under EBRD's Green Economy Financing Facility (GEFF). These funds will channel toward projects encompassing energy efficiency, renewable energy resources, and climate resilience measures, promoting private sector contributions to Turkey's eco-friendly transformation. CTF's portion aims to bolster ING Türkiye's corporate climate governance and lending practices.

Additionally, €15 million of the funding will empower women-led SMEs under EBRD's Women in Business program, fostering women's participation and impact in the economy.

Furthermore, EBRD will extend a €5 million loan to ING Leasing, an ING Türkiye subsidiary, aligning with GEFF criteria to support green initiatives.

The GEFF initiative builds upon the Türkiye Sustainable Energy Financing Facility, operational since 2010, aiding individuals, businesses, and vendors in making sustainable investments. EBRD has executed multiple transactions under GEFF Türkiye, harnessing €500 million from EBRD, concessional financing from CTF, and grants from CTF and the Türkiye-EBRD Cooperation Fund.

Oksana Yavorskaya, EBRD Deputy Head of Türkiye, expressed enthusiasm for the collaboration, highlighting its support for both the green transition and women's inclusion in the SME ecosystem.

Ayşegül Akay, Wholesale Banking Executive Vice President at ING Türkiye, emphasized sustainability as a strategic pillar, aiming to fortify the bank's position as a leader in sustainable finance within the Turkish wholesale banking market.

This collaboration marks EBRD's initial engagement with ING Türkiye, underlining ING Group's commitment to fostering green initiatives and women entrepreneurship.

Conclusion:

EBRD's partnership with ING Türkiye reflects a concerted effort to infuse substantial funds into green financing and support women-led SMEs, fostering sustainable growth and inclusivity in Turkey's economy.

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