500 Million Euro Green Financing from the European Bank for Reconstruction and Development (EBRD)

Turkey's Deputy Chairman for Financial Institutions at the European Bank for Reconstruction and Development (EBRD), Arthur Poghosyan, said that the EBRD will offer 500 million euros in green finance to Turkey. Poghosyan stated "This amount is the largest among the bank's energy efficiency related funds in Turkey to date. The fund's size and structure correspond to Turkey's new climate commitments. The GEFF finance will be available for an indefinite period of time. It will move forward based on bank and leasing company requests." The European Bank for Reconstruction and Development (EBRD), which supports the Green Transformation, has announced that the Green Economy Financing Fund (GEFF) in Turkey will receive 500 million euros in funding. While drawing attention to the need for green investments to increase rapidly, EBRD Deputy Head of Financial Institutions in Turkey, Arthur Poghosyan stated “We allocated 500 million euros in the GEFF for Turkey. This is the bank's most significant energy efficiency-related fund in Turkey to date. The fund's size and structure correspond to Turkey's new climate commitments. A greener financial system is essential for Turkish enterprises to continue to have access to international capital and to fund the investments needed to meet their 2053 net-zero emissions target. The program intends to boost Turkish enterprises' and financial institutions' competitiveness, as well as speed up the reform of Turkey's financial system to better support the country's green growth ambitions. The GEFF will later become a core and unique component of the EBRD's financial sector partnership. Other banks are showing interest at the moment, but it is too early to announce their identities because they are still in the evaluation phase. The GEFF finance will be available for an indefinite period of time. Progress will be made in response to bank and leasing company needs. If demand grows, it can, of course, be enlarged in the future.”