BAKU, Azerbaijan, December 23. The European Bank for Reconstruction and Development (EBRD) is providing a 100-million-euro loan to Türk Ekonomi Bankası (TEB) to support green investments in Türkiye, Trend reports via the EBRD.
The financing is provided under the EBRD's Green Economy Financing Facility (GEFF II) and will be used for on-lending to sub-borrowers investing in green economy projects.
This deal marks the first green transaction in the long-standing partnership between TEB and the EBRD. It also aligns with the EBRD's strategic objective of supporting the transformation of the financial sector to achieve a sustainable, low-carbon economy. GEFF programs aim to expand financial opportunities for climate investments, support the provision of financing through local partner banks, and help businesses improve energy efficiency, deploy renewable energy, and reduce carbon emissions.
TEB has approximately 440 branches and 8,000 employees in Türkiye and provides banking services to retail, commercial, and corporate clients, as well as small and medium-sized enterprises.
The EBRD is a key investor in Türkiye: since 2009, the bank has committed over 23 billion euro through 500 trade finance projects and programs, primarily in the private sector.