BAKU, Azerbaijan, September 17. The European Bank for Reconstruction and Development (EBRD) has unveiled the Türkiye Green Economy Financing Facility III (GEFF III), a €1 billion program aimed at boosting green investments through local private financial institutions, Trend reports via the Bank.
Up to €300 million of the financing will be allocated to partner institutions committed to on-lend funds to sub-borrowers in regions affected by the February 2023 earthquakes.
The initiative builds on the success of previous GEFF programs and seeks to accelerate the country’s Green Economy Transition, with a focus on renewable energy, energy efficiency, and green building solutions. The program will also provide know-how and technical support to Turkish banks and leasing companies to strengthen their capacity for financing climate-friendly projects.
According to EBRD, 100 percent of the funding under GEFF III is classified as green finance, in line with the Paris Agreement. The framework also emphasizes inclusivity by promoting sustainable recovery and reconstruction in earthquake-affected regions, ensuring equal access to green finance for both women and men.
The financing will be accompanied by concessional funds from the Climate Investment Funds and Taiwan ICDF.