Turkish and Japanese banks sign $ 170 million green credit deal

ANKARA-Anadolu Agency

The Turkish Development and Investment Bank (TKYB) on March 29 signed an environment-focused credit agreement worth $ 170 million with the Japan Bank for International Cooperation (JBIC), aimed at supporting renewable energy projects.

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In a written statement, the TKYB highlighted its efforts to tackle climate change. “We play an active role in making investments in renewable energy. At the end of 2020, 57% of our loan portfolio consists of renewable energy projects and 63% of sustainability-themed loans,” said the Managing Director of TKYB, Ibrahim Oztop.

Citing the green themed loan with the JBIC, Oztop said that the TKYB aims to reduce the use of fossil fuels, as well as decrease Turkey’s energy dependence by funding investments with licenses for power generation. renewable.

He pointed out that this was the third green loan agreement signed with the Japanese Bank, with the first and second being signed in 2013 and 2015, respectively. He said: “The latest is an indicator both of the close relationship between the two banks and of the confidence in our country and our Bank.”

Also commenting on the deal, Ryuta Suzuki, representative of JBIC in Istanbul, said it was the bank’s first green loan with advanced technology assisted.

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Thanking Turkey’s Treasury and Finance Ministry for its guarantee support, Suzuki said the loan would support more energy efficiency projects by applying advanced Japanese technology.

TKYB was the first state bank to put environmental management systems in place in 2010 with the aim of moving to a low carbon economy and tackling climate change.

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