The European Bank for Reconstruction and Development (EBRD) will provide Turkish bank Türkiye Sınai Kalkınma Bankası with €53.5 million in financing to implement green economy initiatives, Qazaq Green reported citing the bank's press service.

According to the information, the EBRD supports Turkey's transition to an environmentally sustainable, low-carbon and climate-resilient economy and the assistance will be provided through the recently formed Green Economy Financing Facility (GEFF).

Turkey's Industrial Development Bank (Türkiye Sınai Kalkınma Bankası (TSKB)) was the first bank to take advantage of the GEFF program and received a €53.5 million loan. The loan will help TSKB provide green credit lines to companies to improve their energy efficiency, renewable energy and climate resilience measures, the EBRD said in a statement.

"In addition, TSKB will receive a technical assistance package to support corporate climate governance and lending practices," the EBRD said.
The new GEFF mechanism consists of concessional funding from the Clean Technology Fund (CTF) and grants from the CTF and the Turkey-EBRD Cooperation Fund.

Following Turkey's ratification of the Paris Climate Agreement, the authorities have set ambitious targets to reach zero emissions by 2053.