On Monday, the Turkey Development and Investment Bank (TKYB) agreed with the Japan Bank for International Cooperation (JBIC) for an environment-focused credit agreement worth USD170 million aiming to boost renewable energy projects.
TKYB underlined its measures to tackle the climate challenge that by the end of last year, the bank’s loan portfolio was made up of renewable energy projects and 63% of it was of sustainability-themed loans.
The bank eyes the decrease of fossil-fuel consumption and Turkey’s energy dependence by providing funding for investments with renewable energy production licenses.
In 2019, TKYB was the first national bank to establish Environmental Management Systems. The recent deal with JBIC was the third green loan agreement signed between them.
Meanwhile, for JBIC, the loan was its first green loan with assisted advanced Japanese technology.
