Econostrum | Economic News in the Mediterranean

Garanti BBVA Leasing to on-lend $25m of climate finance

Written by Eric Apim on Tuesday, November 23rd 2021 à 14:05 | Read 374 times

The loans will be provided to Turkish companies under the TurSEFF facility (photo: Garanti BBVA)
The loans will be provided to Turkish companies under the TurSEFF facility (photo: Garanti BBVA)
TURKEY. Turkish leasing company Garanti BBVA Leasing is to benefit from a $25m (€22.20m) credit line dedicated to climate finance. Lent by the European Bank for Reconstruction and Development (EBRD), it will be on-lent to local companies investing in greater sustainability.

The credit line is part of the Turkey Sustainable Energy Financing Facility (TURSEFF), developed in 2010 by the EBRD and supported by the European Union and the Turkish Ministry of Treasury and Finance. The programme also provides free technical assistance to companies. A team of national and foreign experts guides investors in their choice and development of sustainable energy projects and prepares credit applications.

50 million in climate loans already granted

Currently in its third phase since 2017, TurSEFF plans to provide €400m to commercial banks and leasing companies to on-lend to small businesses in the private sector as well as to public sector beneficiaries for sustainable energy investments.

BBVA Leasing had already secured an initial EBRD sustainable energy financing of 270.5 million Turkish Liras (€50m) which has been fully utilised, benefiting nearly 600 companies. The investments were mainly focused on rational use of energy and water, reduction of production waste as well as small-scale renewable energy production.


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