Turkish, Japanese banks ink $220M green credit deal

By Aysu Bicer

ANKARA (AA) - The Industrial Development Bank of Turkiye (TSKB) on Thursday signed a credit agreement worth $220 million with the Japan Bank for International Cooperation (JBIC) with an aim to support renewable energy projects.

In a written statement, the TSKB emphasized its efforts to combat climate change, with General Manager Ece Boru saying that the bank has contributed to the investments in transition to a low-carbon economy with financing and consultancy opportunities since the beginning of the 2000s.

"We are very happy to create additional funds for our country's investors with the second phase of the green-themed loan agreement we signed with JBIC," she said.

A total of 387 renewable energy projects the bank supported until the end of 2021 corresponds to 15% of our country's installed power in this area, she added.

"We contribute 15.8 million tons to the reduction of our country's annual carbon emissions, together with 149 efficiency investments in energy and resource-intensive sectors," she noted.

Also commenting on the agreement, JBIC's Istanbul Representative Ryuta Suzuki emphasized that in line with the global decarbonization trend, energy efficiency investments have become important in Turkey as well.

“We believe that by collaborating with TSKB, which supports Turkey's industrial sector, it will be possible to strengthen the export competitiveness of Turkish companies and contribute to the sustainable growth of Turkey at the same time,” he added.