The European Bank for Reconstruction and Development (EBRD) is providing a €25 million loan to Garanti Finansal Kiralama (GarantiBBVA Leasing) in Türkiye to expand its lending to businesses for energy efficiency and small-scale renewable energy investments.
Loan proceeds will be used to provide lease financing to companies implementing green economy investments that improve energy efficiency, increase renewable energy production, and strengthen climate resilience. The project also aims to expand financing to women entrepreneurs with green investment plans.
With energy costs rising, the investment means that Turkish businesses will gain better access to green funds and so accelerate the country’s transition to a green economy.
GarantiBBVA Leasing, a leasing company established in 1990, is a fully owned subsidiary of Garanti BBVA, one of Türkiye’s largest financial institutions.
The project also includes a technical cooperation package focusing on gender-responsive activities to enhance women and men’s equal access to climate finance, including a gender baseline assessment, and awareness-raising to help address gender-specific supply and demand obstacles.
The loan comes under the EBRD’s Green Economy Financing Facility Türkiye (GEFF Türkiye), announced in 2022 as a €500 million framework to help finance the country’s move towards a green, low-carbon and sustainable economy.
The EBRD is a leading institutional investor in Türkiye. Since 2009 the Bank has invested more than €16.9 billion in various sectors of the country’s economy, with almost all investments in the private sector.