In a significant move towards fostering sustainable banking practices in Turkey, Yapi ve Kredi Bankasi A.S. (YKB) has secured USD 52.8 million in financing from the European Bank for Reconstruction and Development (EBRD). This funding falls under YKB’s established Diversified Payment Rights (DPR) program and is specifically earmarked for green economy initiatives.
The financing, provided through the Green Economy Financing Facility (GEFF), includes USD 2.8 million co-financed by the Clean Technology Fund. The primary objective of this project is to enable YKB to access long-term funding while diversifying its funding sources.
Under the GEFF program, the project aims to support a range of green economy investments, including energy efficiency, renewable energy, and climate resilience measures. Funds may also be directed towards vendors and producers of eligible materials and equipment aligned with Turkiye’s Green Technology Selector. Additionally, the initiative will focus on promoting corporate climate governance (CCG) and gender-responsive on-lending, with a goal of better-integrating climate change and gender equality considerations into YKB’s lending strategies and practices.
The EBRD’s support for this project reflects its commitment to advancing environmentally sustainable, low-carbon, and climate-resilient economies in Turkey. The funding will be complemented by Technical Cooperation (TC) as envisioned under the GEFF, with concessional financing available to assist YKB in integrating climate change into its corporate governance approach.
This financing initiative not only underscores YKB’s dedication to green banking but also aligns with Turkey’s broader efforts to transition towards a more sustainable and environmentally conscious economy.