EBRD Commits €100 Million For Green Investments With ING Türkiye

The European Bank for Reconstruction and Development (EBRD) is allocating a substantial €100 million financing package, complemented by US$ 5 million from the Clean Technology Fund (CTF), to ING Türkiye and ING Leasing in Türkiye. This strategic move aims to amplify financing opportunities for green investments and empower women-led small and medium-sized enterprises (SMEs).

ING Türkiye will leverage €80 million from the EBRD funding and US$ 5 million from the CTF to facilitate on-lending to sub-borrowers engaged in green economy investments. The initiative, under the EBRD’s GEFF, focuses on supporting private-sector contributions to Türkiye’s green transition. Investments will target areas such as energy efficiency, renewable energy resources, and climate resilience measures. The CTF’s contribution will specifically enhance ING Türkiye’s corporate climate governance and on-lending practices.

EBRD will extend a €5 million loan to ING Leasing, a fully owned subsidiary of ING Türkiye. This funding aligns with GEFF criteria, reinforcing the commitment to green financing principles.

The GEFF initiative builds on the Türkiye Sustainable Energy Financing Facility, operational since 2010. Through this facility, participating banks and leasing companies utilize finance to support individuals, businesses, and vendors in making environmentally conscious investments. The EBRD has successfully executed multiple transactions under the GEFF Türkiye since its launch in November 2021.

The EBRD’s expanded Women in Business program in Türkiye has the potential to provide up to €600 million to Turkish banks, fostering on-lending to women-led SMEs. Support from the European Union, Türkiye’s Credit Guarantee Fund, and the Ministry of Treasury and Finance bolsters this impactful program.

Oksana Yavorskaya, EBRD Deputy Head of Türkiye, expressed satisfaction with the transactions, emphasizing their alignment with key goals in Türkiye—supporting the green transition and expanding opportunities for women-led SMEs.

Ayşegül Akay, Wholesale Banking Executive Vice President at ING Türkiye, highlighted sustainability as a key strategic pillar. ING Türkiye aims to be a leader in driving the transition to sustainable finance, with a focus on both the green transition and women’s empowerment.

This financing package marks EBRD’s initial engagement with ING Türkiye, a noteworthy milestone for the Dutch multinational banking and financial services corporation ING Group.

To date, the EBRD has invested over €19 billion in the Turkish economy, primarily in the private sector, further solidifying its commitment to fostering economic development and sustainability in the region.