According to a European Bank for Reconstruction and Development (EBRD) August 2022 press release, the EBRD is supporting Turkey’s transition towards a green economy with a $127 million loan to Turkey’s Isbank. The loan is ring fenced to support green investments and women-led SMEs across Turkey.
Expanding financial opportunities for women
“The EBRD remains committed to securing the competitiveness of women-led businesses in Turkey and will continue to expand financial opportunities for women in the economy. We are also dedicated to accelerating the country’s green agenda through our investments. We are happy to be working with a credible partner like Isbank in moving towards both of those ambitions,” said Arvid Tuerkner, EBRD Managing Director for Turkey.
Contributing to Sustainable Development Goals 5 and 7
This financial support will undoubtedly contribute to the achievement of Sustainable Development Goal 5 (on gender equality) and Sustainable Development Goal 7 (clean and affordable energy for all by 2030) in Turkey:
“The funds will be split between the Turkey Women in Business (TurWiB II) programme, which finances women-led SMEs, and the Turkey Sustainable Energy Finance Facility (TurSEFF III) programme, which supports resource efficiency and small-scale renewable energy investments. With this new investment the EUR 350 million financing made available under TurSEFF III programme is now fully subscribed,” said EBRD.
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